Page 16 - BusinessWest October 17, 2022
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 product. Meanwhile, it is continuing and broad- ening its push into Connecticut with the open- ing of a loan-production office on Elm Street in Enfield. Also, the credit union, which now boasts roughly $650 million in assets, more than 32,000 members, and 10 branches across Western Mass., has been making some inroads to service compa- nies in the broad and ever-expanding cannabis industry in Western Mass., while continuing to aggressively pursue more business on the com- mercial-lending side of the ledger.
With the cannabis sector, the credit union
“We’re going to explore our options in Connecticut as we get a foothold there.”
recently started providing deposit and cash-man- agement services for businesses in different kinds of businesses, said Welch, adding that this could become a vehicle for growth at Freedom.
“We have several clients that have signed on with us and we have a pretty good backlog of businesses that are looking to come on board with us,” Welch said, noting that the credit union is working with its regulator to make sure it is complying with guidelines for doing business with those in this sector.
It is certainly not the only institution looking to garner cannabis customers, he went on, adding that, as competition mounts, Freedom will work to remain competitive and secure market share in a sector where new businesses open every month,
if not every week.
Cannabis was recently made legal for recre-
ational use in the Nutmeg State, he went on, add- ing that this could be another avenue for growth in that market. “We think we’re in a good position with our expansion into that market.”
Overall, Freedom is still finding its footing in Connecticut, he said, adding that, over the next few years, it will explore opportunities to branch out south of the border, literally and figuratively.
“We’re going to explore our options in Con- necticut as we get a foothold there,” he explained. “There could be a possibility of branching down there; we signed a two-year lease in Enfield, and we want to explore the market with the loan pro- duction first; we thought that was a good way to get a good foothold.”
For this issue and its focus on banking and financial services, BusinessWest talked at length with Welch about the first 100 years for Freedom Credit Union, and what is on tap for this Western Mass. institution.
Answering the Call
Tracing the history of the credit union, Welch said it started in a small office in the telephone- company building on Worthington Street, serv- ing only employees of that large and fast-growing industry.
In 1978, the institution relocated to a new home on Main Street in Springfield’s North End, which still serves as its headquarters today. In 1987, the Western Massachusetts Telephone Workers Credit Union merged with Monarch
Freedom Continued on page 22
Staff Photo
   Glenn Welch says the basic strategy at Freedom is “to keep doing what we’ve been doing for the past 100 years.”
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 16 OCTOBER 17, 2022
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