The $779 million Charter Oak Federal Credit Union in Groton, Conn., said Thursday it has gotten final regulatory approval and will merge the $1.7 million Quiet Corner Community Credit Union on June 30.
The proposed merger was announced in February and would create Charter Oak’s 13th branch in New London and Windham counties. Its sole employee would continue to operate the branch, Charter Oak said then.
The merger won approval from Quiet Corner’s 600 members in April and now has been approved by the Connecticut Department of Banking and the NCUA, Charter Oak FCU said.
“Our merger with Quiet Corner opens up a whole new banking arena for Charter Oak in the Putnam, Thompson and Woodstock areas – and beyond,” said Brian A. Orenstein, Charter Oak’s Chief Executive Officer.
Quiet Corner Community CU was established in 1955 and serves members in the Putnam, Thompson, Grosvenordale, Pomfret and Woodstock areas.