Credit Union Expands FOM in Southeast Massachusetts

Map of Massachusetts. (Source: Shutterstock)

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

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

The credit union now has two branches in Bristol County and plans to open a third later this year in Taunton County Headquarters. It has also had a branch in Middleboro, Plymouth County since 2012.

In 2015, the Taunton FCU Community Charter was expanded to include all of Bristol County and most of Rhode Island. But, in the process, he lost the county towns of Plymouth, Middleboro and Lakeville. From 2015 to today, the Middleboro site has acted as a service branch.

Taunton FCU’s membership field now includes all of Plymouth and Barnstable counties where NCUA data shows there were 30 branches of credit unions as of December 2020. It is a fractured area with most of the branches being six owned by Sharon & Crescent United Credit Union of Sharon, Mass. ($ 1.2 billion in assets, 78,527 members).

In Rhode Island, Taunton FCU’s scope of membership includes 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 shows credit unions had 80 branches in Rhode Island as of December. The credit unions with the most were Navigant Credit Union of Smithfield, RI ($ 2.9 billion in assets, 113,855 members) with 22 branches and Pawtucket Credit Union of Pawtucket, RI ($ 2.7 billion in active, 127,057 members) with 17 branches.

In his Bristol County home, NCUA data shows 60 branches of credit unions at the end of 2020. St. Anne’s of Fall River Credit Union in Fall River, Mass. ($ 1.3 billion in assets, 56,488 members) had the most branches, 10, followed by seven branches of the First Citizens’ Federal Credit Union of Fairhaven, Mass. ($ 885.9 million in assets, 78,744 members).

Last year, Taunton’s membership increased 3.7%. It issued $ 78.3 million in loans in the 12 months ending Dec.31, up 30.9% from 2019.

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