Waterford — Brian A. Orenstein, who led Charter Oak Federal Credit Union last year through a major transition to a new headquarters building, has been named president of the $850 million financial institution to go along with his previous title of chief executive officer.

"Brian's promotion reflects his outstanding performance as our CEO and the continued confidence that this board has in his leadership," said Guy Henry, chairman of Charter Oak's board of directors, in announcing the decision Monday.

"I am honored and also humbled by the board's decision," Orenstein said in a statement. "Our success as a credit union comes from plenty of hard work and teamwork."

According to the credit union, Charter Oak's assets have climbed more than $200 million since Orenstein took over as CEO eight years ago. Orenstein also has overseen an expansion of the credit union's branch network into Windham County, accelerated after a merger in 2013 with Putnam-based Quiet Corner Community Credit Union.

An active member of the local United Way's board of directors, Orenstein was co-chairman of the agency's 2014 fundraising campaign. He also serves as treasurer on the Manchester-based SBM Charitable Foundation's board of directors.

Charter Oak has been named the No. 1 mortgage lender in eastern Connecticut for the past five years. In addition, it has opened branches in two local high schools to help improve financial literacy among the region's youths.

Originally the Groton Shipbuilders Federal Credit Union, the Electric Boat-inspired financial institution traces its roots to 1939.

-- Lee Howard