Merger Information & Updates

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.

No. Both Credit Unions continue to achieve growth and success independently. However, the Boards of Directors of both organizations recognize the opportunity of joining together to create a larger institution that can benefit from more efficiencies and resources.

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. 

Although months of planning and due diligence by the Boards of Directors and Leadership Teams of both Credit Unions have resulted in a definitive merger agreement, the merger is subject to regulatory and Atlantic Financial FCU member approval. 

Once all necessary approvals are obtained, the merger process will be consummated, with an estimated completion date by the end of 2024.  We will provide updates throughout the entire merger process. 

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. 

No. Both Credit Unions operate on the same core systems and will work to provide a seamless integration allowing you to conduct business as you always have.  In the short term, members will experience no impact to their accounts. We will provide additional information once the merger is approved, and any necessary changes will be communicated well in advance. 

At this time, there are no plans to make immediate changes to fees or rates as a result of the merger.  As always, we will review rates 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. Members of the combined organization will have access to eight (8) branch locations and 80,000 surcharge-free ATMs. 

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

Yes. Both Boards of Directors are excited about this new partnership and the benefits it 
will deliver to our members and communities.

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, as it arises, including updates, revised FAQs, member resources, timelines, etc. will be posted directly on the Freedom FCU website (www.freedomfcu.org) and the Atlantic Financial FCU website (www.affcu.org).