Dec, 31, 2023 — FREEDOM OF MARYLAND FEDERAL CREDIT UNION is a federal credit union headquartered in BEL AIR, MD with 6 branch locations and about $434.84 million in total assets. Opened 71 years ago in 1953, FREEDOM OF MARYLAND FEDERAL CREDIT UNION has about 32,975 members and employs 102 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: | 32,975 |
| 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, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $434,836,110 |
| CEO/Manager: | Michael MacPherson |
| Chairperson: | Lisa Ermatinger |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 26,998,857 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 160,145,944 |
| Unsecured Loans | 26,808,577 |
| Other Loans | 189,440,290 |
| TOTAL LOANS | 376,426,636 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,864,733 |
| Land And Building | 3,562,414 |
| Other Fixed Assets | 5,049,833 |
| NCUSIF Deposit | 3,663,512 |
| All Other Assets | 182,471 |
| TOTAL ASSETS | 434,836,110 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 16,000,000 |
| Accounts Payable & Other Liabilities | 8,977,196 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 92,585,319 |
| Regular shares | 142,307,207 |
| All Other Shares & Deposits | 140,603,787 |
| TOTAL SHARES & DEPOSITS | 375,496,312 |
| TOTAL LIABILITIES | 400,473,508 |
| Regular Reserve | 0 |
| Other Reserves | -1,345,732 |
| Undivided Earnings | 35,708,334 |
| TOTAL EQUITY | 34,362,602 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 434,836,110 |
| INCOME & EXPENSE | |
| Loan Income | 19,144,030 |
| Investment Income | 1,390,061 |
| Other Income | 1,194,822 |
| Total Employee Compensation & Benefits | 7,933,845 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 7,974,896 |
| Non-operating Income & (Expense) | 48,120 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,871,439 |
| Cost of Funds | 3,859,626 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,887,124 |
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