Dutch Point Credit Union, Inc.

Overview

Dutch Point Credit Union, Inc., is a nonprofit financial organization founded in 1960. It was established by employees of the Hartford Electric Light Company (HELCO) and initially served Eversource Energy (formerly Northeast Utilities) employees and their family members. The credit union is named after the Dutch Point Power Plant in Hartford, Connecticut.

History and Development

Dutch Point began its operations out of the HELCO office on Pearl Street in Hartford before relocating to Sheldon Street. Over the years, it expanded to include additional Select Employer Groups, eventually counting over 200 companies among its membership base. In 1976, the credit union built its first main office and branch in Wethersfield. Further expansion led to branches in Berlin, Newington, Niantic, West Hartford, Bloomfield, and Middletown.

Through mergers with eight other credit unions, Dutch Point has increased its member base and expanded services. In 2004, it was granted a community charter by the Connecticut State Banking Department, allowing it to serve consumers in Hartford, Middlesex, New Haven, and New London counties.

Mission and Community Involvement

Dutch Point operates on a not-for-profit model, focusing on member-centric services rather than investor returns. This approach allows for lower fees, competitive interest rates, and favorable loan terms. The organization is committed to financial education and community support. It offers tools like the Zogo financial literacy app and partners with SavvyMoney for credit analysis. Dutch Point's staff includes certified financial counselors who provide personalized guidance to members.

Products and Services

Dutch Point offers a comprehensive range of financial services, including checking and savings accounts, certificates, retirement accounts, and loan products tailored to different life stages. It has introduced innovative financial solutions such as the Convertible Home Equity Line of Credit (HELOC), which provides members with fixed-rate loan options alongside traditional revolving lines of credit.

Current Status

As of recent data, Dutch Point Credit Union serves over 24,000 members and has assets exceeding $490 million. It continues to grow while maintaining its commitment to community-driven finance and member well-being.

Values

The credit union is guided by core values that include Commitment, Courage, Respect, Social Responsibility, and Transparency. These principles are integral to its operations and community engagement efforts.