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Groton - Charter Oak Federal Credit Union is planning a merger with Putnam-based Quiet Corner Community Credit Union Inc., expanding the reach of a Groton financial institution that already is the largest mortgage lender in the region.
Charter Oak announced Wednesday that it has filed an application for federal and state regulators to approve the merger, which would create the credit union's 13th branch in the region. It also would allow Quiet Corner members access to a broader range of products and services, including debit, ATM and Visa cards, real estate and business loans, electronic banking services and investment and insurance products.
"Quiet Corner is a true community-focused credit union," said Brian A. Orenstein, Charter Oak's chief executive, in a statement. "It serves an important growth area for us, and its Putnam operations would provide the perfect complement to our existing Windham County branches in Dayville and Willimantic."
Audrey Lefevre, manager and treasurer of Quiet Corner's current operations, would remain on to head Charter Oak's new operations in Putnam.
Quiet Corner's 611 members would be merged with Charter Oak's 65,000 members if the deal is approved. Charter Oak has $764 million in assets, according to the credit union, while Quiet Corner claims $1.5 million in assets.
Quiet Corner's headquarters are at 107 Providence St. in Putnam. The credit union dates back to 1955 and includes members in the Putnam, Thompson, Grosvenordale, Pomfret and Woodstock areas.
Charter Oak, the region's largest credit union, is in the midst of building an $18 million headquarters building at the corner of Route 85 and Industrial Drive in Waterford. The office complex, which will include a 200-seat community room as well as a credit union branch, is expected to be completed later this year.