Freedom Credit Union to expand footprint by merging with West Springfield Federal Credit Union
Pending required regulatory approval, Freedom will have 11 branches and more than 30,000 members
SPRINGFIELD, MA (August 27, 2018) — Freedom Credit Union (FCU), headquartered in Springfield and serving members in the four counties of western Massachusetts with ten branches, announced today that it has agreed to merge with West Springfield Federal Credit Union (WSFCU).
Freedom Credit Union was originally chartered as the Western Massachusetts Telephone Workers Credit Union in 1922 and renamed in 2004. FCU currently has $491 million in assets with 28,000 members who live, work, or attend school in Hampden, Hampshire, Franklin or Berkshire counties.
West Springfield Federal Credit Union, which was initially chartered in 1960 as the West Springfield Municipal Employees Credit Union before its name change in 2003, has nearly 3,000 members and more than $29 million in assets.
“This is a tremendous opportunity to extend our products and services to West Springfield, an area where we do not have a branch but where many of our members live and work,” said President and CEO of Freedom Credit Union, Glenn Welch. “We promise our members accessibility to us, whether it’s at a branch location or through mobile banking. This merger delivers on that promise.”
Welch added that West Springfield Federal Credit Union members will have access to many new products and services including member business lending, use of 55,000 surcharge-free ATMs across the worldwide Allpoint® Network and robust mobile banking products and services. All employees of WSFCU will become part of the Freedom Credit Union family. The West Springfield Federal Credit Union location will remain open at 58 Union St. and conduct business as Freedom Credit Union.
“The additional products, services, and opportunities available to both our members and the employees who serve them is a win-win proposition,” said Ann Manchino, Manager of West Springfield Federal Credit Union. “We are excited for a new chapter in our history and to be part of the Freedom Credit Union family.”
The merger will require regulatory and member approvals. The merger is anticipated to be complete by the end of 2018.
Credit unions are cooperative financial institutions owned by their members. As a not-for-profit organization, Freedom Credit Union returns its profits to its members in the form of high rates on deposit accounts, low rates on loans and low or no fees for its services.
For information about the services offered by Freedom Credit Union, visit freedom.coop.
About Freedom Credit Union
Originally chartered in 1922 as the Western Massachusetts Telephone Workers Credit Union and renamed in 2004, Freedom Credit Union is a 10-branch, full-service financial institution. Today, membership is available to anyone who lives, works or attends school in Hampden, Hampshire, Franklin or Berkshire Counties. Offering a complete range of banking services and loan products, Freedom Credit Union has conveniently located branches in Chicopee, Easthampton, Feeding Hills, Greenfield, Ludlow, Northampton, Turners Falls, and three in Springfield, including the Roger L. Putnam Vocational Technical Academy branch. For more information, visit freedom.coop.
