MARION, Mass.–The 1,600 members of Commonwealth Utilities FCU have voted to approve a merger with Taunton Federal Credit Union (TFCU).
The $48.8-million CUFCU was chartered in 1926 by New Bedford Gas and Edison Light Company employees, and expanded its charter in 1934 to include employees of other local utility companies. The credit union has one branch, which will become a branch of Taunton FCU.
The existing CUFCU office on 312 Wareham Road in Marion will be rebranded as a full service TFCU branch.
“The merger will bring enhanced operational efficiency to CUFCU and further expand TFCU’s footprint into the Plymouth County area,” the credit union said.
Commonwealth Utilities reported net income of $183,689 as of its March 31 call report, with net worth of 15.89%. As CUToday.info reported here earlier, CUFCU did not indicate any plans to distribute net worth as part of the merger.
The $284-million Taunton FCU was chartered in 1947 and serves Bristol, Plymouth and Barnstable Counties in Massachusetts, as well as the majority of Rhode Island. It has approximately 17,500 members and five locations, in addition to the new branch it will be adding.
In a statement, TFCU said expects to fully complete the merger by the third quarter of this year, but with the addition of COOP Shared Branching, CUFCU members may begin taking advantage of TFCU’s products, services and locations now.
‘Similar Cultures & Goals’
“It is with great pride that TFCU announces this momentous occasion. The addition of Commonwealth Utilities Federal Credit Union to TFCU, not only combines our financial strengths and introduces enhanced operational efficiency, but it links two organizations with similar cultures and goals,” said Nelson Tavares, president & CEO of Taunton Federal Credit Union. “We’ll now be working together to continue building the credit union movement across Southeastern Massachusetts. On behalf of The TFCU team and the board of directors, we welcome our new TFCU Members, and we look forward to providing you with the banking products and service you expect. I’d like to also extend a warm welcome to the entire CUFCU Staff as they join the TFCU family, we’re so pleased that they will continue on with us.”
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