BEL AIR, Md. and HUNT VALLEY, Md.–Two Maryland credit unions have announced plans to combine.
The $434.8-million Freedom FCU and the $99.6-million Atlantic Financial said they are seeking to merge pending regulatory approval and Atlantic Financial FCU member vote. The two credit unions are approximately 20 miles apart and operate a total of eight branches.
“The combined organization will offer expanded consumer and business banking products and greater convenience, flexibility, and access for all Atlantic Financial FCU members,” the CUs said in a statement.
Freedom FCU will be the surviving name and brand.
Freedom FCU has approximately 33,000 members and reported $1.887 million in net income and net worth of 8.37% at year-end 2023. Atlantic Financial has approximately 9,100 members and had a loss of nearly $575,000 during 2023, with capital of 10.82%.
‘Long Tradition’
“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 President and CEO Matt Piazza. “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.”
‘Holistic Banking’
Added Mike MacPherson, president and CEO of Freedom FCU, “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.”
If regulatory and member approvals take place, the credit unions said they plan to combine before year-end 2024.
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