Greylock Federal Credit Union and Credit Union of the Berkshires (CUB), both of Pittsfield, Massachusetts, have reached a definitive merger agreement subject to the approval of the CUB membership and regulatory agencies.
“We are pleased that Greylock and Credit Union of the Berkshires have reached this merger agreement,” said Greylock President and CEO John L. Bissell. “We know that the credit union difference remains strong in Berkshire County. We look forward to completing the merger and combining the resources of CUB and Greylock to help the community thrive.”
“Credit Union of the Berkshires has taken great pride in serving our community and our membership for over 80 years. We are confident our members will receive the highest quality of service they are accustomed to and deserve at Greylock. Greylock’s mission and core values align perfectly with Credit Union of the Berkshires and that’s why we have chosen Greylock as our merger partner,” said CUB CEO Melissa Morin.
With final approval of the merger, Greylock will assume CUB’s nearly $23 million in assets. CUB has approximately 2,000 members and operates one branch on Williams Street in Pittsfield. “Upon completion of the merger, CUB members will enjoy full use of Greylock’s 12 public branches (one is currently closed due to the pandemic) and 21 local ATM locations. Greylock also offers 60,000 surcharge-free ATMs nationwide, access to over 5,800 shared branch locations nationwide, a 24/7 member contact center, significant online and mobile banking services, and all of the resources of the Community Empowerment Center on Kellogg Street in Pittsfield. CUB members will also enjoy access to business banking services, investment services, and insurance products,” added Bissell.
Having negotiated a definitive merger agreement, both credit unions will now seek regulatory approval from the National Credit Union Administration, Massachusetts Division of Banks, and Massachusetts Credit Union Share Insurance Corporation. CUB will also seek approval from their membership. The merger is expected to be completed in late fall of 2021.