Rockland Federal Credit Union
Rockland Federal Credit Union has almost $1.1 billion in assets, yet pays no state or federal taxes. Its net income or profit from January 1, 2006 - June 30, 2011 was $40 million. Thus it avoided paying $14 million in income taxes for the last five and one half years. It now holds accumulated profits, otherwise known as retained earnings, totaling $108 million.
Rockland Federal Credit Union is a community-based credit union founded in 1922. Qualifications for membership in Rockland FCU include:
• Anyone who lives or works in Barnstable, Bristol, Middlesex, Norfolk, Plymouth or Suffolk Counties
• Anyone who is an immediate family member of an eligible or current member
Rockland FCU has nine Massachusetts branch locations. Six are located in the following towns: Hanover, Mansfield, Marshfield, North Attleboro, Rockland and Walpole. It also has three in-store branches in Attleboro, Plymouth and Weymouth. ATMs are located at
each of the branches.
This credit union has experienced phenomenal growth. In the period from June of 1997 to June of 2011 membership nearly tripled from 50,007 to 145,368.
As of 6/11, total assets and total loans at Rockland FCU are five times its balances in 6/97. Assets as of 6/11 are $1.1 billion and total loans are $0.9 billion. Total deposits also increased 350 percent from $204 million to $909 million.