Press

Greylock and Credit Union of the Berkshires agree to merger

PITTSFIELD, MA (May 10, 2021) — 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.

About Greylock Federal Credit Union

Greylock Federal Credit Union’s vision is to be the face of financial equity and inclusion in the communities we serve by offering personal and business accounts; mobile, online, and phone access to your finances; free financial education for the community as a whole; unique lending products to suit the specific needs of our Members; investment services through Greylock Investment Group; and insurance products through Greylock Insurance Agency.

Greylock is wholly owned by its Members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough, and Lenox, Mass., and Greenport/Hudson, N.Y. Greylock has a Low-Income Designation (LID) from the National Credit Union Association (NCUA) and certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund allowing the Credit Union to offer expanded services to low- and moderate-income families. More information is available at www.greylock.org. Insured by NCUA.

Greylock’s family of businesses includes:
Greylock Insurance Agency, with six locations in Berkshire County and two in Westfield, MA, handles commercial and personal lines including auto, homeowner’s, life, disability, long-term care insurance, all forms of bonding, and 24/7 claims service. Greylock Investment Group offers access to a full array of services including financial and retirement planning, investment management, mutual funds, annuities and portfolio management. Greylock Technology Group provides programming and IT consulting for financial institutions.

About Credit Union of the Berkshires
Credit Union of the Berkshires was founded on May 17, 1939 by a small group of Pittsfield school employees who recognized the importance of a cooperative effort (a credit union) to access credit. CUB has grown over the years and currently has approximately 2,000 members and assets exceeding $20 million. They are a community-chartered credit union in Pittsfield, Massachusetts with membership eligibility that includes all people who live, work or attend school in Berkshire County. Their mission is to provide all members with a fiscally stable credit union that delivers: meaningful financial services, competitively priced loan and deposit products and quality member service. More information is available at www.cuotb.org