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May 6, 2024 Welcome to Business Profiles 2024

Dutch Point Credit Union

Seated: Charlyn Tanner, president and CEO of Dutch Point Credit Union. Standing, from left: Michael Kleinschmitt, CFO, and Stacey Collins, chief experience officer.

Dutch Point Credit Union has been dedicated to promoting the power of community-driven finance for the better part of 65 years. Today, the Dutch Point community comprises more than 23,000 members in Hartford, Middlesex, New Haven and New London counties.

“As a member-owned financial cooperative, we prioritize the needs of our members above all else,” said Charlyn Tanner, Dutch Point’s president and CEO. “While we provide a comprehensive range of financial services comparable to traditional financial institutions, our not-for-profit ethos truly distinguishes us. By serving our members rather than Wall Street investors, we uphold a commitment to financial inclusivity and empowerment, fostering a stronger, more resilient community.”

Different from megabanks driven by profit motives, Tanner said Dutch Point channels its earnings back to its members, translating into tangible benefits such as reduced fees, competitive interest rates on savings and favorable loan terms.

Last year, Dutch Point introduced the Convertible Home Equity Line of Credit (HELOC), an innovative mortgage product. Unlike traditional HELOC’s – which offer a revolving line of credit with variable interest rates – the convertible HELOC introduces the concept of a “lock in” option. It gives members the flexibility to convert all or part of their outstanding line to a fixed-rate home equity loan with a predetermined term, meaning they enjoy the stability and predictability of fixed rates while retaining access to the remaining limit.

“With the convertible HELOC, Dutch Point provides a cutting-edge mortgage product and empowers our members to take control of their finances confidently,” Tanner said. “Whether they’re looking to consolidate debt, finance home improvements or cover unexpected expenses, our convertible HELOC offers the flexibility, stability and affordability they need to achieve their financial goals. Moreover, we understand that financial decisions often come with hidden costs. That’s why we’re proud to offer our members the convertible HELOC without closing costs or lock fees. This ensures our members can maximize their financial opportunities without worrying about additional expenses.”

Dutch Point has been proactive in building on its dedication to providing not just banking services but also comprehensive support to help its members thrive.

Several staff members recently attained certification as financial counselors, equipping them with the knowledge and skills to offer personalized guidance tailored to each member’s unique circumstances. The credit union also unveiled Zogo, a financial literacy gaming App aimed at making financial learning fun and accessible, and partnered with SavvyMoney to integrate the company’s comprehensive credit analysis solution into Dutch Point’s digital banking platforms.

“We believe that financial well-being is not just about numbers on a balance sheet; it’s about enabling individuals and families to live their best lives, free from the stress and constraints that financial uncertainty can bring,” Tanner said. “Every member’s financial journey is unique, and we are deeply committed to understanding and supporting each individual’s aspirations and challenges. We’re driven by the knowledge that behind every account is a person with dreams, responsibilities and a desire for a better future. Seeing our members succeed, whether it’s buying their first home, sending their children to college or retiring comfortably, fuels our passion. We take pride in being a trusted partner on their financial journey, offering support, guidance and expertise every step of the way.”

Address: 195 Silas Deane Highway, Wethersfield, CT 06109

Phone: (860) 563-2617

Fax: (860) 563-5806

Website: www.dutchpoint.org

Product or Service: Financial services

Number of Employees: 74

Top Executive: Charlyn Tanner, President & CEO

Year Founded: 1960