Philly CU Seeks Freedom To Serve 6 Million Folks
Freedom CU has applied to state regulators to convert to a community charter that would encompass almost six-million residents in Pennsylvania and New Jersey, which would be the largest interstate field of membership ever granted.
The $225-million credit union, which currently serves about 200 select groups in the Delaware Valley, has asked for permission to serve all of Philadelphia, Bucks, Chester, Delaware and Montgomery counties in Pennsylvania, and Gloucester, Camden and Burlington counties in adjacent New Jersey.
An official with the Pennsylvania Department of Banking told The Credit Union Journal they will accept public comments before approving the application, by far the largest FOM ever requested by a Pennsylvania state charter. The 70-year-old credit union was known as Educational CU until a 1999 merger with Freedom FCU.