Freedom Federal Credit Union President/CEO Mike Macpherson discusses the “credit union advantage” with Midday Maryland host “Elsa M.”
Mike MacPherson, president/CEO of $306 million asset Freedom Federal Credit Union in Bel Air, Md., highlighted “the credit union advantage” on local television during a segment of "Midday Maryland," produced by WMAR-TV.
In the interview, MacPherson explains credit unions are member-owned and not-for-profit. Because of that cooperative structure, credit unions deliver the same services as banks with fewer fees and more attractive interest rates, combined with superior service and a focus on supporting the communities they serve.
Rather than serving shareholders aiming to make a profit, “after we pay the bills, our objective is to put our money back into the community, into the credit union, and back to the members,” says MacPherson during the five-minute interview.
He also provides a historical overview of U.S. credit unions, including their role in maintaining financial stability during the 2008 financial crisis.
“We basically picked up the pieces from the financial crisis, and that has caused people to look for alternatives in banking,” he says. “They’ve increasingly moved toward credit unions.”
Plus, MacPherson emphasizes credit unions’ community focus and accessibility. “We are a partner in the community. We’re out there on the ballfields, on the trails, and participating in community events with our neighbors.”
He says the interview helped Freedom Federal fulfill a strategic emphasis.
“We really want to focus on credit union awareness,” MacPherson says. “We want to set ourselves apart and talk about the credit union difference rather than talking about a rate or a product. This was a way to get that message out.”
Freedom partnered with WMAR as a result of searching for new content opportunities for its advertising during budget preparation for 2019, says Carmen Mirabile, Freedom Federal’s senior vice president of marketing.
“WMAR offered a great opportunity to produce original content for us,” she says. “The interview with Mike was the first result of that partnership.”
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
