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Annual Meeting

The 2023 Annual Meeting of Freedom Credit Union was held on Saturday, May 20 at 9:00 am. Incumbent Board members Lynn Smith and Rob Wager were reelected by acclamation to 3-year terms on the Board of Directors.

Annual Meeting Report 2023


Chairman's Report - Tom Crabb

This past year has been filled with changes for Freedom Credit Union as we work to improve the products and services offered to our members, and to make it easier to do business with us. As a Board, we have great confidence in the leadership team at the credit union and are proud of several accomplishments since we last enjoyed pancakes together:

Springville branch – The Springville branch opened in July 2022 and is conveniently located on 400 South with easy freeway access. Please come see our new facility when you are in the area!

After-hours phone support – The credit union now offers basic phone support 24/7/363 (only closed on Thanksgiving and Christmas Day). You can call any time day or night if you have issues with your debit or credit card, or for basic account information.

Rewards checking that keeps getting better - After introducing rewards checking last year, we asked credit union staff to find ways to make these accounts even better. In response, we increased the dividend rate paid on our High Yield account and reduced or eliminated most fees. Members who have upgraded their account love it! If you’re not getting paid to use your checking account, you owe it to yourself to talk to a member of our staff.

It has been my pleasure to work with the other members of the Board of Directors and with the credit union’s executive team. I know I speak for all of us when I say that we are working to build the very best credit union possible to meet your needs now and for decades to come.


Supervisory Committee Report - Rich Wager

The Supervisory Committee is appointed from credit union membership by the Board of Directors. This volunteer committee meets monthly to review internal controls and perform other internal audit functions. The Supervisory Committee is independent of credit union staff and reports directly to the Board of Directors.

Our annual Supervisory Committee examination was completed effective August 31, 2022 by Ferrin & Company CPA’s, LLC. The Credit Union was also examined by the Utah Department of Financial Institutions effective March 31, 2022. No significant deficiencies were noted.

Current Supervisory Committee Members are Rich Wager (Chairman), John Beesley, Jim Slider, and Brittanie Darrington.


President's Report - Ken Payne

If you’ve ever spent much time with a 4-year-old, you know their favorite question – “WHY?” Why is the sun yellow? Why is water so wet? Why can’t I have ice cream for dinner? (What’s wrong with ice cream for dinner??)

In his book Start with Why, author Simon Sinek encourages readers to consider their motivation. What is the reason you do what you do? After considering that question, I think I understand why Freedom Credit Union exists, and why we do what we do:


Freedom Credit Union exists to make a positive difference in the lives of our members because people matter.

It’s really that simple. We do what we do because you matter.

In his Chairman’s Report, Tom pointed out some visible steps we have taken on a large scale to improve services to the credit union as a whole. But some of the most meaningful events are one-on-one interactions that make a big difference for one person, such as:

  • Offering a short-term loan to help someone through a financial crisis. “I don’t know what I would have done without that loan. It saved me.”
  • Helping a long-time member get back on their feet following a medical bankruptcy. “I didn’t think I’d ever be able to get a loan again.”
  • Taking time to help a worried child figure out the best way to help their aging parents maintain their independence. “Thanks for watching out for Mom.”


I hope we have made a positive difference in your life, or the life of someone important to you, and I look forward to making a difference again soon because you matter. If there is anything I or my team can do to serve you better, please let me know. I can be reached directly at 385-248-5681 or by email at




 December 2022December 2021December 2020December 2019
Total Assets$63,162,369$59,201,307$50,114,394$41,652,628
Loans Outstanding$46,673,224$43,121,929$35,147,412$31,286,199
Total Deposits$55,990,320$53,256,281$44,727,737$35,514,653
Delinquent Loans$54,465$54,465$24,455$97,417
Total Capital$6,046,261$5,635,460$5,098,560$4,785,638
Return on Assets0.67%0.98%0.68%1.13%
Chart showing Freedom CU Return on Assets from 1999-2020 Chart showing Freedom Credit Union Net Worth from 1999-2019 Chart showing Freedom Balance Sheet from 1999-2020


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