Profile:
HarborOne Credit Union
(formerly Brockton Credit Union)

HarborOne Credit Union’s net income or profit from January 1, 2006 – June 30, 2011 was $38.7 million. Thus it avoided paying over $13.5 million in income taxes over the past five and one half years. It now has accumulated profits, otherwise known as retained earnings, totaling $158 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 $1.8 billion and serves over 150,000 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 some rationale to such expansion.

HarborOne has 16 Massachusetts branch locations in the following towns including a branch at Brockton High School: Abington, Attleboro (2 branches), Bridgewater, Brockton (5 branches), Canton, Easton, Mansfield, Middleborough, Plymouth, Randolph and Raynham. It has 27 ATM locations, and a mortgage office is located in Centerville.

Examining the time period of June of 1997 to June of 2011, HarborOne’s asset size nearly quadrupled from $491 million to $1.8 billion. Deposits almost tripled during this period from $425 million to $1.3 billion. Membership has almost tripled as well from 54,000 in 6/97 to the current total over 150,000.

In addition to its growth in deposits and assets, HarborOne has increased almost 2000% its amount of business loans outstanding from $2.2 million in 6/97 to $45.1 million in 6/11.  Clearly, this credit union no longer serves a common bond of distinct members.