Greylock Federal and Landmark Credit Union reach merger agreement
PITTSFIELD, MA (January 31, 2017) — Greylock Federal Credit Union and Landmark Credit Union of North Adams, Massachusetts, have reached a definitive merger agreement subject to the approval of the Landmark Credit Union membership and regulatory agencies.
“We are pleased that Greylock and Landmark have reached this merger agreement,” said Greylock President and CEO John L. Bissell. “A motivating factor for the merger is to continue advancing the credit union difference. We look forward to completing the merger and combining the resources of Landmark and Greylock to help the North Adams community thrive.”
“Greylock is a great choice as a merger partner for our credit union,” said Landmark CEO, Thomas Turner. “Greylock has an excellent reputation and a long history of success. Their local presence in North Adams makes them a great fit for our members who will continue to benefit from high quality banking services right here in their community.”
With final approval of the merger, Landmark’s nearly $25 million in assets will be assumed by Greylock. Landmark has approximately 2,600 members and operates one branch at its main office in North Adams. “Upon completion of the merger, Landmark members will enjoy extended hours at Greylock’s 12 full-service branches and 21 local ATM locations; access to a nationwide network of over 59,000 surcharge-free ATMs; a telephone service center; and a host of free online and mobile banking services. Landmark members will also enjoy access to additional services, including business banking services, investments 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. Landmark will also seek approval from their membership. The merger is expected to be completed in April of 2017.
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 entire community; unique lending products to suit the specific needs of our Members; investment services through Greylock Investment Group; and insurance products through Greylock Insurance Agency.
Its more than 99,100 members wholly own Greylock and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough, and Lenox, Massachusetts, and Greenport/Hudson, NY. Greylock has a Low-Income Designation (LID) from the NCUA and certification by the US 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 include:
With six locations in Berkshire County and one in Westfield, MA, Greylock Insurance Agency handles commercial and personal lines, including auto, homeowner’s, life, disability, and 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 planning, retirement planning, investment management, mutual funds, annuities, and portfolio management.
Greylock Technology Group provides programming and IT consulting for financial institutions.
