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Credit Unions Top Banks When Serving Members' Financial Well-being
Credit unions are far better than banks at serving their members’ feelings of well-being, according to a recent study from Gallup. According to the research, credit unions appear to be at their best far more often than banks, and the research shows meaningful differences between customers and members regarding perceptions of the financial well-being support their institutions offer.
“Credit unions have built strong member relationships by using a personal approach, thoughtful products and member-centric service models to help members manage their finances -- and 46% of members strongly agree their credit union does,” the report reads. “The credit union business model and member-centric ethic also enhance members' belief that the credit union has its members' best interests at heart. This all adds up to help credit unions create better perceptions of financial well-being support among their customers.
“The feeling credit union members enjoy -- of being cared for and looked after by trusted advisers -- is real. It's not marketing,” it adds.
The gap in perspective is most evident when looking at which statements consumers agree with about the priorities of their institution:
- For “Looks out for my financial well-being,” credit unions scored 25.5%, while banks received only 14.5%;
- For “Understands my financial situation,” 24.6% of respondents said this applied to their credit union, while 15.1% said it applied to their bank;
- For “Has my best interests at heart,” credit unions scored 27.1%, while banks only 14.2%; and
- For “Puts my financial interests above that of the bank,” credit unions scored 18.4% compared with banks’ 8.6%.
Freedom First Announces 2019 Grant Recipients
Freedom First Credit Union is proud to announce the award of $35,000 in community grants to eight local nonprofits in the Roanoke and New River Valleys. “We are pleased to continue our support of our community nonprofits and are proud to partner and fund their new initiatives.” said Dave Prosser, SVP Community Development. The following are the 2019 grant recipients:
Blue Ridge Literacy- $3,000: Grant funds will be used to support their Citizenship Classes in order to achieve a 100% pass rate for learners scheduled to take the citizenship test in 2020. Blue Ridge Literacy will achieve their goal of 100% pass rate by conducting pre- and post-reading assessments to ensure that 100% of learners have a reading level of High Beginning, the minimum level required to understand the test, or higher by the time they take their test.
Boys & Girls Club of SWVA- $5,000: Grant funds will be used to support the Project Learn Program. Project Learn gives Boys and Girls Club members the opportunity for academic success by presenting academic programming at the club to compliment what they are learning in the classroom.
LovABLE Services- $5,000: Grant funding will go towards supporting Chris’s Coffee & Custard, a job training site that will serve the needs of individuals with intellectual and developmental disabilities by creating opportunities to enhance life, social, communication and vocational skills that will lead to gainful and meaningful employment.
Franklin County Public School Educational Foundation- $5,000: Grant funds will be used to support the Life Check Program, a simulation program to give students an opportunity to look into their future as consumers. For the last 3 years, the Foundation has used Life Check as a culminating activity for economic and finance classes in the Spring. The students in these classes are provide with the necessary knowledge and skills to function effectively as consumers, workers, savers, investors, and entrepreneurs.
Live, Work, Eat, Gather, Inc -- Millstone Kitchen- $5,000: The mission of Live, Work, Eat, Gather, Inc. is to cultivate and nourish community through the support of local food and farms, the creation and growth of jobs, the security of a home, and the gathering of friends and neighbors. Grant funding will support Millstone Kitchen, a shared use commercial kitchen located in the old school center of the Prices Fork Elementary School. Half of the old kindergarten space has been converted into kitchen space rentable hourly by food business entrepreneurs, such as caterers, bakers, value-added farmers and food trucks.
Roanoke Children’s Theatre- $2,000: Roanoke Children’s Theatre launched RCT4TEENS in 2010 as an ongoing health education program using educational theatre to help young people change risky behavior and learn healthy behaviors through issue-based plays that address important health and social concerns. RCT has commissioned THE FAKES, an original play addressing internet safety and addiction and staying safe from online predators and human trafficking. Funding will support educational health outreach for approximately 2,500 – 3,500 middle and high school students who participate in post-show interactive prevention talkbacks with agency professional while identifying resources for ongoing support.
Roanoke Hospitality House- $5,000: The Roanoke Hospitality House will provide adult patients and caregivers traveling to Roanoke for healthcare a compassionate, comfortable alternative to a hospital waiting room or expensive lodging. While away from home and receiving care at Roanoke-area hospitals, patients will be able to focus on healing from illness without the added stress of financial burden. Roanoke Hospitality will use their grant funding to support start-up operational expenses.TAP- $5,000: Grant funding will go towards supporting TAP Sabrina's Place, the region's only secure supervised visitation and safe exchange program. It serves families affected by domestic violence and/or sexual assault by providing a secure facility staffed by off-duty Roanoke City Police Department officers and trained visitation monitors.
Freedom First Announces Richard Fairley as Business Intelligence Manager
Freedom First Credit Union announces the promotion of Richard Fairley to Business Intelligence Manager and founding leader of the new Business Intelligence Division.
“Richard’s skills, knowledge, and understanding of the Credit Union make him the perfect match for the Business Intelligence Manager,” says Senior Vice President of Organizational Development Jennifer Jones. “We are excited to see Richard lead this new department and how it will help Freedom First continue to grow and serve our members in Roanoke and New River Valleys.”
Richard has been with Freedom First since 2014 where he began as an Accounting Clerk. After one year in the Accounting Department, he transitioned into Finance where he has most recently been leading the department as Finance Manager.
“It’s an exciting time for the credit union as we move further into business intelligence,” says Fairley. “Business Intelligence will allow the credit union to understand and serve our members better, allowing faster product development and response time to meet our members’ needs.”
Member Appreciation Day October 17, 2019
Linda Johnson Promoted to Chief Financial Officer Effective March 2020
Freedom First Credit Union announces the appointment of Linda Johnson as Chief Financial Officer effective March 2020. Linda currently serves as SVP Accounting/Finance to the CFO. She will take the place of retiring CFO Keith Rickoff.
Linda joined Freedom First in 2008 and has grown to lead Accounting, Finance and Analytics. She has over 22 years of combined financial management and leadership experience and is a member of the American Society of Women Accountants and the Institute of Managerial Accountants.
Linda serves as Finance Chair and member of the Strategic Planning Committee for the State Children’s Advocacy Center and on the board, Finance Committee, Strategic Planning Committee and Executive Committee of Children’s Trust of Roanoke and the New River Valley. She is a Certified Credit Union Investment Professional and is currently preparing for the Fraud Examiners certification.
Linda has worked diligently to gain the necessary skills and knowledge to meet the challenges of this important role. We wish her the best as Freedom First continues to grow and serve members of the Roanoke and New River Valleys.
Cameron Wells Promoted to VP Community Development Center
Local Impact For Tomorrow (LIFT) Will Empower Holistic Wellness at Fallon Park Elementary in Southeast Roanoke
James McKell Joins Freedom First as General Counsel
“We are excited to bring James on to help us fulfill our vision, and we plan to utilize his expertise to help Freedom First continue our trend of positive growth,” said President and CEO Paul Phillips.
A graduate of Wake Forest University and Duke Law, James earned degrees in Philosophy and Law. James’s community involvement includes the Blue Ridge Legal Services Hotline. James has been living in the Roanoke Valley with his family for the past 9 years.
Steve Hildebrand Promoted to Senior Vice President of Freedom First
Advisory on Capital One Compromise and Cardholder Fraud Education
Freedom First Finances Danville Revitalization Effort
Aligning Capital, Training, & Economic Mobility
Freedom First Credit Union was recently invited to participate in an invite-only Financial Innovations Roundtable event at the Federal Reserve Bank of Atlanta. This is an annual event, co-hosted by the Carsey School of Public Policy’s Center for Impact Finance. The purpose was to bring together cross-sector representation to find solutions and provide low-income communities with increased access to capital and financial services. This annual event is billed as a “think tank” and a “think-do tank” that has successfully developed new tools, policies, and practices resulting in millions of dollars being directed into investments in affordable housing, small and minority businesses, community facilities, and other community development efforts.
This year’s theme, “Aligning Capital, Training, and Economic Mobility,” offered an opportunity for experts in community development finance to join a conversation with their peers in workforce development and training. Freedom First's VP Community Development Programs-Tim Cerebe attended and spoke on "Understanding the Workforce Development and Community Development Finance systems". This year’s roundtable supports the two sectors to learn more about each other’s work, examine financial barriers to scaling successful training programs, and discuss opportunities for investments to be made in high-impact businesses and programs. The discussions focused on training and paths to jobs that offer career ladders and economic mobility to low- and moderate-income workers.
Freedom First is honored to be a catalyst at this event.
Freedom First Annual Meeting 2019
Brian Taylor Joins Freedom First
Freedom First is proud to announce that Brian Taylor has joined the credit union as Vice President of Commercial Lending. Taylor has 9 years of experience in various business roles in the financial services industry including Commercial Lending Relationship Officer, Commercial Loan Officer, and various Loan Servicing roles. Taylor brings knowledge of Business/Commercial Credit underwriting and analysis to an already established commercial lending team at Freedom First.
A graduate of Virginia Tech, Taylor earned a degree in Political Science with minors in Real Estate & Music. Brian’s community involvement includes being a Board Member of the Botetourt County Rotary Club, a member of Carilion Children’s Advisory Board, Campaign Ambassador for Goodwill Industries of the Roanoke Valley, a Loan Review Committee Member/Mentor for The Advancement Foundation, and a member of the Botetourt Chamber’s Business Growth Committee.
Freedom First Named Roanoke Chamber of Commerce Large Not-For-Profit of the Year Award 2018
Paula Brown Wins Affiliate of the Year Award 2018
Freedom First Wins CDFI Fund award for 2018
Freedom First Welcomes John Budd, Jr. to the Board of Directors
The Board of Directors wishes to thank Tim Sutphin for 18 years of volunteerism on Freedom First's Board of Directors. We wish him well.
Freedom First Welcomes New Supervisory Committee Members for 2018-2019Freedom First welcomes two new additions to serve a 2018-2019 term on the Supervisory Committee: Ms. Cynthia DiFrancesco, CPA and Ms. Adrienne Sowers. The Credit Union’s Supervisory Committee has the responsibility to ensure that the operations of the Credit Union are carried out in accordance with the Federal Credit Union Act and the rules and regulations of the National Credit Union Administration.
2018 Community Grant Application is OpenFreedom First's Community Grant Application is now open for 2018. If a local organization has a project that supports Community & Household Economy, Health & Human Services, or Arts & Culture, they may be eligible for funding. Living our mission - Helping People Prosper, Helping Communities Thrive.
Freedom First Announces Board of Directors at Annual Meeting
Brent Cochran is a Roanoke native and social entrepreneur committed to developing sustainable solutions through triple-bottom-line business methods. Brent has already served one term on the board and a few months on the Executive Committee. He holds an MBA in Sustainable Business, is an active entrepreneur and business leader, and a millennial. Brent is the Founding Director of LEAP, the Founding Advisor of the Grandin Co-Lab, General Manager of River Rock Climbing Gym, and Co-founder and Director of Community Sourced Capital.
Judith Harrison has had many years in the Credit Union movement on local and state levels and brings almost 40 years of experience serving on the Supervisory and Board of Directors positions. Judith represents the Credit Union well to our employees, members, potential members and the community at large. She is passionately involved in the Mountain View neighborhood preservation and revitalization efforts.
Andrea Garland offers a diverse cultural knowledge and technical expertise to the Board as an immigrant, young professional, and female engineer. After housing, transportation is on average the largest household expense for American families. Andrea has helped shape the way the Credit Union understands transportation, and brings new ideas on how transportation options can benefit members as a member of the Supervisory Committee.
“Our entire board of directors embodies the spirit of community and brings talent, expertise, and energy to help guide Freedom First,” said Paul Phillips, President and CEO. “We are very fortunate to have each of them by our side as we serve our members in the Roanoke and New River Valleys.”
Freedom First Partners With Alzheimer's Association
Freedom First Credit Union in conjunction with the Alzheimer’s Association of Central and Western Virginia is proud to sponsor "The Crime of the 21st Century: How to Protect Older Adults from Financial Exploitation". This presentation is free and open to the public. Call (800) 272-3900 for information.
The #1 elder abuse issue is financial fraud...and it is growing. Learn how to avoid misuse of assets at this program. Medical, legal, banking, and law enforcement experts will share important information on protecting your resources. A Q&A will follow the panel presentation.
Esteemed Guest Speakers:
Karen A. Roberto, Ph.D, Director of the Institute for Society, Culture & Environment, and
Senior Fellow at the Center for Gerontology at Virginia Tech. Secondary appointee-Department of Internal
Medicine & Department of Psychiatry and Behavioral Medicine at Virginia Tech Carilion School
of Medicine. Primary architect of the MetLife Mature Market Institute studies on financial abuse.
Chris Desimone, Attorney, Anderson, Desimone & Green
Susan Drees-Armstrong, MBA, CFE, Special Agent Accountant, Virginia State Police
Sarah Andrews, Chief Operating Officer, Freedom First Credit Union
2 Venues and Dates:
May 15, 2018, 1-2:30 p.m.
South County Library, SOCO Auditorium - Room 155
6303 Merriman Road, Roanoke, VA 24018
May 17, 2018, 1-2:30 p.m.
200 Miller Street, Blacksburg, VA 24060
Senator Mark Warner Visits Freedom First's West End Branch For Credit Union Town Hall
Dave Prosser (SVP — Community Development) and Sarah Andrews (Chief Operating Officer) also spoke with Senator Warner, bringing him up to date on Freedom First's initiatives in Southwest Virginia and the amazing outreach and impact that we have had on our members and communities. The West End Branch, with its community kitchen operated by LEAP for Local Food, is a prime example of what we hope to see in more food and bank deserts in our Valleys.
Freedom First is guided by our mission: Helping People Prosper - Helping Communities Thrive. It was our distinct pleasure to host Senator Warner and the town hall session.
Freedom First St. Patrick’s Day Parade & Shamrock Festival Was a Smash Hit
Freedom First takes great pride in being a part of our communities in various ways. By sponsoring local events and bringing people together we believe that we are accomplishing our mission of Helping People Prosper - Helping Communities Thrive.
You're Invited to the 2018 Annual Meeting on Thursday, May 10, 2018 at the Salem Civic Center
Congratulations to our three new Board members:
- Brent Cochran, Current Board Member
- Judith Ann Harrison, Current Board Member
- Andrea Garland, Current Supervisory Committee Member