WATERFORD, Conn.–Charter Oak FCU said it paid out more than $618,000 in bonuses to members of its Gold Rewards program during 2019.
The numbers were released as part of Charter Oak’s first-ever virtual meeting at which it also announced strong financial results, including being named for the tenth consecutive year as this region’s top residential mortgage lender.
The $618,000 paid out to Gold Rewards members were paid in the form of $100 bonuses for participating. In addition, the CU also paid out $530,000 in various community giving efforts.
“Charter Oak had a great year in 2019, and this growth reflects the successful financial course that we followed in 2019 and continue to follow this year,” said Charter Oak President and Chief Executive Officer Brian A. Orenstein, who told members the credit union has “ample resources to weather this crisis in a strong and safe manner.”
Charter Oak FCU reported it closed 2019 with assets of $1.18 billion, up 5% from the previous year.
During the Annual Meeting, members elected Barbara (Brandy) Gregg and Paul Filippetti to new three-year terms on Charter Oak’s seven-member board.