Triangle Credit Union
Encyclopedia
Triangle Credit Union is a credit union
headquartered in Nashua, New Hampshire
. It was incorporated on September 16, 1939 for the employees of Nashua Gummed and Coated Paper Company, now known as Nashua Corporation
. The purpose of organizing the credit union
was to allow both office and mill employees the opportunity to save money and obtain small loans at rates substantially lower than the banks or other savings and loan institutions. When the credit union
opened for business, the office was located directly above the Traffic Department of Nashua Corporation on Franklin Street in Nashua.
The credit union continued to flourish with steady increases in assets and membership. As World War II
escalated, the credit union experienced little growth, since buying war bonds became predominant. However, as the national economy grew, more and more people found a need to save for the future. The credit union showed visible signs of growth during 1944-45. As the veterans returned from World War II
to Nashua Corporation
in 1946, the board of directors
voted to waive interest on all military loans. This meant that interest on loans procured by veterans before the war
, from the time they entered the armed forces until they were released, would not have to be paid. At the 21st Annual Meeting in January 1960, the board of directors
became affiliated with the New Hampshire Credit Union League.
In November 1960, the board adopted the policy of “Once a Member, Always a Member” with no limitations.
Between the years 1967 and 1969, the credit union experienced tremendous financial and membership growth. This sudden surge prompted the board of directors
to seek new quarters. On November 11, 1967, TFCU purchased the land and tenement house at 31-33 Franklin Street. The credit union
erected a new one-story brick office building with adjoining parking lot, which was dedicated in September 1968. As part of the celebration, the credit union
honored original officers and charter members. The bylaws were amended in 1968 to include members of the immediate families and employees of other Nashua Corporation
facilities outside the state of New Hampshire
.
In November 1996, Triangle Federal Credit Union applied for a state charter. TFCU held the distinction of being the first federal credit union to change its charter
as a result of the court action
taken by the American Bankers Association
against federal credit unions. A motion was made and seconded by the board of directors
, sanctioned by the membership, to change from Triangle Federal Credit Union to Triangle Credit Union.
The State of New Hampshire Banking Department awarded Triangle Credit Union with a state chartered community credit union
status on January 1, 1997. The credit union's field of membership extends to any individual residing within a 25-mile radius of any of TCU branch.
In September 2003, Triangle Credit Union opened its first in-store branch and was the third financial institution to do so in a BJ's Wholesale Club
.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in Nashua, New Hampshire
Nashua, New Hampshire
-Climate:-Demographics:As of the census of 2010, there were 86,494 people, 35,044 households, and 21,876 families residing in the city. The population density was 2,719.9 people per square mile . There were 37,168 housing units at an average density of 1,202.8 per square mile...
. It was incorporated on September 16, 1939 for the employees of Nashua Gummed and Coated Paper Company, now known as Nashua Corporation
Nashua Corporation
The Nashua Corporation is an American company headquartered in Nashua, New Hampshire that makes labels, specialty papers, and imaging products and services. On September 15, 2009, it was bought by Cenveo, Inc. As of early 2010, it had four factories in several states.It was formed in 1848 to make...
. The purpose of organizing the credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
was to allow both office and mill employees the opportunity to save money and obtain small loans at rates substantially lower than the banks or other savings and loan institutions. When the credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
opened for business, the office was located directly above the Traffic Department of Nashua Corporation on Franklin Street in Nashua.
The credit union continued to flourish with steady increases in assets and membership. As World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
escalated, the credit union experienced little growth, since buying war bonds became predominant. However, as the national economy grew, more and more people found a need to save for the future. The credit union showed visible signs of growth during 1944-45. As the veterans returned from World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
to Nashua Corporation
Nashua Corporation
The Nashua Corporation is an American company headquartered in Nashua, New Hampshire that makes labels, specialty papers, and imaging products and services. On September 15, 2009, it was bought by Cenveo, Inc. As of early 2010, it had four factories in several states.It was formed in 1848 to make...
in 1946, the board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
voted to waive interest on all military loans. This meant that interest on loans procured by veterans before the war
War
War is a state of organized, armed, and often prolonged conflict carried on between states, nations, or other parties typified by extreme aggression, social disruption, and usually high mortality. War should be understood as an actual, intentional and widespread armed conflict between political...
, from the time they entered the armed forces until they were released, would not have to be paid. At the 21st Annual Meeting in January 1960, the board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
became affiliated with the New Hampshire Credit Union League.
In November 1960, the board adopted the policy of “Once a Member, Always a Member” with no limitations.
Between the years 1967 and 1969, the credit union experienced tremendous financial and membership growth. This sudden surge prompted the board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
to seek new quarters. On November 11, 1967, TFCU purchased the land and tenement house at 31-33 Franklin Street. The credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
erected a new one-story brick office building with adjoining parking lot, which was dedicated in September 1968. As part of the celebration, the credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
honored original officers and charter members. The bylaws were amended in 1968 to include members of the immediate families and employees of other Nashua Corporation
Nashua Corporation
The Nashua Corporation is an American company headquartered in Nashua, New Hampshire that makes labels, specialty papers, and imaging products and services. On September 15, 2009, it was bought by Cenveo, Inc. As of early 2010, it had four factories in several states.It was formed in 1848 to make...
facilities outside the state of New Hampshire
New Hampshire
New Hampshire is a state in the New England region of the northeastern United States of America. The state was named after the southern English county of Hampshire. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Atlantic Ocean to the east, and the Canadian...
.
In November 1996, Triangle Federal Credit Union applied for a state charter. TFCU held the distinction of being the first federal credit union to change its charter
Charter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified...
as a result of the court action
NCUA v. First National Bank & Trust
NCUA v. First National Bank & Trust, , is a legal case in which the Supreme Court of the United States ruled that banks had prudential standing to challenge regulations that permitted credit unions to enroll unaffilated members.-Background:...
taken by the American Bankers Association
American Bankers Association
The American Bankers Association is an industry trade group and professional association representing the United States' banking industry...
against federal credit unions. A motion was made and seconded by the board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, sanctioned by the membership, to change from Triangle Federal Credit Union to Triangle Credit Union.
The State of New Hampshire Banking Department awarded Triangle Credit Union with a state chartered community credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
status on January 1, 1997. The credit union's field of membership extends to any individual residing within a 25-mile radius of any of TCU branch.
In September 2003, Triangle Credit Union opened its first in-store branch and was the third financial institution to do so in a BJ's Wholesale Club
BJ's Wholesale Club
BJ's Wholesale Club, Inc. , commonly referred to simply as BJ's, is a membership-only warehouse club chain operating on the United States East Coast, as well as in the state of Ohio...
.