Jun, 30, 2024 — FREEDOM OF MARYLAND FEDERAL CREDIT UNION is a federal credit union headquartered in BEL AIR, MD with 6 branch locations and about $419.71 million in total assets. Opened 71 years ago in 1953, FREEDOM OF MARYLAND FEDERAL CREDIT UNION has about 34,124 members and employs 95 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 OF MARYLAND FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2019 Emmorton Rd BEL AIR, MD 21015 |
| Phone: | (410) 676-5700 |
| Fax: | (443) 512-8389 |
| Website: | https://www.freedomfcu.org |
| Branches: | 6 branch locations |
| Members: | 34,124 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 8550 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Dec 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $419,706,178 |
| CEO/Manager: | Michael MacPherson |
| Chairperson: | Lisa Ermatinger |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 6,534,092 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 149,360,195 |
| Unsecured Loans | 23,340,288 |
| Other Loans | 210,457,451 |
| TOTAL LOANS | 383,201,372 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -806,487 |
| Land And Building | 3,738,019 |
| Other Fixed Assets | 364,580 |
| NCUSIF Deposit | 3,559,649 |
| All Other Assets | 0 |
| TOTAL ASSETS | 419,706,178 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 3,572,876 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 97,378,274 |
| Regular shares | 161,821,291 |
| All Other Shares & Deposits | 123,883,631 |
| TOTAL SHARES & DEPOSITS | 383,083,196 |
| TOTAL LIABILITIES | 386,656,072 |
| Regular Reserve | 0 |
| Other Reserves | -1,910,055 |
| Undivided Earnings | 34,960,161 |
| TOTAL EQUITY | 33,050,106 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 419,706,178 |
| INCOME & EXPENSE | |
| Loan Income | 11,518,997 |
| Investment Income | 332,699 |
| Other Income | 846,724 |
| Total Employee Compensation & Benefits | 5,175,448 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,550,815 |
| Non-operating Income & (Expense) | 54,552 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 62,222 |
| Cost of Funds | 1,106,633 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,397,389 |
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