Connex Credit Union, North Haven, Conn., on Wednesday announced it recently surpassed 50,000 members.
The membership news is the second milestone of 2017 for Connex, as the credit union topped $500 million in assets earlier this year. Connex currently has $524 million in assets, according to its NCUA information page.
“Our unwavering commitment to understanding and satisfying the unique needs of our members has been a critical factor in our success,” Frank Mancini, president and chief executive officer, said in a statement. “Even as our membership steadily grows, we remain dedicated to providing the individualized service our members have become accustomed to.”
Connex, which celebrated its 75th anniversary in 2015, serves its membership via seven branches throughout the area. Membership is open to anyone who lives, works, attends school or worships in New Haven, Hartford, Middlesex or Fairfield counties.
In January 2015, $3.4 million Sargent Employees Federal Credit Union, also based in Connecticut, merged into Connex.
In 2016, Connex CU reported more than $2.1 million in net income on its Call Report. As of Dec. 31, 2016, its net worth ratio was 11.37 percent (“well capitalized”).
In its most recent Call Report, Connex CU listed $1,367,427 in net income through the first half of this year. As of June 30, 2017, its net worth ratio was 10.96 percent (“well capitalized”).
In addition to its financial offerings, Connex says it helps improve the surrounding community through the promotion of financial literacy and sponsorship of charitable programs as part of its ConnexCares philanthropic initiative.