The $635 million Charter Oak Federal Credit Union said it will continue to work with the company that recently bought an insurance owned by one of its CUSOs.
Charter Oak in Groton, Conn., sold the assets of Charter Oak-The Insurance Professionals to Smith Brothers Insurance, a Glatonsbury, Conn.-based insurance advisor and agent firm with more than 100 employees. The sale price was not disclosed. The Insurance Professionals was previously owned by SCCT, a CUSO of COFCU.
Continuing operation as Charter Oak-The Insurance Professionals, it and SBI will work together to offer COFCU members personal and business insurance and risk management products and services. The Insurance Professionals will maintain offices in COFCU's Chicago Avenue, Groton and Long Hill Road, Groton branches.