Franklin Trust Federal Credit Union is celebrating its 75th anniversary this year. Has year No. 75 been the most challenging considering the times?
Certainly, these are challenging times. However, back in 1934 when our credit union was founded, our country was still in the throes of the Great Depression. With all the recent bank mergers, break-ups, bailouts and failures, I think people are again looking for a dependable financial institution at which to invest their hard-earned dollars. Fortunately, we are not a part of the current problem, but we can be part of the solution. Along with proven stability, we offer virtually all the products and services that you would find at a large financial institution, but with better rates and personal service.
Credit unions are known for their conservative investment strategies. How has that helped the industry weather the current economic storm?
At Franklin Trust, we only accept personal accounts. Since we do not handle commercial accounts, we are not exposed to those inherent risks. Interestingly, we are a SEG-based (Select Employee Group) credit union. In order for an individual to become a member, his/her employer must first sign a cost-free, non-binding service request letter, which allows the company to offer membership in our credit union as a no-cost benefit to its employees. Any one related to one of our members by blood, marriage or adoption is then eligible to join, too.
What is your field of membership? Who can join FTFCU?
We were known as the “Public School Teachers of the City of Hartford Federal Credit Union” when we began operating 75 years ago. We are still heavily involved in education, as all students, staff, employees and volunteers in all the public schools in Hartford, West Hartford and Bloomfield, as well as at the University of Hartford and Saint Joseph College are among those eligible to join. Over the years, as we have grown, both our membership and our name have evolved. Those eligible to become members now include such diverse groups as all employees and volunteers for the Town of West Hartford, Carbone’s Ristorante, Hispanic Health Council, Budget Printers, Smiths Medical, and the United Way of Central & Northeastern Connecticut. Once a company signs up and is approved, its employees and volunteers are eligible to join.
Where do you see Franklin Trust Federal Credit Union in the coming years?
I see a lot of good things for both our credit union and the credit union movement. We will continue to strive to offer all the products and services that our member-owners want in the most cost-effective means possible, and will look to stay ahead of the curve on the latest innovations. We recently completed a major updating of our West Hartford office, as part of our 75th anniversary celebration. As more and more people come to understand the great value that credit unions offer, we are poised to grow.
