Freedom FCU and Atlantic FCU Merge

Merger Information & Updates

Freedom FCU & Atlantic FCU Announce Intention to Merge

A Special Announcement from Freedom FCU President and CEO

Dear Freedom Members, 

I wanted to take this moment to say thank you for the continued privilege to serve you and the opportunity to be your trusted financial partner.  On behalf of everyone at Freedom, we are grateful for the trust and loyalty that you have given us, and we are committed to continuing to support your financial wellness journey. 

Part of that commitment to you is to find innovative, efficient ways of better serving you by enhancing our consumer and business banking services, expanding our community reach to serve more consumers and small business owners, and to find ways to optimize operational efficiencies, and strengthen financial stability. 

With this in mind, I am pleased to share with you some exciting news.   After months of careful consideration, planning and due diligence by the Boards of Directors and Leadership Teams, I am pleased to announce that Freedom Federal Credit Union will be merging with Atlantic Financial Federal Credit Union to form a stronger, more dynamic Credit Union to serve the consumer and business needs within our fields of membership.   

The continuing Credit Union will operate under the “Freedom Federal Credit Union” name and brand. 

This merger represents a significant milestone in our evolution to better serve our members, expand our reach, and drive long-term, sustainable growth for many years to come.   By combining our strengths, resources, expertise, and membership bases, we will be optimally positioned to meet the ever-changing needs of those we serve while remaining true to our core principles and values. 

This partnership will create a Credit Union that offers our combined members more value and more choice.  In planning for the future, both Freedom FCU and Atlantic Financial FCU realized that a combined organization will provide much greater strength and a unique competitive advantage, by expanding services, access, locations, and technology.   

We intend to minimize disruption during the transition period, but there is also opportunity to expand the fields of membership to serve a greater consumer base.  The resulting Credit Union will also blend the vision, people, experience, capabilities, and resources of two strong Credit Unions, benefiting our members, communities, and employees for the long term. 

As we begin the process of finalizing all of the details of this merger, I want to reassure you that our commitment to our members and communities remains our first priority. This merger is an opportunity to leverage all of our collective talents, experiences, and capabilities to deliver an even greater experience for all those we serve. 

Over the coming weeks and months, we will be working closely with the Atlantic Financial FCU Team to ensure a smooth transition for everyone involved. We will look to minimize disruption and continue with our “Freedom Advantage” level of service. 

I hope you will join me in the excitement of what this merger, and the new Freedom Federal Credit Union, will mean for our members and shared communities. 


CEO Signature
Mike MacPherson
President and CEO
Freedom Federal Credit Union 

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.

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 haveIn 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 mergerAs 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 ( and the Atlantic Financial FCU website (  

Press Release

Freedom Federal Credit Union and Atlantic Financial Federal Credit Union Announce Intention to Merge

Merger Will Enhance Consumer and Business Banking Services, Expand Community Reach, and Strengthen Financial Stability

BEL AIR, MD and HUNT VALLEY, MD (March 21, 2024) — Freedom Federal Credit Union and Atlantic Financial Federal Credit Union are excited to announce their plans to merge pending regulatory approval and Atlantic Financial FCU member vote. The combined organization will offer expanded consumer and business banking products and greater convenience, flexibility, and access for all Atlantic Financial FCU members. The resulting Credit Union will operate under the “Freedom Federal Credit Union” name and brand. 

While the combined assets would be approximately $535 million, the Boards and Leadership of both Credit Unions are most passionate about the opportunity to serve a combined membership of over 42,000.  The merger will provide greater branch convenience with the addition of two Atlantic Financial FCU branches to the six existing Freedom FCU branches and over 80,000 surcharge-free ATMs through their ATM network. The resulting Credit Union will have eight physical branches in all. 

“Atlantic Financial FCU has a long and respected tradition of providing exceptional service to our members in the Baltimore City, Baltimore County, Carroll County, and Harford County communities,” stated Matt Piazza, President and CEO of Atlantic Financial FCU. “I have seen this Credit Union grow from a small organization, established in 1950, to a $103 million asset institution that is well-known and highly regarded. The merger with Freedom FCU is the next evolution in that growth and will provide our members a wider range of financial products and services, enhanced digital banking solutions, competitive loan options, and personalized wealth management services that members have been wanting.  I am also pleased we will be joining with an organization that also has deep roots in many of the same communities as we do.”

“We believe in people before profits and that everything we do, first and foremost, ensures the financial well-being of our members,” stated Mike MacPherson, President and CEO of Freedom FCU. “We will be able to offer a holistic banking experience for all members, as well as provide our unique service differentiation that we like to call ‘The Freedom Advantage.’ Additionally, we believe that, together, we can achieve greater success and make a more significant impact on the lives of our members and the communities that we serve. Through this merger, we can combine our strengths and position our Credit Union toward sustained growth and long-term success. I am very excited to have the opportunity to welcome Atlantic Financial FCU’s members and employees to Freedom.” 

With regulatory and member approval, the intended merger is expected to be completed before the end of 2024. Instructions and procedures for Atlantic Financial FCU member approval voting will be announced in the near future. 

About Freedom Federal Credit Union:  

Freedom Federal Credit Union is a community-chartered federal credit union offering consumer financial services to those who live, work, volunteer, worship, attend school, or have family in Harford or Baltimore Counties. Additionally, Freedom offers a full-line of banking services for all businesses, associations, and other organizations that are based in Harford or Baltimore Counties. Freedom was founded in 1953 and has six locations throughout Harford and Baltimore Counties. To learn more, visit   

About Atlantic Financial Federal Credit Union:

Atlantic Financial Federal Credit Union is a community-chartered federal credit union offering consumer financial services to those who live, work, volunteer, worship, attend school, or have family in Carroll, Baltimore or Harford Counties or Baltimore City. Our purpose is simple – to serve and enrich our members lives. We make your financial well-being our personal priority. We believe in keeping banking simple, while delivering financial products and services that empower you to achieve your goals and long-term financial stability. We’re committed to delivering a banking experience that revolves around you. To learn more, visit