Federal and Out-of-State Credit Unions
In addition to the 37 Connecticut-chartered credit unions operating in the State as of December 31, 2008, there was one credit union chartered by a state other than Connecticut, 106 federally-chartered credit unions headquartered in Connecticut (including one corporate credit union whose field of membership consists of other credit unions), and 12 federally-chartered credit unions headquartered outside of Connecticut. All credit unions operating in the state are insured by the National Credit Union Administration (NCUA).
Foreign Banking Organizations
As of December 31, 2008, there were 4 branch offices of foreign banking organizations operating in the State. Additionally, foreign banking organizations operated 2 representative offices as of December 31, 2008.
A branch of a foreign banking organization is a legal and operational extension of its parent organization and, as such, may conduct a full range of banking activities including: trading and investment activities; accepting wholesale and foreign deposits, but not retail deposits; granting credit; and acting as a fiduciary.
Abbey Nat’l Treasury Services plc Bank of Ireland Lloyds TSB Offshore Limited Royal Bank of Canada Royal Bank of Scotland plc UBS AG
Branch Branch Rep. Rep. Branch Branch
Stamford Stamford Stamford Greenwich Greenwich Stamford
A representative office, the simplest form of organization for foreign banking organizations to establish, may only engage in representational and administrative functions and may not make any business decisions on behalf of the foreign bank. A representative office serves as a liaison between the head office of the foreign banking organization and its customers and correspondent banks in the U.S., often soliciting business for the account of the head office.
Foreign Banking Organizations Operating
Pledged Assets only