Waterford — With assets now topping $1 billion for the first time, Charter Oak Federal Credit Union reported a "standout year" in 2017 at its annual meeting last month. Its reported profits of $6.2 million last year were a significant improvement from the $4.5 million in reported net income the year before.

The Waterford-based credit union, largest in the region, said assets rose 6 percent on the year, while its lending portfolio of $849 million saw a similar growth curve. Meanwhile, membership was up even stronger, rising to 68,000, up 8.3 percent from a year earlier.

“We’ve gone from a tiny credit union that began with $250 in a shoebox in the shipyard at Electric Boat to a billion dollar credit union,” said Charter Oak president and chief executive Brian A. Orenstein at the meeting at Groton Inn & Suites. “That is a remarkable achievement that we all should be very proud of.”

Among the year's highlights, according to Orenstein, included the credit union being named eastern Connecticut's No. 1 mortgage lender for the eighth straight year in terms of numbers of loans completed. Charter Oak also hit a new high in community giving and said its newest branch at Mohegan Sun exceeded expectations.

“We’ve never been content with the status quo, and this past year was another example of that,” Orenstein said in a statement.

Charter Oak's community giving last year exceeded $475,000, including $90,000 in scholarships to students in New London and Windham counties. In addition, the credit union at the end of last year announced it had handed out $532,000 to Gold Rewards members in 2017, its highest payout ever to its most loyal customers.

Since 2010, Charter Oak's annual $100 payouts to customers have added up to more than $3 million, the company said. Last year, 5,326 members participated, about double the number in the program's first year.

At the annual meeting in April, Guy Henry, Annette Janovic and Wayne Burgess were re-elected to the board of directors. Henry and Janovic will serve three-year terms while Burgess' term was for one year.

l.howard@theday.com