PITTSFIELD, Mass. — Greylock Federal Credit Union here plans to expand into Franklin County through a proposed merger with Franklin First FCU, a move that would add 7,400 members and $84 million in assets and create a $1.7-billion institution serving Western Massachusetts, The Berkshire Eagle reported.
The deal has been approved by both boards and is subject to customary regulatory reviews. If cleared, Franklin First members would vote on the merger at their annual meeting on April 15. Greylock President and CEO John L. Bissell said the institutions share a similar approach to community service across small cities and towns in the region.
Franklin First President and CEO Michelle Dwyer said the talks began about a year ago and were driven by a desire to strengthen long-term stability while the credit union is in a strong position. Under Greylock’s charter, Franklin First members would gain access to a broader slate of services, including business banking, mortgages, financial advising, insurance, and wealth management.
Franklin First, based in Greenfield, Mass., would operate as a division of Greylock for a period following the merger, with Dwyer continuing to oversee the Franklin County market. Leaders from both institutions said no job losses are expected, though some management restructuring may occur. Members would also gain access to Greylock’s larger branch and ATM network in Berkshire County and Columbia County, N.Y., along with Greylock’s rates and fees.