Freedom FCU to expand into Baltimore County
The National Credit Union Administration has approved an expansion request from Maryland-based Freedom Federal Credit Union that will broaden its field of membership to include Baltimore County.
Membership was previously only eligible to consumers in Harford County. A press release from the credit union noted that prior to the expansion the credit union was already serving more than 3,000 residents in Baltimore County who were eligible to join because of some affiliation with Harford County, so expansion was “the next logical step in the credit union’s evolution.” Management is considering adding additional brick-and-mortar facilities in Baltimore County as well.
The credit union has had a community charter to serve Harford County since 1999.
“Strategic growth is vital to our long term strength and viability,” Mike Kaiser, chairman of the credit union, said in the release. “The entire board of directors saw the wisdom and value in our expansion, not only for the organization, members and communities we currently serve, but also for our future members, and unanimously adopted the expanded field of membership.”
Freedom FCU currently serves more than 31,000 members and has about $338 million in assets. The credit union earned about $251,000 during the first quarter, down more than 58% from its first-quarter earnings in 2019. Many credit unions saw their net income drop during the first three months of this year as the coronavirus took hold and lending slowed.