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Date: 8/30/2018
WEST SPRINGFIELD – On Aug. 27, The Freedom Credit Union (FCU) of Springfield announced it would be merging with the West Springfield Federal Credit Union (WSFCU).
“There is overlap in the communities we serve, and the merger allows us both to expand our footprint and better serve our members,” said President and CEO of Freedom Credit Union Glenn Welch.
He added that the merger is a “natural next step” for both organizations.
All employees of WSFCU will become part of the Freedom Credit Union. The WSFCU location will remain open at 58 Union St. and conduct business as Freedom Credit Union.
Pending regulatory approval, Freedom Credit Union will have 11 total branches, also including Springfield, Feeding Hills, Ludlow, Chicopee, Easthampton, Northampton, Turners Falls and Greenfield locations.
"Freedom Credit Union has many members in West Springfield who will benefit from the merger by having a local branch in their town, something Freedom does not currently have,” said the FCU president. “Members of West Springfield Credit Union will benefit by having access to the fuller range of products and service available through FCU. They will also have a selection of other FCU branches for their banking needs.”
The West Springfield Federal Credit Union members will have access to member business lending, use of 55,000 surcharge-free ATMs across the worldwide Allpoint® Network and mobile banking products and services.
FCU, which is a non-profit organization, returns its profits to its members in the form of high rates on deposit accounts, low rates on loans and low or no fees for its services.
The non-profit was originally chartered as the Western Massachusetts Telephone Workers Credit Union in 1922 and renamed in 2004. Freedom Credit Union currently has $491 million in assets with 28,000 members who live, work, or attend school in Hampden, Hampshire, Franklin or Berkshire counties.
The West Springfield Federal Credit Union, which was initially chartered in 1960 as the West Springfield Municipal Employees Credit Union before its name change in 2003, has nearly 3,000 members and more than $29 million in assets.
The merger will require regulatory and member approvals, and is expected to be complete by the end of 2018.