PLAINVILLE, Conn. — Connecticut Banking Commissioner Jorge Perez has approved the conversion of United Business & Industry Federal Credit Union from a federal charter to a Connecticut state charter, along with a name change to UBI Financial Credit Union, according to reports and regulatory filings.
The credit union, which has operated under a federal charter for decades and traces its roots to 1951, when it was founded as Trumbull Electric Employees FCU. It later became United Business & Industry Federal Credit Union following a series of charter expansions and name changes.
According to Hartford Business Journal, Perez approved the charter conversion and rebranding to allow the credit union to begin operating under the UBI Financial Credit Union name.
‘Broader Growth’
The move is intended to position the credit union for broader growth and increased flexibility under Connecticut’s state-chartered credit union framework, according to the report.
UBI serves members throughout Hartford County and has approximately $137 million in assets and more than 11,000 members. The credit union operates offices in Plainville and Bristol and offers a full range of consumer and business financial services.
Series of Expansions
The institution’s history reflects a series of expansions beyond its original employee-based membership. Federal regulators approved a charter change in 1985 that expanded membership eligibility to companies affiliated with the Plainville and Berlin chambers of commerce, as well as municipal employees in those communities. In 2005, the National Credit Union Administration approved a community charter expansion that opened membership to individuals who live, work, worship or attend school in Hartford County.
The conversion follows a broader trend in which some credit unions have shifted from federal to state charters in search of greater operational flexibility, while others have rebranded to emphasize broader consumer and business banking capabilities.
