Sep, 30, 2025 — FREEDOM CREDIT UNION is a federally insured state chartered credit union headquartered in SPRINGFIELD, MA with 9 branch locations and about $748.78 million in total assets. Opened 40 years ago in 1986, FREEDOM CREDIT UNION has about 31,618 members and employs 113 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: | 31,618 |
| 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, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $748,782,561 |
| CEO/Manager: | GLENN S WELCH |
| Chairperson: | WILLIAM CAREY |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 57,059,891 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 490,006,697 |
| Unsecured Loans | 5,921,370 |
| Other Loans | 35,781,185 |
| TOTAL LOANS | 531,709,253 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,219,284 |
| Land And Building | 4,235,519 |
| Other Fixed Assets | 1,133,214 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 5,361,786 |
| All Other Assets | 0 |
| TOTAL ASSETS | 748,782,561 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 54,045,495 |
| Accounts Payable & Other Liabilities | 9,760,316 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 112,101,488 |
| Regular shares | 190,781,292 |
| All Other Shares & Deposits | 286,663,434 |
| TOTAL SHARES & DEPOSITS | 589,546,218 |
| TOTAL LIABILITIES | 653,352,029 |
| Regular Reserve | 0 |
| Other Reserves | -5,961,163 |
| Undivided Earnings | 101,391,695 |
| TOTAL EQUITY | 95,430,532 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 748,782,561 |
| INCOME & EXPENSE | |
| Loan Income | 19,287,617 |
| Investment Income | 4,204,356 |
| Other Income | 3,968,135 |
| Total Employee Compensation & Benefits | 7,847,717 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 10,024,571 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 304,704 |
| Cost of Funds | 8,351,798 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,768,104 |
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