Credit Union to Offer Consumers and Businesses Another Choice

American Eagle Federal Credit Union to Offer Consumers and Businesses Another Choice for Financial Services in Connecticut

 

EAST HARTFORD, Conn.--(BUSINESS WIRE)--July 20, 2006--Connecticut's largest federal credit union was today granted a community field of membership by the National Credit Union Administration (NCUA), allowing the cooperative to offer its financial products and services to all consumers and businesses in three counties in Connecticut. American Eagle Federal Credit Union can now serve all persons who live, work, worship, or attend school in and businesses and other legal entities located in Hartford County, Middlesex County, or Tolland County.

 

"We are excited at the prospect of being able to better serve our current members while opening our doors to the public," stated William J. Dokas, President and CEO of American Eagle Federal Credit Union. "This move will help us support our strategy for growth that will enable us to offer convenient service, competitive products, and the high degree of service that our members have become accustomed to."

 

NCUA amended American Eagle Federal Credit Union's field of membership from employer-based to community-based. The Board of Directors of American Eagle Federal Credit Union concurrently amended the organization's by-laws to recognize the change. Credit unions are not-for-profit financial cooperatives that offer services to their members who share a common bond and operate under a "one member, one vote" system. Unlike banks, the earnings of a credit union are returned to its members in the form of higher savings rates, lower loan rates, fewer fees and high levels of member service.

 

Formed by employees of Pratt & Whitney Aircraft, the Credit Union has been in operation since 1935. The Credit Union currently has 16 branches in the service area with offices open to the public in Bloomfield, East Hartford, Farmington, Glastonbury, Manchester, Plainville, Vernon, and Windsor. Seven "in-plant" offices serve members in United Technologies and Pratt & Whitney facilities. With assets approaching $1 billion, American Eagle is a full-service financial institution offering products and services backed by a sophisticated level of technological support.

 

American Eagle Federal Credit Union employs 250 people and currently serves 97,000 members. The Credit Union plans to open two new retail offices in Enfield and Cromwell in early 2007. Its website can be found at www.americaneagle.org

 

Contacts
American Eagle Federal Credit Union
Dean Marchessault, 860-568-2020 Ext. 5533
dean.m@aefcu.com