Freedom FCU and Atlantic Financial FCU Merger FAQs

WHY ARE FREEDOM FCU AND ATLANTIC FCU MERGING?

The merger of Atlantic FCU and Freedom FCU is the result of the strategic vision of both credit unions to create a holistic, robust, growing, and market-leading financial institution committed to serving the diverse needs of its membership and consumer base. Merging will allow the resulting credit union a better position to leverage economies of scale, streamline operations, expand access, increase technological innovation, enhance products and services, and support the communities that we serve.

WHAT WILL THE MERGED CREDIT UNION BE KNOWN AS?

The resulting credit union will operate under the Freedom Federal Credit Union name and brand. The resulting credit union will reflect the shared values and vision of both credit unions. The aligned commitment to offer market-leading, personalized financial products and services supports the credit union’s community and provides a best-in-class member-centric experience that will continue.

IS EITHER CREDIT UNION IN FINANCIAL TROUBLE?

No. Both credit unions continue to achieve growth and success independently. However, the boards of directors of both organizations recognize the opportunity of joining together to create a larger institution that can benefit from more efficiencies and resources.

WHAT BENEFITS WILL THE MERGER BRING TO MEMBERS?

Members will benefit significantly in several ways from the merger, including:

• Expanded range of financial products and services for both consumers and business owners.
• Enhanced technology and access through optimized digital banking solutions.
• Increased loan options with market-competitive rates.
• Personalized wealth-management services.
• Access to over 80,000 surcharge-free ATMs.
• Access to eight branch locations throughout Baltimore and Harford Counties.
• Expanded field of membership to serve more consumers with The Freedom Advantage.
• Expanded community support and community outreach programs.
• Access to attractive rates, lower fees, and enhanced accessibility.

WHAT IS THE TIMELINE FOR THE MERGER?

Although months of planning and due diligence by the boards of directors and leadership teams of both credit unions have resulted in a definitive merger agreement, the merger is subject to regulatory and Atlantic Financial FCU member approval. Once all necessary approvals are obtained, the merger process will be consummated, with an estimated completion date by the end of 2024. We will provide updates throughout the entire merger process.

HOW WILL THE MERGER IMPACT EMPLOYEES OF BOTH FREEDOM FCU AND ATLANTIC FINANCIAL FCU?

The merger is expected to create opportunities for employees of both credit unions by fostering a larger and more diverse organization. Our commitment to our employees remains a top priority, and we will work to ensure a smooth transition and provide support throughout the process.

WILL MY ACCOUNTS OR SERVICES BE IMPACTED BY THE MERGER?

No. Both credit unions operate on the same core systems and will work to provide a seamless integration allowing you to conduct business as you always have. In the short term, members will experience no impact to their accounts. We will provide additional information once the merger is approved, and any necessary changes will be communicated well in advance.

WILL THERE BE ANY CHANGES TO FEES OR RATES AFTER THE MERGER?

At this time, there are no plans to make immediate changes to fees or rates as a result of the merger. As always, we will review rates based on economic conditions and competitive information.

WILL MY ACCOUNTS CONTINUE TO BE INSURED?

Yes. Your accounts will continue to remain insured. Your deposits are federally insured through the National Credit Union Share Insurance Fund (NCUSIF), a U.S. government agency, for up to $250,000 for regular and IRA deposits.

WILL MY BRANCH REMAIN OPEN?

Yes. The branch locations for both credit unions will remain open. Members of the combined organization will have access to eight (8) branch locations and 80,000 surcharge-free ATMs.

WHAT WILL HAPPEN TO THE BOARD OF DIRECTORS?

The board of directors of the resulting credit union will have representation from both organizations.

DO BOTH CREDIT UNIONS SUPPORT THIS MERGER?

Yes. Both boards of directors are excited about this new partnership and the benefits it will deliver to our members and communities.

WILL THE RESULTING CREDIT UNION BE FINANCIALLY SOUND?

Yes. The resulting credit union will have a strong balance sheet, a full-service product offering, a strong member base, and an expanded field of membership. The credit union’s net worth ratio exceeds regulatory requirements, and both credit unions are considered “well capitalized” by government regulators.

WHO IS FREEDOM FEDERAL CREDIT UNION?

Freedom Federal Credit Union began in 1953 as MATCOM Federal Credit Union. The credit union started in Baltimore and later moved to Harford County in support of the Edgewood Arsenal. We received our Harford County community charter in 1999 and changed our name to Freedom Federal Credit Union in 2000. In 2020, we expanded our community charter. Today, Freedom serves individuals who live, work, worship, volunteer, or attend school in Harford and Baltimore Counties, as well as their families. We also serve and support local businesses with a full array of products and services to meet their ever-changing needs. Freedom has a long tradition of serving the military community and its families, which continues today. In addition, we offer special partner benefits to Harford County and Baltimore County Public Schools, University of Maryland Health System, MedStar, Harford Community College, Community College of Baltimore County, as well as numerous small businesses throughout Baltimore and Harford Counties.