Commonwealth Utilities Federal Credit Union’s members approve merger with Taunton Federal Credit Union
EL PASO, TX (April 12, 2023) — On Friday, March 31, 2023, members of Commonwealth Utilities Federal Credit Union (CUFCU) voted to approve a merger with Taunton Federal Credit Union (TFCU). The merger will bring enhanced operational efficiency to CUFCU and further expand TFCU’s footprint into the Plymouth County area.
Founded in 1947, TFCU is a federally chartered credit union serving Bristol, Plymouth & Barnstable Counties in MA, as well as the majority of Rhode Island. TFCU has $284 million in assets, 17,500 members and 5 locations. TFCU is excited for the opportunity to bring its exceptional member service and vast range of products and services to Marion and the surrounding areas.
CUFCU was established in 1926 by New Bedford Gas and Edison Light Company employees, with an expanded charter approved in 1934 to include employees of other local utility companies. CUFCU has $49 million in assets, 1,600 members and 1 location. The merger provides CUFCU members with access to 5 additional branch locations and an expanded offering of products and services.
The existing CUFCU office on 312 Wareham Road in Marion will be rebranded as a full service TFCU branch. The combined Credit Union now has assets in excess of $333 million, serving nearly 19,000 members with 6 branches across Southeastern Massachusetts. TFCU expects to fully complete the operational merger by the 3rd 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.
“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. 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” said Nelson Tavares, President & CEO of Taunton Federal Credit Union. “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 at the former CUFCU office to continue servicing you. Thank you to Brenda Mahoney (CUFCU Board Chair), Gloria Camara (CUFCU Manager), and the entire board and staff of CUFCU for their efforts through this process and I look forward to continued success for our collective credit union”.
“The CUFCU staff are excited to join the talented group of employees at Taunton Federal Credit Union. Having worked with Nelson Tavares, President & CEO, and his executive management team over the past few months has only confirmed why our Board of Directors decided on TFCU as a viable partner” said Gloria Camara, Operations Manager of Commonwealth Utilities Federal Credit Union. “From day one, their number one priority has been to do what is right for our members and staff, and I believe that they will continue to abide by that. I also believe that our membership will benefit tremendously from their broad range of products and services, as well as their 5 other branch locations. We are happy to expand our field of membership and look forward to continuing to provide superior member service to our existing members. We are honored to join the TFCU family.”
About TFCU
Established in 1936 as a credit union that provided educators and their families with quality financial products and services, TFCU continues to serve its heritage and has since expanded its charter to include everyone in El Paso County. With over $850 million in assets and serving over 69,000 members, TFCU believes in the power of community and upholds the philosophy of “People Helping People” in everything they do. TFCU is committed to being El Paso’s premier financial institution through trust, education, and excellent member service, stimulating personal enrichment and community economic development. Anyone that lives, works, or worships in the El Paso County can open an account with TFCU.
