Freedom Federal Credit Union Expands Field of Membership to Serve Baltimore City and Carroll County

Credit Union’s Field of Membership Now Includes Businesses and Consumers in Baltimore City, Baltimore County, Carroll County, and Harford County

August 28, 2024 – Freedom Federal Credit Union announced today that they received approval from the National Credit Union Administration (NCUA), regarding their request to expand the organization’s field of membership. Effective immediately, Freedom membership is now open to businesses and any individuals who live, work, worship, volunteer, attend school, or have family in Baltimore City and Carroll County. Prior to this expansion, Freedom’s field of membership included Baltimore County and Harford County.

Additionally, the Freedom Board of Directors unanimously approved and ratified the new charter.

“With NCUA’s approval, we can now provide what we call the ‘Freedom Advantage’, our unique credit union service offering, to serve a broader range of individuals and businesses, particularly those who have been underserved by other financial institutions,” stated Mike MacPherson, President and CEO of Freedom.

“Making Freedom membership available to all businesses and individuals in Baltimore City and Carroll County is part of Freedom’s long-term strategic growth plan,” continued MacPherson. “Over the years, many businesses and individuals from these areas have expressed a strong interest in partnering with Freedom and becoming members. We are confident that Freedom is exactly the kind of financial institution that Baltimore City and Carroll County have been asking for and need.”

Freedom Federal Credit Union was founded 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, which became part of Aberdeen Proving Ground. Freedom received their Harford County community charter in 1999 and changed their name to Freedom Federal Credit Union in 2000. The expansion of their charter to Baltimore County was ratified in July 2020.

“The Board of Directors saw the vision and strategy of expanding into Baltimore City and Carroll County, and enthusiastically approved the new charter,” stated Lisa Ermatinger, Chair of the Freedom Board of Directors. “Because credit unions are financial cooperatives, the health and strength of the organization is dependent on its members actively engaging and using its products and services. The more members that are an active part of Freedom and that use our products and services, the better the ability we have to offer lower cost loan options, higher deposit rates, less fees, better technology and access, and more community support.”

As part of the expansion, Freedom will look at all options with respect to new physical locations throughout its entire field of membership, as well as how to best leverage technology for those who prefer to conduct business electronically.

READ THE MEMBER COMMUNICATION

About Freedom Federal Credit Union

Freedom Federal Credit Union is a community-chartered federal credit union offering business banking services and consumer financial services to those who live, work, volunteer, worship, attend school, or have family in Baltimore City, Baltimore County, Carroll County, and Harford County. To learn more, visit freedomfcu.org.

Special Announcement from Freedom’s President and CEO

August 28, 2024

Dear Freedom Members,

Back in March of this year, I announced to you some very exciting news about our intention to merge Atlantic Financial Federal Credit Union (AFFCU) into Freedom Federal Credit Union.

Since then, a lot has been going on behind the scenes in support of the merger. I would like to update you now on one of those initiatives.

One of the first steps in the merger process was to ensure the field of membership (FOM) charters for both AFFCU and Freedom FCU matched identically. As a result, in May, we formally requested and applied to our governing body, the National Credit Union Administration (NCUA) to expand our FOM to include Baltimore City and Carroll County, in addition to our existing charter which includes Harford County and Baltimore County.

I am pleased to inform you that the NCUA has approved the FOM expansion request. Your Board of Directors have also unanimously approved and ratified the new field of membership charter.

Effective immediately, in addition to Baltimore County and Harford County, Freedom FCU membership is now open to businesses and individuals who live, work, worship, volunteer, attend school, or have family in Baltimore City and Carroll County.

With NCUA’s approval, as well as Freedom Board of Directors’ approval, we can now provide “The Freedom Advantage”, our unique credit union service offering, to the greater Baltimore City and Carroll County communities.

Why is this Important?

The new Field of Membership (FOM) Charter enables us to serve a broader range of individuals and businesses, particularly those who have been underserved by other financial institutions. With Freedom’s comprehensive financial products, services, and accessible technology, we can now better meet their needs and help them thrive.
With the ability to reach more individuals and businesses, we can make a larger, more positive impact on the financial well-being of the communities we serve.
By expanding our reach, this is an opportunity for Freedom to help more people achieve their financial goals, and in turn, help us reach our strategic and growth goals.

Why did Freedom want to expand its Field of Membership?

Making Freedom membership available to all those who live, work, worship, volunteer, attend school, or have family in Baltimore City and Carroll County is part of Freedom’s long-term strategic growth plan.

Over the years, many businesses and individuals from these areas have expressed a strong interest in partnering with Freedom and becoming members. We are confident that Freedom is exactly the kind of financial institution that Baltimore City and Carroll County have been asking for and need.

How does this benefit current Freedom members?

Because credit unions are financial cooperatives, the health and strength of the organization is dependent on the membership being engaged and utilizing its products and services. The more members that are an active part of Freedom and that use our products and services, the better the ability we have to offer lower cost loan options, higher deposit rates, less fees, better technology and access, and more community support.

Our expansion into Baltimore City and Carroll County will allow Freedom to provide our unique financial product and service offerings to more consumers and provide a much-needed financial alternative to the big banks. In doing so, we will be able to increase our membership, and the ability to serve all our members, and our shared communities better.

Freedom has been a strong financial partner to our members for 71 years, and we look forward to being an even better partner with this new FOM Charter.

We will continue to share information and details about this exciting new chapter for Freedom and its membership, and where we go from here.

I ask that if you have family, friends, or coworkers who live, work, study, volunteer, worship or have family in Baltimore City or Carroll County, please help us spread the news of who we are and share with them your experience with Freedom. We can’t wait to meet them!

Thank you all for your ongoing trust and confidence in Freedom Federal Credit Union.

Sincerely,

Michael MacPherson
President and CEO
Freedom Federal Credit Union

Find A Reason

There are all sorts of sayings and clichés about fighting through adversity, dealing with challenges, and the subsequent benefits that await once you come out the other side.

I know. I’ve used them. Mom used to say, “everything happens for a reason” and I would roll my eyes as kids tend to do when parents impart their particular brand of wisdom.

Depending on the situation, however, in the moment, it’s hard to find the reason. I mention this, not because there are difficulties, but to share a little message of optimism and hope as we move into spring…the season of new beginnings.

Recently, a close friend of mine passed away unexpectedly. Now, I know you’re probably thinking, “That’s optimism? Why are you bringing me down?”. I promise that’s not my intent so hang in there.

See, I was asked to give a eulogy, something I had never done, and the bizarre thing was that just a couple weeks prior, my friend was talking about how he believed there was a reason for everything. So, as I prepared my remarks, I looked for a reason for such an unfair loss.

What came to me was maybe less a reason and more a lesson on the significance of life; what we had and what remained rather than what was lost. It said to me that when grief is so deeply felt, it’s actually a testament to life and is the result of the profound impact one person can have however long or short the time may be.

In recognizing this and thinking about how one moves forward, I realized how important it is not waste the time we have together and never take for granted those we hold most dear.

“One moment can change a day, one day can change a life, and one life can change the world.” However, you want to measure it, we can all be that one life that changes our world for the better.