Freedom FCU and Atlantic FCU Merge

Merger Information & Updates

Atlantic Financial FCU Members Have Approved the Merger with Freedom FCU

Merger Announcement

Atlantic Financial Federal Credit Union Members Approve Merger with Freedom Federal Credit Union

Member Approval Allows Both Credit Unions to Begin Merger Integration Process

BEL AIR, MD and HUNT VALLEY, MD (January 16, 2025) — Freedom Federal Credit Union and Atlantic Financial Federal Credit Union) announced today that at the conclusion of the member voting process on Tuesday, January 14, the members of Atlantic Financial FCU have overwhelmingly voted in favor of the merger with Freedom FCU.

An approval by Atlantic Financial FCU’s membership was necessary to move forward as their Credit Union was being merged into Freedom FCU (as the continuing Credit Union, Freedom FCU members did not need to vote on the merger proposal).

“This merger is not the end of Atlantic Financial FCU but the beginning of a new future together, providing more value to our members and those we serve”, stated Matt Piazza, President and CEO of Atlantic Financial FCU. “With this merger comes greater strength and a unique competitive advantage, by expanding services, access, locations, and technology”.

February 3, 2025, will mark the official completion of the merger’s legal process and the start of integrating data and systems.

“This important milestone sets the stage for a stronger, more resilient financial institution by combining our strengths, resources, expertise, and membership bases”, stated Mike MacPherson, President and CEO of Freedom FCU. “We will be more optimally positioned to meet the changing needs of those we serve while remaining true to our shared mission, core principles and values”.

During the integration phase of the merger, scheduled to be completed by the end of 2025, both Credit Unions will work diligently to align operations, systems, and staff, and ensure minimal disruption to members.

For more information, updates, and FAQs regarding the merger, please refer to the Freedom FCU website, or click Merger Updates.

Frequently Asked Questions

The merger of Atlantic FCU and Freedom FCU is the result of the strategic vision of both Credit Unions to create a holistic, robust, growing, and market-leading financial institution committed to serving the diverse needs of its membership and consumer base. By merging, the resulting Credit Union will be better positioned to leverage economies of scale, streamline operations, expand access, increase technological innovation, enhance products and services, and better support the communities that we serve.

The resulting Credit Union will operate under the Freedom Federal Credit Union” name and brand. The resulting Credit Union will reflect the shared values and vision of both Credit Unions. The aligned commitment to offer market-leading, personalized financial products and services, supports the credit union’s community and provides a best-in-class member-centric experience, that will continue.

Members will benefit significantly in several ways from the merger, including: 

  • Expanded range of financial products and services for both consumers and business owners. 
  • Enhanced technology and access through optimized digital banking solutions. 
  • Increased loan options with market-competitive rates. 
  • Personalized wealth management services. 
  • Access to over 80,000 surcharge-free ATMs. 
  • Access to eight branch locations throughout Baltimore and Harford Counties. 
  • Expanded field of membership to serve more consumers with “The Freedom Advantage.” 
  • Expanded community support and community outreach programs. 
  • Access to attractive rates, lower fees, and enhanced accessibility. 

February 3, 2025 marks the official completion of the merger’s legal, regulatory approval, and member approval processes and the start of integrating data and systems. This includes aligning operations, systems, and staff, and ensuring minimal disruption to members, while keeping safety and security of data and information a top priority.

The process is anticipated to take most of 2025 with a completion date scheduled around end of year 2025 for full integration.

The merger is expected to create opportunities for employees of both Credit Unions by fostering a larger and more diverse organization. Our commitment to our employees remains a top priority, and we will work to ensure a smooth transition and provide support throughout the process. 

During the initial stages of the integration process, it is business as usual for AFFCU members. Members can continue banking as they always have—online and mobile banking access, account and member numbers, as well as credit and debit cards, will remain unchanged. While minimal changes may occur with current products and services, there will soon be improvements in product offerings and enhanced digital banking options.

Rates on existing loans with AFFCU or Freedom FCU will not change. However, slight adjustments to savings product rates may occur to ensure consistency for all members during the integration. As always, rates will be reviewed based on economic conditions and competitive information.

Yes. Your accounts will continue to remain insured. Your deposits are federally insured through the National Credit Union Share Insurance Fund (NCUSIF), a U.S. Government Agency, for up to $250,000 for regular and IRA deposits.

Yes. The branch locations for both Credit Unions will remain open.

During this first phase of the integration process, current AFFCU members will not be able to transact on their AFFCU accounts at any of Freedom FCU’s six branches. Similarly, current Freedom FCU will not be able to transact on their current Freedom FCU accounts at AFFCU’s Hunt Valley or Pikesville branches. We will provide updates as soon as this changes and all branches are made available to the entire membership.

The Board of Directors of the resulting Credit Union will have representation from both organizations. 

Yes. The resulting Credit Union will have a strong balance sheet, a full-service product offering, a strong member base, and an expanded field of membership. The Credit Union’s net worth ratio exceeds regulatory requirements and both credit unions are considered “well capitalized” by government regulators. 

Freedom Federal Credit Union began in 1953 as MATCOM Federal Credit Union. The Credit Union started in Baltimore and later moved to Harford County in support of the Edgewood Arsenal. We received our Harford County community charter in 1999 and changed our name to Freedom Federal Credit Union in 2000. In 2020, we expanded our community charter and, today, Freedom serves individuals who live, work, worship, volunteer, or attend school in Harford and Baltimore Counties, as well as their families. We also serve and support local businesses with a full array of products and services to meet their ever-changing needs.   

Freedom has a long tradition of serving the military community and their families, which continues today. In addition, we offer special partner benefits to Harford County and Baltimore County Public Schools, University of Maryland Health System, MedStar, Harford Community College, Community College of Baltimore County, as well as numerous small businesses throughout Baltimore and Harford Counties. 

In 1950, Atlantic Financial FCU (then Baltimore Telephone FCU) was founded when a handful of employees united to provide financial support to their fellow co-workers and families. For the past 74 years, this “people helping people” philosophy continues to flourish. 

Today, Atlantic Financial Federal Credit Union is a full-service financial institution serving the financial needs of consumers throughout the greater Baltimore communities. AFFCU is open to anyone who lives, works, worships, volunteers, attends school, or has family in Baltimore County, Baltimore City, Carroll County, or Harford County. 

New information about the merger, including updates, revised FAQs, member resources, timelines, etc. will be posted directly on this page, accessible from the Freedom FCU website (www.freedomfcu.org) and the Atlantic Financial FCU website (www.affcu.org).