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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.

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Michael Ogden

Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.