UBI Federal-to-State Charter Conversion
For more than 70 years, United Business & Industry Federal Credit Union (UBI) has remained committed to helping our members achieve their financial goals while providing the personal service and trusted financial solutions they deserve.
As part of our continued commitment to serving our members and supporting our future growth, the Board of Directors has unanimously approved a proposal to convert UBI from a federally chartered credit union to a Connecticut state-chartered credit union.
Why did UBI convert to a state charter?
The state charter will provide UBI with greater flexibility to expand membership opportunities throughout Connecticut and strengthen our ability to serve local communities.
Simply put, this change is designed to position UBI for the future while maintaining the strong member-focused values that have always defined our credit union.
What will change?
Our legal name will change to UBI Financial Credit Union, and our primary regulator will become the Connecticut Department of Banking.
What will stay the same?
- Most importantly, the things our members value today will remain unchanged:
• Your debit cards, ATM cards, credit cards, and checks will continue to work.
• There will be no interruption to services.
• Your deposits will continue to be federally insured by the National Credit Union ShareInsurance Fund (NCUSIF), administered by the National Credit Union Administration(NCUA).
• Your membership and member voting rights will remain unchanged.
• The same dedicated employees and commitment to service will continue.
Philosophy
Today, UBI continues to look out for our members’ interests and provide a level of service that is not generally available at other financial institutions. Whether it’s providing a loan to help a member cover unexpected medical bills, giving financial counseling to a member whose company closed its doors, or simply offering a better deal on a used car loan, UBI offers a wide range of additional services to meet your financial needs.
In 1935, when credit unions were helping Americans through the Great Depression, it was said that credit unions were "not for profit, not for charity, but for service," and that philosophy still holds true at UBI today.
