Freedom First Credit Union

What Freedom First Credit Union does

Freedom First Federal Credit Union is a member-owned, federally chartered credit union founded in 1956 and headquartered in Roanoke, Virginia (with a Salem, VA mailing address), serving members across Central and Southwest Virginia including the Roanoke Valley, Lynchburg Region, New River Valley, and Greater Charlottesville. The institution operates 101-250 employees across multiple full-service branches and digital channels, structured as a non-profit cooperative under NCUA supervision.

The credit union delivers a full-stack banking platform spanning personal banking (checking, savings, money markets, certificates, auto/personal/home equity loans, mortgages, consumer credit cards), business banking (business checking, commercial lending, merchant services, ACH origination, Positive Pay fraud protection, Remote Check Deposit), private banking (concierge service for high-net-worth members), and wealth management delivered through a partnership with Raymond James Financial Services. Digital channels include a mobile banking app, online banking platform, and the Money Manager personal finance tool, augmented by third-party integrations such as Autobooks invoicing, QuickBooks and Quicken connectivity, and Tap2Local — a Moov-powered mobile POS solution enabling local businesses to accept contactless payments without additional hardware. Three wholly-owned subsidiaries (Freedom First Wealth Management, Freedom First Mortgage, Freedom First Enterprises) support adjacent financial services.

Revenue is generated through interest income on consumer and commercial loans, fee-based income from account maintenance and transaction services, and a revenue share from the Raymond James wealth management partnership. Pricing is tiered and quote-based, with notable products including Business Checking at $10/month (waivable with $10K balance or merchant services use), an Indexed Business Money Market yielding up to 3.25% APY, Business Rewards and Platinum Visa cards with 0% introductory APR for 12 months, and consumer cards ranging from 11.99%–18.00% APR indexed to Prime. Distribution is hybrid: physical branches with relationship-based local decision-making complemented by self-serve mobile and online channels, an annual Elevate business summit, and community-based marketing emphasizing the mission of 'Helping People Prosper - Helping Communities Thrive.'

Name

Freedom First Credit Union

Legal name

Freedom First Federal Credit Union

Website

https://freedomfirst.com

Company type

Private

Founded year

1956

Operating status

Operating

Headcount range

101–250 employees

Short description

Freedom First Federal Credit Union is a member-owned, NCUA-insured credit union founded in 1956, serving consumers, businesses, nonprofits, and high-net-worth members across Central and Southwest Virginia through full-service branches, digital banking, commercial lending, private banking, and Raymond James-powered wealth management.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Personal banking services
• Business banking solutions
• Commercial lending services
• Wealth management services
• Credit union services

Headquarters

HQ city

Salem

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Revenue generated from interest charged on loans including auto loans, personal loans, mortgages, home equity, credit cards, and commercial/business loans
2. Fee-based Income: Monthly maintenance fees, transaction fees, wire transfer fees, and service charges across checking, savings, and business accounts
3. Wealth Management Partnership: Revenue share from Raymond James Financial Services partnership for investment and wealth management services offered to members

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Freedom First Credit Union is a member-owned, federally chartered credit union providing a full suite of consumer and commercial banking products across Central and Southwest Virginia. Core offerings include Personal Banking (checking, savings, money markets, certificates, mortgages, auto loans, personal loans, credit cards), Business Banking (commercial checking, savings, business loans, merchant services, and Tap2Local mobile payments), Commercial Lending (working capital, equipment, real estate, lines of credit), Private Banking for high net worth clients, and Wealth Management powered by Raymond James. Supporting services include digital and mobile banking, the Money Manager personal finance tool, Positive Pay fraud protection, and community-facing financial counseling through the Financial Empowerment Center.

Product overview

Freedom First Credit Union is a full-service financial institution offering a comprehensive suite of banking products and services for consumers, businesses, and high net worth individuals. The core offerings include Personal Banking (Checking, Savings, Money Markets, Certificates), Business Banking (checking, savings, money markets, certificates, and specialized business services), Commercial Lending (working capital, equipment, real estate, lines of credit), Private Banking (tailored concierge-level products), and Wealth Management powered by Raymond James. Digital banking services include Mobile Banking, Online Banking, Card Controls, Get Paid Early, Deposit Anywhere, Mobile Wallet, and Money Manager personal finance tool. Business services include Tap2Local mobile POS, Business Online Banking with Positive Pay, ACH Origination, Remote Check Deposit, Merchant Services, Invoicing & Payments (Autobooks), Sweep Accounts, Re$ubmitIt, and Wire Transfers. Credit products span consumer and business Visa cards (Platinum, Platinum Rewards, Business Rewards, Business Platinum, Freedom Private Reserve) and various loan products. The organization also offers community support through the Financial Empowerment Center and hosts the annual Elevate business summit.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Banking Core consumer banking services including Checking, Savings, Money Markets, and Certificates for personal financial management.
• Business Banking Comprehensive business banking including Checking, Savings, Money Markets, and Certificates, plus specialized business services for small to large businesses, nonprofits, and commercial clients.
• Commercial Lending Local commercial lending team offering Working Capital Loans, Equipment & Vehicle Loans, Real Estate Loans, and Business Lines of Credit with custom underwriting and local decision-making.
• Private Banking Concierge-level banking services for high net worth individuals offering tailored products including checking, money markets, credit cards, auto loans, mortgages, and equity lines with waived fees and exclusive rates.
• Freedom First Wealth Management Investment and retirement planning services powered by Raymond James Financial Services, offering sophisticated strategies including investment strategies, financial retirement planning, estate and charitable giving, institutional services, private wealth services, and insurance solutions.
• Money Manager Personal finance management tool providing spending insights, budgeting with spending wheel and dashboard visualization, transaction tracking with customizable categories, and net worth monitoring over time.
• Mobile Banking Mobile application enabling banking activities from smartphones and tablets with account management, mobile check deposit, and Tap2Local payment acceptance.
• Online Banking Web-based platform for viewing and managing accounts, transactions, bill pay, and secure messaging.
• Business Online Banking Enhanced business banking platform with IP address blocking, multi-user privilege management, QuickBooks integration, dual approval for bill payments, direct deposit, secure messaging, Positive Pay fraud protection, ACH origination, self-service wire transfers, and Remote Check Deposit.
• Tap2Local Mobile point-of-sale service that turns smartphones into contactless payment acceptance devices, supporting tap-to-pay, payment links, and QR codes. Integrates with Moov payment processing and eliminates need for additional hardware. Offers next-business-day fund access.
• Positive Pay Fraud protection service that matches checks and ACH transactions against business-issued payment files, allowing users to approve or return flagged mismatches.
• ACH Origination Electronic payment initiation service allowing businesses to send debits and credits through the ACH network for various transaction types with cost savings versus paper-based methods.
• Business Remote Check Deposit Remote deposit capture service allowing businesses to scan and deposit checks using a connected scanner (monthly fee) or mobile app (free), with up to 250 scanned items per month included.
• Merchant Services Point-of-sale merchant services through Deluxe for brick-and-mortar storefronts requiring seamless transaction management solutions.
• Invoicing & Payments (Autobooks) Integrated invoicing and payment acceptance within Business Online Banking, featuring customizable invoice templates, automated payment reminders, and acceptance of ACH, debit, and credit card payments. Auto-enrolled with Business Online Banking.
• Sweep Accounts Automated account service connecting deposit and loan accounts to automatically transfer funds between them, with configurable maximum target balances.
• Re$ubmitIt Free returned check collection service for business accounts, recovering 100% of collected monies on returned checks from customers.
• Business Wire Transfers Outgoing wire transfer initiation capability available within Business Online Banking for time-sensitive domestic transactions.
• Business Loans Comprehensive business lending including Working Capital Loans, Equipment & Vehicle Loans, Real Estate Loans, and Business Lines of Credit with local underwriting and decision-making.
• Business Credit Cards Business Visa credit cards including Business Rewards Visa (with rewards points and 0% intro APR) and Business Platinum Visa (with 0% intro APR for 12 months and low rate), both with no annual fee.
• Platinum Credit Card Consumer credit card with variable APR of 11.99% to 18.00% based on creditworthiness, varying with Prime Rate.
• Platinum Rewards Credit Card Consumer rewards credit card with 0% introductory APR for first 12 months, then 13.49% to 18.00% variable APR.
• Freedom Private Reserve Credit Card Exclusive private banking credit card with enhanced rewards and no annual fee for Private Banking members.
• Freedom Private Stash Checking Premium private banking checking account earning higher dividends, with automatic sweep of balances over $10,000 into Freedom Private Reserve Money Market account.
• High Yield Deposits High-yield savings options including Indexed Money Market account and Laddered Certificate for Private Banking clients.
• Freedom Private Auto Loan Auto loan with flexible terms, competitive rates, and additional perks exclusively for Private Banking members.
• Freedom Private Mortgage Home purchase financing with local mortgage loan officer team for Private Banking members seeking primary or secondary homes.
• Freedom Private Equity Line Home equity line of credit for Private Banking clients to fund home renovations, business ventures, or other purposes.
• Financial Empowerment Center Free financial counseling service provided through E3 Endeavors partnership, offering professionally-trained certified counselors available to members and non-members for credit, debt, wealth building, homeownership, and retirement guidance.
• GreenPath Financial Wellness National nonprofit financial counseling partnership through GreenPath offering debt elimination, credit improvement, and budget building services with extended phone hours and multilingual support.
• Quick Pay Bill payment service for making payments to Freedom First loans and credit cards.

Quantifiable outcome

• Get paid up to 2 days early with direct deposit
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Moov (Tap2Local)coreTechnology or IntegrationMoov provides the technology infrastructure for Freedom First's Tap2Local mobile payment acceptance service, enabling businesses to accept contactless payments through the Freedom First mobile banking app without additional hardware.
• Raymond James Financial ServicescoreStrategic or Co-development PartnerFreedom First Wealth Management is powered by Raymond James, providing members access to investment strategies, retirement planning, estate planning, and institutional services through Raymond James advisors and platform.
• E3 EndeavorscoreStrategic or Co-development PartnerE3 Endeavors is a nonprofit partner hosting the Financial Empowerment Center, offering free professional financial counseling to community members regardless of Freedom First membership status.
• Deluxe CorporationminorChannel Partner/ Reseller/ DistributorDeluxe provides merchant services referrals for Freedom First business members seeking point-of-sale solutions for brick-and-mortar storefronts.
• GreenPath Financial WellnessminorStrategic or Co-development PartnerPartnership with national nonprofit GreenPath providing extended phone counseling and multilingual financial counseling services to help members eliminate debt, improve credit, and build budgets.
• Fitech (Deluxe)minorChannel Partner/ Reseller/ DistributorFitech/Deluxe provides merchant card processing services for Freedom First business banking members through a referral partnership.
• Feeding SWVAminorStrategic or Co-development PartnerCommunity partnership for food donation drives and community support initiatives at Freedom First headquarters locations.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Virginia Credit Union: One of the largest credit unions in Virginia, offering a similar suite of consumer and business banking products across the state. Most directly comparable peer in terms of geography, member-owned structure, and full-service product breadth.
• Chartway Federal Credit Union: Federally chartered community credit union headquartered in Virginia Beach with similar consumer and business banking offerings. Comparable in size and community-credit-union operating model.
• BayPort Credit Union: Virginia-based credit union offering personal and business banking, lending, and wealth services with strong community focus. Overlaps directly with Freedom First's market footprint and product mix.
• Local Government Federal Credit Union: North Carolina-headquartered but with significant Virginia presence, serving members with personal and business banking. Comparable federally chartered, member-owned cooperative model.

Broad incumbents

• Atlantic Union Bank: Large Virginia-headquartered commercial bank with extensive branch network across the same regions Freedom First serves. Broader product portfolio and substantially larger balance sheet make it the dominant full-service competitor.
• Truist Financial Corporation: Major regional bank (formed from BB&T and SunTrust) with deep Virginia roots and extensive commercial and consumer banking operations. Represents the incumbent competitive set Freedom First differentiates against via local decision-making.
• First Citizens Bank: North Carolina-based regional bank with significant Virginia presence offering consumer, business, and wealth services. Competes directly in commercial lending and SMB banking segments.

Emerging players

• Alliant Credit Union: Large digital-first credit union serving members nationwide with high-yield deposit products and consumer loans. Represents the emerging digital competitive threat that erodes geographic moats in retail banking.
• Connexus Credit Union: National digital-first credit union offering high-yield checking and consumer lending online. Represents the emerging direct-to-consumer digital competition that pressures regional community credit unions.

Regional players

• Blue Ridge Bankshares: Virginia-based community bank holding company headquartered in Roanoke — the same city as Freedom First's headquarters. Direct local competitor for commercial deposits and small business relationships in the Roanoke Valley.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FreedomFirstCU
• YouTubeyoutube.com/user/freedomfirstcu
• Facebookfacebook.com/freedomfirstcu
• LinkedInlinkedin.com/company/freedom-first-credit-union
• Instagraminstagram.com/freedomfirstcu_va
• TikToktiktok.com/@freedomfirstcu_va

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Freedom First Credit Union