Credit Union of the Berkshires (CUB) Members gathered Thursday evening at a special meeting and voted to approve the proposed merger with Greylock Federal Credit Union (Greylock). The merger will become effective on October 1st and all CUB Members will be moved over to Greylock’s banking systems by the end of October.
“On behalf of CUB’s amazing staff and Board of Directors, I would like to extend a heartfelt thank you to all of our Members,” said President of the Board of Directors for CUB Beth Wallace. “For 80 years, we have benefited from the patronage and support of our wonderful community. We are all very excited to be joining the Greylock family and look forward to seeing all our Members there soon.”
This vote was the final step in a process that began when CUB approached Greylock with a Merger Request for Proposal and has ultimately led to regulatory approval from the National Credit Union Administration, Massachusetts Division of Banks, and Massachusetts Credit Union Share Insurance Corporation.
“Greylock is honored to be chosen to carry on CUB’s legacy of community and exceptional personal service,” said Chair of Greylock’s Board of Directors Stanley Walczyk. “We are looking forward to meeting all of their Members and learning from their wonderful staff. The credit union legacy is strong in Berkshire County and we are grateful to be able to support its continued growth.”
Greylock will assume CUB’s nearly $23 million in assets and approximately 2,000 Members. All employees of CUB have been offered positions with Greylock. The CUB branch on Williams Street in Pittsfield will be closed due to the proximity of an existing Greylock branch on nearby Elm Street.