A Massachusetts-based credit union has received state regulatory approval to expand into Connecticut.
Holyoke Credit Union on Oct. 18 received approval from the state Department of Banking to expand its membership field into Hartford County.
The credit union’s current membership covers people who live, work or attend school in Hampden and Hampshire counties, in Massachusetts.
As of Sept. 30, Holyoke Credit Union reported $287.4 million in assets and 22,985 members, according to the National Credit Union Administration. It has three branches, including one in West Springfield.
In its application to the Connecticut Department of Banking, the credit union said the expansion would allow it to better absorb escalating operating and regulatory costs and put it in a position to better “provide quality financial services to current and future members.”
Through the first nine months of 2024, Holyoke Credit Union reported $324,483 in net income, more than double the earnings it reported in the year-ago period, NCUA data shows.
According to its website, Holyoke Credit Union provides a variety of services including small business lending, personal banking, mortgages and credit cards, among others.
The credit union said in its application that it has no immediate plans to open new branches, but will do so “as member needs and its financial resources and conditions allow.”
Holyoke Credit Union isn’t the first Massachusetts credit union to expand into Connecticut. In late 2022, Springfield-based Freedom Credit Union, with $740,1 million in assets and 32,002 members, opened a loan production office in Enfield.
Conversely, East Hartford-based American Eagle Financial Credit Union, with $2.67 billion in assets and 186,952 members, also crossed state lines, when it won approval in 2019 to serve customers in Massachusetts’ Hampden County.
