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Profile:
HarborOne Credit Union
(formerly Brockton Credit Union)
HarborOne Credit Union’s net income or profit for 2005 was $11.0 million. Thus it
avoided paying $4.2 million in income taxes last year alone. It now has
accumulated profits, otherwise known as retained earnings, totaling $118
million.
HarborOne Credit Union is a Brockton, Mass.-based, state-chartered credit union
established in 1917. According to its Web site, it is the largest
state-chartered community credit union in New England and one of the top 100 in
the country. HarborOne currently has assets over $1.3 billion and serves almost
100,000 members.
The “common bond” as stated by the credit union includes people living or
working in Barnstable, Bristol, Norfolk or Plymouth counties. Recently, it
changed its name from Brockton Credit Union to HarborOne, presumably to try and
add an aura of legitimacy to such expansion.
HarborOne has 12 Massachusetts branch locations in the following towns including
a branch at Brockton High School: Abington, Bridgewater, Brockton (5 branches),
Canton, Easton, Middleborough, Randolph and Raynham. It has 18 ATM locations,
and a separate loan center is located in Plymouth.
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(Source:
NCUA)
Examining the time period of December of 1994 to
December of 2005, HarborOne
increased its asset size by 210 percent from $428 million to $1.3 billion.
Deposits more than doubled during this period from $376 million to $879 million.
Membership has almost doubled from 54,000 in 1994 to the current total
approaching 100,000. The number of employees has also increased 72 percent from
202 in 1994 to 347 in December of 2005.
In addition to its growth in deposits and assets, HarborOne has increased
almost sixfold its amount of business loans outstanding from $3.7 million in 1994 to
$25.5 million in 2005.
Clearly, this credit union no longer serves a traditional common bond of distinct members
and its expansion into business lending was never intended by its founders.
