Press
Freedom Credit Union announces the retirement of President/CEO Lee T. MacMinn
WARMINSTER, PA (May 14, 2014) — After 28 years as the President/CEO of Freedom Credit Union and 41 years in the credit union movement, Lee T. MacMinn, has announced his retirement. Mr. MacMinn became the President/CEO of Freedom Credit Union in 1986 when it had $18 million in assets and a deficit in undivided earnings. Today, Freedom serves over 62,000 Members and has $650 million in assets.
His many accomplishments include the 1999 merger between Educational Credit Union and The Freedom Federal Credit Union, which was one of the first large strategic mergers of equals.
In 2003, Mr. MacMinn initiated Freedom Credit Union’s application for a community charter. The Pennsylvania Bankers Association immediately filed a lawsuit to prevent the field of membership expansion. In 2005, after two years of delays and administrative hearings, the Pennsylvania Department of Banking approved the field of membership covering the five county Philadelphia area. The PBA continued their court fight all the way to the Pennsylvania Supreme Court before losing their appeal in 2009.
Lee is currently a member of the Pennsylvania Credit Union Association’s Governmental Affairs Committee and has served in leadership positions with numerous local and state wide credit union organizations. He also served on the CUNA Community Charter Committee and the board of directors of Mid-Atlantic Corporate FCU. He is a past Chairman of the Philadelphia Federal Reserve Bank’s Credit Union Council. Lee’s honors include being named the 2001 Pennsylvania Credit Union Professional of the Year and the 2010 Brownie Award winner for the Philadelphia Chapter of Credit Unions.
Mr. MacMinn speaks very fondly of his tenure with Freedom Credit Union and is looking forward to “doing nothing constructive.” He adds, “I have enjoyed working at Freedom Credit Union and watching it grow. It has been a tremendous time for our Members and for me personally. I will definitely miss Freedom, but I’m excited to start the next chapter of my life.”
Joseph Yerkes, Chairman, Board of Directors at Freedom, added, “We are fortunate to have had such a dedicated and strong leader for so many years. He and his team have kept the credit union on the leading edge of innovation and guided us through some very difficult economic times. We wish Lee all of the best.”
Upon Mr. MacMinn’s retirement in early July, John King, the current Executive Vice President/COO will be Freedom’s new President/CEO.
About Freedom Credit Union
Freedom Credit Union, chartered in 1934, is a community-based, full-service financial institution that offers a banking alternative to consumers. Anyone who lives, works, worships, performs volunteer service, or attends school in Bucks, Chester, Delaware, Montgomery, or Philadelphia Counties is eligible to use its services. Freedom Credit Union has over $650 million in assets and more than 62,000 members, operating branch offices in Abington, Lansdale, Philadelphia and Warminster, Pennsylvania.