“Where People Are Worth More Than Money”
Coastal New England Federal Credit Union is a member-owned, non-profit financial institution which serves the community Bristol County. Coastal New England FCU, formerly known as “St. Anne Credit Union”, was established on August 3rd, 1911, making us the oldest credit union in Southeastern Massachusetts.
We serve over 2,000 members and have over $19,000,000.00 in assets.
In 2019, we changed our name from St. Anne Credit Union to Coastal New England Federal Credit Union. We made this change to help differentiate the credit union from “St. Anne’s of Fall River Credit Union”. For years, the two credit unions have been confused for each other. It was finally time to step out on our own and let the community know who we are.
Coastal New England FCU was the first credit union in Southeastern Massachusetts. St. Anne Church has invited Alphonse Desjardins, credit union pioneer, to come from Canada to explain how credit unions work. Just two years earlier, Massachusetts had adopted Credit Union Law. Rev Omer Valois, with several of his parishioners, decided to start a credit union under the state statue.
On July 11th, 1911, fifteen members met to organize New Bedford’s first credit union. “St. Anne Credit Union”, now known as Coastal New England FCU, officially opened its doors to members on September 5th, 1911, with fourteen accounts totaling deposits of $125.00, made by the first directors.
During the first 50 years, hundreds were able to buy homes with just 20-year mortgages. Others received loans for home improvements, autos, and other worthwhile purposes.
From the small beginnings, the credit union has grown. Today our total assets are over $19 million. Our charter expanded from just parishioners of St. Anne Church to people living, working, conducting business, worship, or attending school in Bristol County.