Freedom 1st Credit Union Merger

The Board of Directors of Freedom First Credit Union have called a special meeting of the members of this credit union at 1645 Webster St, Dayton, OH 45404 on May 15, 2023, at 5:30 p.m. The purpose of this meeting is to:

1. To consider and act upon a plan and proposal for merging Freedom First Credit Union with and into Bridge Credit Union (hereinafter referred to as the “Continuing Credit Union”), whereby all assets and liabilities of the Freedom First Credit Union will be merged with and into the Continuing Credit Union. All members of Freedom First Credit Union will become members of the Continuing Credit Union and will be entitled to and will receive shares in the Continuing Credit Union for the shares they own in Freedom First Credit Union on the effective date of the merger.
2. To ratify, confirm and approve the action of the Board of Directors in authorizing the officers of Freedom First Credit Union, subject to the approval of members, to do all things and to execute all agreements, documents, and other papers necessary to carry out the proposed merger.

The Board of Directors of Freedom First Credit Union encourages you to attend the meeting and vote on the proposed merger. Whether or not you expect to attend the meeting, we urge you to sign, date and promptly return the enclosed ballot to vote on the proposed merger.

If you wish to submit comments about the merger to share with other members, you may submit them to the National Credit Union Administration (NCUA) at https://www.ncua.gov/support-services/credit-union-resources-expansion/resources/comments-proposed-credit-union-mergers or mail to:

The NCUA will post comments received from members on its website, along with the member's name, subject to the limitations and requirements of its regulations.

Other Information Related to the Proposed Merger:
The Board of Directors has carefully evaluated and analyzed the assets and liabilities of the credit unions and the value of shares in both credit unions. The financial statements of both credit unions, as well as the projected combined financial statement of the continuing credit union, follow as separate documents. In addition, the following information applies to the proposed merger.

Reasons for Merger:
The Board of Directors has concluded that the proposed merger is desirable and in the best interest of members for the following reasons:

• Improved Physical Access: A successful merger will result in a total of 9 branches for the convenience of both credit unions’ members. Additionally, Freedom First members will have access to surcharge free ATMs at the continuing credit union’s branch locations.
• Additional Products and Services: The continuing credit union offers products and services not currently offered by Freedom First and existing products will have expanded features. Details of these are included in the changes to services and member benefits section of this letter.
• Leadership Continuity: Freedom First’s senior leadership is expected to retire and recruiting a replacement either internally or externally is not feasible. A merger will directly benefit the members because of assured credit union continuity and increased member service capabilities.
• Staffing Support for Operational Challenges: Member calls, back-end processes,and lending will be centralized. This will refocus employees’ efforts to member service.
• Staff Opportunities: A merger will provide increased opportunity for career path development, skills development, and promotions.
• Financial Strength: The Credit Union will benefit from the continuing credit union’s proven ability to serve and establish long-term relationships with its members. Year after year, the continuing credit union has posted strong earnings regardless of the economic environment.

Net Worth:
The net worth of a merging credit union at the time of a merger transfers to the continuing credit union. Freedom First Credit Union does not have a higher net worth ratio than the continuing credit union.

Share Adjustment of Distribution:

1. ☒Freedom First Credit Union will not distribute a portion of its net worth to its members in the merger. The Board of Directors has determined a share adjustment, or other distribution of Freedom First Credit Union's net worth, is not feasible because its net worth is insufficient for this purpose and the continuing credit union’s increased product and services offerings provide Freedom First Credit Union’s members superior value.
2. ☐ Freedom First Credit Union will distribute a portion of its net worth to its members in the merger. The board of directors has determined to distribute a portion of Freedom First Credit Union's net worth as: Does not apply.

To be counted, your Ballot must be received by May 8, 2023 at 5:30 p.m.

BY THE ORDER OF THE BOARD OF DIRECTORS:

President
March 30, 2023

You may view/download the entire Notice of Special Meeting here and the Ballot here.