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.
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.
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 the Greater Taunton – Middleboro area. In the years of rapid growth, the Credit Union outgrew its Route 44 location, and its current location at 14 Church Green was occupied.
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, an Insurance Agency and Real Estate services were introduced to create a true one stop shopping concept for TFCU members.
In 2012, the Credit Union opened its first branch inside the Trucchi’s Supermarket located in Middleboro. This branch offers our members the same products and services available at the Main Office, including 24 Hour ATM service.
In 2015, TFCU expanded its charter to serve all of Bristol County, Massachusetts as well as most of Rhode Island. This includes Bristol, Kent, Newport and Providence counties in Rhode Island; and the Rhode Island towns of Charlestown, Exeter, Hopkinton, Narragansett, New Shoreham, North Kingstown, Richmond and South Kingstown. In 2017, As part of this expanded charter, TFCU opened it’s third location in New Bedford. This branch, located at 480 Rockdale Avenue, brings TFCU’s exceptional member service and vast range of products and services closer to our existing members in the area, as well as new members in the southcoast region.
The Board of Directors, Management, and staff at TFCU are 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.