Hartford Healthcare Federal Credit Union (HHFCU), which has three Greater Hartford branches with $36 million in assets, is looking to grow its statewide footprint after receiving permission from federal regulators to pursue members from across Connecticut.
Hartford Healthcare Federal Credit Union (HHFCU), which has three Greater Hartford branches with $36 million in assets, is looking to grow its statewide footprint after receiving permission from federal regulators to pursue members from across Connecticut.
HHFCU recently received permission from the National Credit Union Administration to expand its geographic charter to include the entire state of Connecticut.
As a healthcare specific credit union, HHFCU's membership is still limited to employees (and their families) working in the healthcare industry, but the charter expansion will allow it to operate beyond its current Hartford, New Haven and Middlesex counties territory.
HHFCU President and CEO Carol Bayreuther said “physical expansion of the credit union throughout Connecticut is also under consideration through traditional and network type mergers.”
The nonprofit cooperative's strategic plan includes opening three to five new branches in the next three years.
“I am truly excited about the opportunities this opens up not only for healthcare workers across the state, but also for the continued growth of the credit union itself,” Bayreuther said.
The HHFCU board of directors officially adopted the charter change in November.
The geographic expansion also allows the credit union to build upon existing relationships that it has with healthcare companies that have employees throughout Connecticut, said Eric C. Berthel, HHFCU's vice president of strategic outreach.
“Because of our prior geographic restrictions, employees of a statewide healthcare company who were not in a county we were allowed to serve were not able to do business with us. That has all changed now and we look forward to introducing those employees to the benefits of our credit union,” said Berthel.
HHFCU had 11,361 members at the end of September, NCUA data shows.
Connecticut previously had more than 20 healthcare specific credit unions; as of 2016 that number is down to only 10.
HHFCU was established in June 1955 as Hartford Hospital Employees Credit Union.
During the first three quarters of 2016, the nonprofit cooperative recorded a margin surplus of $249,246, compared to a surplus of $179,696 in the year-ago period, according to NCUA data.
– Greg Bordonaro
