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August 14, 2024

Massachusetts credit union active in small biz lending eyes CT expansion 

COSTAR Holyoke Credit Union's West Springfield branch location, at 85 Elm St.
By Greg Bordonaro

A Massachusetts-based credit union is looking to expand into Connecticut. 

Holyoke Credit Union has filed an application with the state Department of Banking seeking approval to expand its membership field into Hartford County. 

The credit union’s current membership covers people who live, work or attend school in Hampden and Hampshire counties, in Massachusetts. It is now seeking permission to expand into Hartford County in Connecticut as well as Franklin, Berkshire and Worcester counties in Massachusetts.

As of June 30, Holyoke Credit Union reported $285.1 million in assets and 22,788 members, according to the National Credit Union Administration. It has three branches, including one in West Springfield. 

In its application, the credit union said the expansion would allow it to better absorb increasing operating and regulatory costs and put it in a position to better “provide quality financial services to current and future members.”

During the first six months of 2024, Holyoke Credit Union reported $173,710 in net income, down 9.6% from a year earlier, NCUA data shows. 

According to its website, Holyoke Credit Union provides a variety of services including small business lending, personal banking, mortgages, and credit cards, among others.

The credit union said it has no immediate plans to open new branches, but will do so “as member needs and its financial resources and condition allow.”

Holyoke Credit Union isn't the first Massachusetts credit union to expand into Connecticut. In late 2022, Springfield-based Freedom Credit Union, with $740,1 million in assets and 32,002 members, opened a loan production office in Enfield.

Conversely, East Hartford-based American Eagle Financial Credit Union, with $2.67 billion in assets and 186,952 members, also crossed state lines, when it won approval in 2019 to serve customers in Massachusetts’ Hampden County.
 

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