NEW HAVEN, Conn.– Healthcare Financial Federal Credit Union said it has been approved by NCUA to expand its Trade Industry Professional charter to serve all healthcare professionals in Connecticut and their immediate families. The credit union said it will build upon its long-standing relationships in Fairfield, Middlesex, New Haven and New London counties, and the Yale School of Medicine, by bringing affordable financial services to healthcare workers statewide.
Healthcare Financial became a Trade Industry Professional (TIP) in 2012, a charter classification established by the NCUA in 2003. It allows single-sponsor credit unions to serve all employees in a specific trade, industry or profession within a defined geographic area.
CEO Josephine Savino said the credit union has invested in and embraced new technology and enhanced online services, which has made it very convenient to serve healthcare professionals. Although the credit union’s strategic focus is to offer its members a wide range of technology driven delivery channels, it is still receptive to other expansion opportunities that may arise, including adding new branch offices, Healthcare Financial FCU said.
“Healthcare Financial is ripe for this transition to give added financial strength to all those who do heroic work for patients and their families,” Savino said. “We know the struggles facing nurses, physicians and staff, and are committed to providing convenient, quality service that meets their needs.”
In 2016, total assets at Healthcare Financial grew to near $56 million and membership grew to 8,969, up 66% and 33%, respectively, compared to the previous year.