Freedom Credit Union to Merge with WSFCU
Expanding the Footprint
Although many Freedom Credit Union members have ties to West Springfield, Glenn Welch said, the institution has never had a physical branch there.
But that will soon change, following the announcement that Freedom has agreed to a merger with West Springfield Federal Credit Union (WSFCU), bringing the West Side institution under the Freedom umbrella.
“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 Welch, Freedom’s president and CEO. “We promise our members accessibility to us, whether it’s at a branch location or through mobile banking. This merger delivers on that promise.”
Freedom, which is headquartered in Springfield and serves members in the four counties of Western Mass. with 10 branches, was originally chartered as the Western Massachusetts Telephone Workers Credit Union in 1922 and renamed in 2004. It currently has $491 million in assets with 28,000 members who live, work, or attend school in Hampden, Hampshire, Franklin, or Berkshire county.
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.
Welch noted that WSFCU 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.
“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. We promise our members accessibility to us, whether it’s at a branch or through mobile banking.”
“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, and is anticipated to be complete by the end of 2018.
Pending regulatory approval, Freedom Credit Union will have 11 total branches, including three offices in Springfield and locations in Feeding Hills, Ludlow, Chicopee, Easthampton, Northampton, Turners Falls, and Greenfield.
Credit unions are cooperative financial institutions owned by their members. As a not-for-profit organization, Welch noted, 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.