Taunton Federal Credit Union was established on November 5, 1947 by Mr. Gerard Bonenfant. At its inception, the Taunton Municipal Federal 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. During Mr. Bonenfant’s tenure as manager, the Credit Union became very successful.
In the early 1980’s, the Credit Union was involved in several mergers with smaller local Credit Unions including, St. Jacques, New England Brass, F. B. Rogers, and the Reed & Barton Credit Union. At that time, Taunton Municipal Federal Credit Union became Taunton Federal Credit Union and 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.
The Credit Union was thriving and again, needed a larger office 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. Several additions were built to accommodate its growing base.
Innovation has been a cornerstone of TFCU. New products and services not available at other institutions are introduced regularly. New technology is constantly being brought to the membership and the Credit Union is considered at the forefront of offering these services compared to institutions of like size.
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. Church Green Insurance Agency, LLC and Church Green Financial Services, LLC, which is an investment and financial products company, were the first on the scene. Later, Church Green Real Estate Services, LLC, a real estate brokerage, and Church Green Professional Services, LLC, a tax preparation company, were formed to create a true One Stop Shopping concept.
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. The Credit Union looks forward to servicing our existing member base and welcomes the opportunity to service new members within the Middleboro area.
In February of 2015, the National Credit Union Association approved a community charter expansion for Taunton Federal Credit Union. This expanded charter allows TFCU to better serve additional members in several surrounding communities and into Rhode Island including all of Bristol County, Mass.; the counties of Bristol, Kent, Newport and Providence, R.I.; and the towns of Charlestown, Exeter, Hopkinton, Narragansett, New Shoreham, North Kingston, Richmond or South Kingston, R.I.
The Board of Directors, Management, and staff at Taunton Federal Credit Union 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.