Dec, 31, 2023 — FREEDOM CREDIT UNION is a federally insured state chartered credit union headquartered in SPRINGFIELD, MA with 9 branch locations and about $738.36 million in total assets. Opened 38 years ago in 1986, FREEDOM CREDIT UNION has about 31,991 members and employs 120 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FREEDOM CREDIT UNION |
|---|---|
| Address: (Main Office) | 1976 MAIN ST SPRINGFIELD, MA 01103-1010 |
| Phone: | (413) 739-6961 |
| Fax: | (413) 750-5770 |
| Website: | https://www.freedom.coop |
| Branches: | 9 branch locations |
| Members: | 31,991 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66824 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1986 |
| Last Audited: | Sep 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $738,359,656 |
| CEO/Manager: | GLENN S WELCH |
| Chairperson: | LOUIS GUILLETTE |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,677,176 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 508,828,146 |
| Unsecured Loans | 8,318,910 |
| Other Loans | 50,057,936 |
| TOTAL LOANS | 567,204,993 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,692,246 |
| Land And Building | 4,502,634 |
| Other Fixed Assets | 761,292 |
| NCUSIF Deposit | 5,030,293 |
| All Other Assets | 0 |
| TOTAL ASSETS | 738,359,656 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 43,282 |
| Notes & Interest Payable | 89,550,268 |
| Accounts Payable & Other Liabilities | 4,949,093 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 111,267,847 |
| Regular shares | 196,107,450 |
| All Other Shares & Deposits | 249,951,745 |
| TOTAL SHARES & DEPOSITS | 557,327,042 |
| TOTAL LIABILITIES | 651,869,685 |
| Regular Reserve | 0 |
| Other Reserves | -9,579,103 |
| Undivided Earnings | 96,069,074 |
| TOTAL EQUITY | 86,489,971 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 738,359,656 |
| INCOME & EXPENSE | |
| Loan Income | 22,558,450 |
| Investment Income | 4,692,952 |
| Other Income | 2,298,366 |
| Total Employee Compensation & Benefits | 10,503,105 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 11,478,786 |
| Non-operating Income & (Expense) | 2,335 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 420,000 |
| Cost of Funds | 8,156,164 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,995,046 |
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