NORTH ADAMS, Mass. — The $25-million Landmark CU here plans to merge into the $1-billion Greylock FCU, based in Pittsfield, Mass.
The merger is expected to be completed in April, iBerkshires.com reported.
"The merger agreement is the culmination of efforts by the two credit unions to fashion an agreement whose terms would benefit both members and employees," stated Landmark Board Chairman Keith Howard and CEO Thomas Turner in a joint letter.
A common theme among small CU mergers, the reasons Landmark gave for combining were difficulties competing and compliance.
"In addition to the demands of the marketplace, regulatory requirements have grown steadily over the years as delivery of financial services has become more and more complex," Turner and Howard. "Technology drives service innovation and requires resources beyond our ability to support."
Landmark has 2,600 members and seven full- and part-time employees at its Ashland Street operation. Greylock, has 70,000 members and more than 260 employees and 11 branches, iBerkshires.com noted.