TFCU was established on November 5, 1947 by Mr. Gerard Bonenfant. At its inception, the Taunton Municipal Credit Union was located in the basement of Taunton City Hall. Each week, Mr. Bonenfant would collect as little as .25 cents from the city hall workers and would deposit it into their accounts and manually record them in a ledger book. Within a year, the Police & Fire Departments were included in the membership, at which point, the Credit Union began granting loans to its members for up to $100. In 1950, Mr. Bonenfant negotiated the acceptance of TMLP into the ranks of the Credit Union and thereafter began adding other city departments to the membership.
TFCU's Founder Gerard Bonenfant & Taunton City Hall
As the membership grew, it became important to maintain the exceptional service to which the members were accustomed. With that in mind, Mr. Bonenfant recognized the need for a staff and recruited family members, including his wife, to assist him in the operation.
In the early 1980’s, the Credit Union grew to serve the employees and families of several local companies and groups. With increased membership came the need for a larger office. The City Hall office could no longer accommodate the Credit Union so it moved its operation to Trescott Street in the mid 1980’s. The Credit Union was modernized and began to offer more products and services.
TFCU's New State Highway Location occupied until 1995
As TFCU continued to thrive, a larger office was needed to support the growing membership. This brought the Credit Union to Route 44 in Raynham in 1991, where it remained until 1995. During this time, major developments occurred. New management embarked on a period of dramatic growth stimulated in 1995 by the approval of a community charter. This meant that the Credit Union would be able to serve anyone who lived, worked or worshiped in Taunton, Raynham, Berkley, Dighton, Rehoboth, Norton, Middleboro & Lakeville. In the years of rapid growth, the Credit Union outgrew its Route 44 location, and its current location at 14 Church Green was occupied.
Grand opening of TFCU's Main Office at 14 Church Green in Taunton in 1995
Beginning in the year 2000, the Credit Union began operating separate companies to offer a wider variety of services to its members. TFCU was one of the first local credit unions to create Credit Union Service Organizations (CUSOs) to offer these additional services. Financial Services and an Insurance Agency were introduced to create a true one stop shopping concept for TFCU members.
Grand opening of TFCU's 3rd branch at 480 Rockdale Avenue in New Bedford in December 2017.
Since 2012, TFCU has achieved many milestones including the opening of additional branches in Middleboro, New Bedford & Taunton. TFCU's charter was also expanded to allow TFCU to serve all of Bristol, Plymouth & Barnstable Counties in Massachusetts as well as most of Rhode Island. These changes have given TFCU the opportunity to bring its exceptional member service and vast range of products and services closer to our existing members, as well as new members in these areas.
Grand opening of TFCU's 5th branch at 93 Union St in New Bedford in March 2023.
The Board of Directors, Management, and staff at TFCU remain committed to both its past and its future, from its roots in the basement of City Hall to the vision of TFCU as a multi-faceted financial institution.