Credit union expands FOM in southeast Massachusetts


Massachusetts map. (Source: Shutterstock)

The Taunton Federal Credit Union of Taunton, Massachusetts announced Tuesday that the NCUA has expanded its community charter to include two more counties in southeast Massachusetts.

Taunton FCU ($ 231.2 million in assets, 18,561 members) won Plymouth and Barnstable counties in the NCUA decision.

The credit union now has two offices in Bristol County and plans to open a third in Taunton later this year. Since 2012 there is also a branch in Middleboro, Plymouth County.

In 2015, the Taunton FCU Community Charter was expanded to include all of Bristol County and most of Rhode Island. However, it lost the cities of Middleboro and Lakeville in Plymouth County. From 2015 until today, the Middleboro location acted as a service branch.

Taunton FCU’s membership area now includes all of Plymouth and Barnstable counties, where NCUA data showed there were 30 credit unions as of December 2020 ($ 1.2 billion in assets, 78,527 members).

In Rhode Island, Taunton FCU’s membership area includes all four of the state’s five counties: Bristol, Kent, Newport and Providence. In the fifth, Washington County, it includes the cities of Charlestown, Exeter, Hopkinton, Narragansett, New Shoreham, North Kingstown, Richmond, and South Kingstown.

NCUA data showed that credit unions had 80 branches in Rhode Island as of December. The largest credit unions were Navigant Credit Union of Smithfield, RI ($ 2.9 billion in assets, 113,855 members) with 22 branches and the Pawtucket Credit Union of Pawtucket, RI ($ 2.7 billion in assets, 127,057 members) ) with 17 branches.

In his native Bristol County, NCUA data showed 60 branches of credit unions as of late 2020. The St. Anne’s of Fall River credit union in Fall River, Massachusetts ($ 1.3 billion followed by seven branches of the First Citizens’ Federal Credit Union of Fairhaven, Massachusetts ($ 885.9 million in assets, 78,744 members).

Last year Taunton’s membership grew by 3.7%. In the 12 months ended December 31, it was granted $ 78.3 million in loans, up 30.9% from 2019.

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