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