April 23, 2012 | last updated June 1, 2012 2:04 pm

CT's Charter Oak CU to build in Waterford

Groton's Charter Oak Federal Credit Union posted record net income in 2011 and will break ground later this year for a new Waterford branch-and-headquarters, authorities say.

The new complex will be at 1055 Hartford Turnpike/Route 85 in Waterford.

Chairman Guy Henry of Wallingford said Charter Oak Federal netted $8.4 million in 2011, up from $4.9 million netted in 2010.

The higher earnings enabled the credit union to boost overall capital to $69.7 million, pushing its capital-to-assets ratio -- a key indicator of overall strength - to nearly 10 percent, well above regulatory requirements. It has more than $700 million in assets.

The credit union last year opened its 12th office at General Dynamics' Electric Boat campus in New London.

At Charter Oak's annual meeting last week, Henry and director Michael Malvinni. of Ashaway, R.I., were elected to new three-year terms on the seven-member board.

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