Banker for good

Freedom First Credit Union’s leader says their mission leverages “the ripple effect” to generate the most impact in our communities.

Valley Business FRONT welcomes Paul Phillips as a 2020 advisory board member representing the region’s finance/credit union sector.

Freedom First Credit Union has served the Roanoke region since 1956, and it experienced significant growth and forward momentum under the leadership of President and CEO Paul Phillips. But what drew him to credit unions in the first place?

The unique blend of the traditional banking that he loved and missionoriented values is what ultimately prompted him to become involved with credit unions. “Credit unions are member-owned cooperatives,” Phillips explains. “All decisions are made locally by management under the direction of a volunteer board of directors.”

Currently with over 200 employees, 10 local branches, and $600 million in assets, the credit union’s size has already surpassed that of HomeTown Bank ($565 million in assets) prior to its merger with American National Bank in April 2019. The size and structure of Freedom First is important because it can’t or won’t be purchased. It is here to stay. A great deal of Freedom First’s recent growth under Phillips’ leadership is due to expanded delivery channels and a laser focus on the member experience. “Because of our focus on technology and the ever growing mobile first mentality, banking with Freedom First is easier than ever.”

Freedom First’s Commercial and Business teams uphold its mission of giving back to the community by engaging in community redevelopment and rehabilitation projects, providing capital investments for neighborhoods facing continued disinvestment.

“I’m proud of what we’re doing for people in the Roanoke and New River Valleys,” says Phillips. “Every local business that we help by providing necessary capital often means more local jobs. Every commercial loan funded in a target reinvestment area means more economic vitality, which will in turn encourage more businesses to follow. It’s a ripple effect.”

Phillips concludes with this: “Because we are truly locally owned and operated, the very people we serve – of all walks of life – can directly benefit from the community capital that Freedom First is able to deploy. And that’s something I can’t help but be proud to be a part of.”