Two Maryland-Based CUs Intend to Merge
The newly-formed credit union will expand services across the northern portion of the state.
Officials from Freedom Federal Credit Union and Atlantic Financial Federal Credit Union announced their plans to join the two organizations, pending membership and regulatory approval, by the end of 2024. If approved, the merger will create a credit union with more than $530 million in assets and 43,000 members.
The Hunt Valley, Md.-based Atlantic Financial ($99 million in assets, 9,085 members) announced this week it officially intends to merge with the Bel Air, Md.-based Freedom ($434 million in assets, 32,975 members) to offer expanded consumer and business banking products and services for members in Maryland.
If approved by Atlantic Financial members and regulators, the new credit union will operate under the Freedom name and brand. According to a joint statement, the boards of directors and leadership all approved of the merger.
“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,” Matt Piazza, president/CEO of Atlantic Financial, said. “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.”
In a statement posted on its website, Freedom President/CEO Mike MacPherson said, “We believe in people before profits and that everything we do, first and foremost, ensures the financial well-being of our members. 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.”
Officials have yet to announce when the vote will take place for Atlantic Financial’s members.