HARTFORD, Conn. (10/23/14)--An Oct. 13 article on HartfordBusiness.com noted that Connecticut credit union are striving to become the financial institution of choice for state consumers.
Connecticut credit unions have grown their overall asset base to $9.4 billion, compared with $9.2 billion two years ago.
Jill Nowacki, president of the Connecticut Credit Union League, said she believes credit union membership in the state will increase, particularly as cooperative financial institutions attract consumers who seek out local financial services providers.
"When you look at society's trends, especially among younger people, and the commitment that they have to buying local, to working in collaboration, I think credit unions offer those values," Nowacki told HartfordBusiness.com
Ed Danek Jr., CEO of Hartford (Conn.) FCU, with $86 million in assets, said credit unions typically offer better rates on loans and savings than banks because of their cooperative ownership structure.
To become their members' primary financial institution (PFI), credit unions must demonstrate value and stick to their core mission, Danek said.
"Statistics show that when a member has their checking, direct deposit, debit card, mobile banking and online bill pay with an institution, their retention rate is over 90% higher," he told HartfordBusiness.com.
"They are also many times more likely to borrow from that institution as well. PFI--make it sticky, and then deliver on your mission statement."