Looking Back and Looking Ahead
This past year has been one of growth and prosperity for the organization. We have continued to make great advances in our technology, our member service, and all our products.
A Look Back at 2017
In early 2017 we began our merger of Housatonic Teachers Financial Credit Union. This was a great opportunity for both credit unions. Housatonic saw value in the products and services we offer. They also knew their members would appreciate having access to multiple locations in the area. For Nutmeg, this merger brought an additional 1,500 members and increased our field of membership to include the cities of Stratford, Shelton and Bridgeport.
In January, we opened a location in West Hartford on Farmington Avenue. This location was the first of its kind for us, combining traditional teller stations with more technology-driven options to do your banking. Our goal is to help our members learn how to better manage their finances through our electronic channels, and the response has been very positive. We are excited to be a part of the West Hartford community.
In the spring, we opened our first location in New Haven County inside the Orange ShopRite on Bull Hill Lane. We have seen tremendous growth in this community and look forward to continued growth in southern Connecticut.
In June, we celebrated our “Juntos Avanzamos” designation, which means “Together, We Advance” in Spanish. This designation sets us apart from our competition. We are one of only two financial institutions in the state honored with this designation from the National Federation of Community Development Credit Unions. Additionally, we applied for a grant as a Community Development Financial Institution (CDFI) and were awarded $686,500. Our CDFI grant enables us to help lower-income families, immigrants and other emerging markets working to establish themselves in this country. This grant will go toward programs to help these groups begin to lay the foundation for building more financial stability.
Throughout the summer, staff worked hard to upgrade and reissue all our debit and credit cards. All cards now include EMV Chip Technology. This technology adds a layer of encryption to your transactions which helps reduce fraud and risk to your personal information. This same encryption can also be used on a mobile device, through Apple Pay, Samsung Pay and Android Pay. When using these services, retailers only receive transaction-specific codes to process your payment and you never have to share your card information with store staff.
In December, we opened our first office in Fairfield County, located inside the Stratford ShopRite. This location offers the same technology solutions as our other new locations. We are also now conveniently located near a majority of our newest members from Housatonic Teachers Financial Credit Union. We continue to see promising growth as we build relationships in this community.
A Quick Look at 2018
This new year will be very busy as we have many exciting projects and initiatives underway. We will be opening a new location in Milford this spring, and a new location in Southington later this summer or early fall. These locations will continue to focus on providing advanced technology to handle your banking needs. You can expect a very different look and feel to these locations as we continue to evolve away from the traditional banking environment. These locations will be the next chapter of implementing our strategy to provide excellent banking service through innovative technology.
In 2018, we will continue to evolve our technology. We will also look for new ways to serve emerging markets and the under-banked.
2017 was a successful year and I am confident we will continue to see growth and prosperity in the New Year. On behalf of the staff and Board of Directors, I want to thank you for allowing us to help you with all your financial needs. Your membership is pivotal to the success of the credit union.
I hope you have a happy and successful new year!
President & CEO