Charter Oak Subsidiary Acquires Local Insurance Agency

GROTON, Conn. – Charter Oak Federal Credit Union has expanded its insurance reach with the purchase of local property and casualty agency The Insurance Professionals Inc. (TIPS) by its subsidiary SCCT, LLC. “TIPS further diversifies the credit union and allows us to offer a broader scope of financial services to our members and other credit unions throughout the state,” said Charter Oak FCU President/CEO Larry K. Hertell. In business since 1986, TIPS brokers both personal and commercial lines of insurance. Plans are underway to eventually have onsite insurance agents at a few of the larger Service Centers. Given its reputation and name recognition in the community, the TIPS name will not be changed when the credit union starts marketing its insurance services.