Coastal New England Federal Credit Union & Taunton Federal Credit Union Merger
This page is here to keep you up to date on all of the information regarding the merger between Coastal New England Federal Credit Union and Taunton Federal Credit Union. Please check back often for updates about the merger.
List of features and benefits for CNEFCU members when they become TFCU members:
- Savings, Checking, Club Accounts, Term Share Certificates and IRAs (minimum balance of $250), Money Market (tiered dividends based on balance)
- Auto Loans, Consumer Loans
- Visa Credit Card (offered through Elan Financial Services)
- Mortgages & Equities
- Business Deposit & Lending services
- 4 TFCU Branch locations (one on Rockdale Ave in NB)
- Ability to conduct transactions through the CO-OP Shared Branch network with over 5,600 locations nationwide
- Access to over 37,000 surcharge free ATM’s through the MoneyPass network
- Card Control app (real time fraud alerts, transaction controls, ability to turn card on/off for purchases, spending control, etc)
- Online Banking with Bill Pay
- Mobile App with Mobile Deposit integration
- Text Banking
- eAlerts, eNotices, and eStatements
- Account to Account (A2A) and Person to Person (P2P)
- Mobile Wallets (Apple Pay, Google Pay, Samsung Pay)
- Contactless Debit Cards
- Debit Card Roundup (rounds change from debit card transaction to nearest dollar and moves the change from checking to savings at the end of the day)
- Deposit Image ATMs (at Full-Service ATM locations)
- Online Loan Payments through ProPay
- Online Loan Applications
- Online Membership Applications
- Community Giving Program (Charitable donations to organizations throughout our community)
- Insurance & Investment Services (onsite agents and advisors in Taunton)
Frequently Asked Questions:
Why is there a merger? How is this beneficial to me?
This partnership is a proactive step by two financially sound institutions to capitalize on their strengths to move into the future. You will be a member of a larger financial institution that allows us to bring you more products & service enhancements that offer ease of use and convenience.
Is this a buy-out?
No. Unlike a traditional bank merger, this is not a buy-out or acquisition. This merger represents a true collaborative partnership between two financially strong credit unions committed to their members.
Will I have to re-apply for membership? No. Your membership will continue on with Taunton FCU. As a member you will be able to take advantage of the additional products and services that will be available as a result of the merger.
Why was no shareholder distribution deemed “unnecessary”?
Coastal NEFCU’s net worth ratio is under 7% currently, so we are unable to pass any special distribution to the membership.
Why did Coastal NEFCU decide that Taunton FCU was best for the merger?
Taunton FCU’s core goals are complimentary to Coastal NEFCU’s, so it just made sense to merge with this credit union. They are still considered a smaller credit union in the overall credit union scale, so our members and employees will not be lost in transition. The management team has a good understanding of the New Bedford area. They want to build a foot print in this city and really help grow the membership here. We want to do what is best for our membership, employees, and the community. This merger is going to make so many more products and services available to our members.
How will this affect the employees?
All employees will remain with the credit union to meet member needs and the same friendly faces will continue to serve you.
Who will be the CEO?
The President/CEO of the combined credit union will be Nelson Tavares, the current CEO of Taunton FCU. The former President/CEO of Coastal NEFCU will be the Vice President of Operations of the combined credit union.
How large will the combined credit union be?
The combined credit union will be about $260 million in assets with nearly 20,000 members.
What is going to happen to my account?
Account number and routing number will remain the same. Your account will still be insured by the National Credit Union Administration (NCUA).
Will my debit/ATM card still work?
Your debit card will work until it expires. Once it expires, you will receive a new card with the TFCU logo. ATM Cards will be honored through the merger, but will not be ordered for any accounts going forward.
Will the current location at 93 Union Street remain open after the proposed merger?
Yes, this location will become Taunton FCU’s fifth branch.
Will the hours for the 93 Union Street location expand if the proposed merger is accepted?
Yes, these locations new hours will be as follows:
- Monday – Wednesday: 8:30am – 5:00pm
- Thursday – Friday: 8:30am – 6:00pm
- Saturday: 8:30am – 1:00pm
- 8:00am – 5:00pm
- 8:00am – 6:00pm
- 8:00am – 1:00pm
What will change?
The credit union will remain insured by the National Credit Union Administration (NCUA), but will no longer offer excess share insurance by Massachusetts Credit Union Share Insurance Corporation (MSIC). This means that the standard share insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category.
How many locations will the credit union have once the merger is complete?
The combined total is 5 branches.
Will current members of Coastal NEFCU need to get new checks for Taunton FCU or will they be acceptable until they run out?
Your checks will be honored until they run out! Once they run out, you can order new checks with the TFCU logo and information.
Will my current loan with Coastal NEFCU stay the same?
Yes, all current loan rates and terms will stay the same.