As of December 31, 2008, 9 state-chartered banks operated trust departments with aggregate managed assets totaling $1.7 billion.
Trust Assets of Connecticut-Chartered Banks December 31, 2008 (in millions)
Managed Assets Custodial & Safekeeping Accounts
State-Chartered Credit Unions
As of December 31, 2008, there were 37 Connecticut-chartered credit unions operating in the State. One credit union, West Hartford Credit Union, Inc., was placed into receivership with the National Credit Union Administration being appointed as temporary receiver, reducing the aggregate number of Connecticut-chartered credit unions from 38 as of the prior year-end.
State-chartered credit unions reported total assets of $3.0 billion as of December 31, 2008, approximately a $350 million or 13.2% increase from the $2.7 billion reported as of the prior year-end. Aggregate shares and deposits totaled $2.6 billion as of December 31, 2008, a $258 million or 11.2% increase from the $2.3 billion reported for the prior year-end. Net worth for state-chartered credit unions increased by $12.3 million or 4.1% from year-end 2007 to year- end 2008.
State-chartered credit unions’ earnings performance for year-end December 31, 2008 declined slightly from the prior year level, generating an average return on assets (ROA) of 0.44% versus the ROA of 0.46% for year-end 2007. This decrease is attributed to a respective slight decline in the net interest margin from 2.55% to 2.52%.