Charter Oak FCU Steers Shipyard to Smooth Sailing
Jeff Marshall typically starts his days early at the Mystic Shipyard, a 169-year old marina with a history steeped in the construction of schooners and iron-clad ships to sail the waterways of New England.
Marshall, along with Robert Helbig, are co-owners of the shipyard located in Mystic, Conn. Opened in 1843, the marina was home to several ships, including the Jennie R. Dubois, constructed in 1902 and the largest sailing ship ever built in Mystic, Marshall said. At a cost of almost $100,000, it was designed to carry 3,000 tons of coal or two million board feet of lumber.
Orenstein said having an in-house team of experienced, former bank commercial lenders officers who’ve been in the business for 25 years and know the local area and a board committee that oversees all loans over $1 million, has kept Charter Oak out of the delinquency pool since it began offering business loans in 2009. The credit union now has $35 million of them in its portfolio.
“Certainly, there are risks. We believe that some of the credit unions that got into trouble were either outsourcing or through participations or not having experienced staff,” Orenstein said.