ALEXANDRIA, Va. (1/20/15)--A community charter conversion for 360 FCU was approved by the National Credit Union Administration board at its January open board meeting. The $205 million-asset credit union, based in Windsor Locks, Conn., requested to serve the Hartford-West Hartford-East Hartford, Conn. metropolitan statistical area (MSA).
The area, which encompasses Hartford, Tolland and Middlesex counties, an area with a population of 1.2 million people. Since the population exceeds one million people, NCUA board approval was required.
Management requested the conversion in order to broaden its membership base and offer low-cost financial services to a larger population.
"I was surprised to see in the Hartford MSA one in four residents are underserved, so there is a great need for affordable credit there," said NCUA Chair Debbie Matz. "I'm very pleased to see the positive results 360 FCU achieved in the underserved area they currently serve. In their underserved area, they've achieved a penetration rate of over 13%, which looks favorably with the 1% to 3% we generally see, so it seems they're working diligently to provide products the community is in need of."
360 FCU received its federal charter in 1952 to serve the employees of Hamilton Standard Corp. As of its Sept. 30, 2014, call report, it had more than 16,500 members.