Credit Union Expands FOM in Southeast Massachusetts

Taunton Federal Credit Union of Taunton, Mass., 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) gained Plymouth and Barnstable counties with the NCUA decision.

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

In 2015, Taunton FCU’s community charter was expanded to include all of Bristol County and most of Rhode Island. But, in the process, it lost the Plymouth County towns of Middleboro and Lakeville. From 2015 until now, the Middleboro location acted as a service branch.

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

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

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

In its home of Bristol County, NCUA data showed 60 credit union branches 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 First Citizens’ Federal Credit Union of Fairhaven, Mass. ($885.9 million in assets, 78,744 members).

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