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June 10, 2022

Massachusetts cannabis-focused credit union plans Greater Hartford expansion

Google Maps 115 Elm St. in Enfield
By Andrew Larson

Freedom Credit Union, based in Springfield, Mass., plans to open its first Connecticut branch in an Enfield office building.

It plans to lease the space at 115 Elm St., Unit 214.

The credit union, which offers cannabis banking, currently has 10 locations in western Massachusetts and $651.8 million in assets.

While the credit union stands ready to offer cannabis banking services in Connecticut, the focus of its Enfield location will be on mortgage and business lending. It will host a mortgage loan officer and business lender.

“We will be generating loan production from this office but will not be doing traditional branch banking activities such as taking deposits, cashing checks,” said Glenn S. Welch, president and CEO. “There will not be an ATM on-site.”

Welch said the credit union already has members from Connecticut and Massachusetts who go back and forth across the state line for work and other activities.

“However, some businesses and consumers that are in northern Connecticut do not themselves, or through ownership, qualify for membership so having a location in that market … made sense to us,” Welch said. 

Freedom Credit Union recently petitioned the Massachusetts Division of Banks to expand its Field of Membership to include Hartford and Tolland counties. That expansion was approved in early 2020.

Expanding its field of membership more than doubles the number of people and businesses the credit union can serve, Welch said.

On June 2, Freedom Credit Union filed an application with the Connecticut Department of Banking seeking approval for the Enfield branch.

Welch said the credit union plans to open the Enfield office starting in July, pending approvals.

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