PITTSFIELD, Mass.—Greylock Federal Credit Union and Hurlbut Employees’ Federal Credit Union have announced plans to merge.
The $1-billion Greylock and the $1.2-million Hurlbut Employees said members have already voted in favor and NCUA has signed off on the combination.
“Greylock is honored that the board and members of Hurlbut Employees’ Federal Credit Union have decided to merge with our credit union,” said Greylock President and CEO John L. Bissell in a statement. “Hurlbut has a long history of maintaining strong capital and attentive member service, making them an ideal fit with Greylock as a merger partner. We look forward to welcoming the members of Hurlbut Employees’ Federal Credit Union into our Greylock family and helping them continue to reach their financial goals.”
Hurlbut Employees FCU Board President Rose Sharon issued a statement that the increasing reporting requirements to regulatory agencies has become more challenging over the years.
“Both the small membership of approximately 220 members with limited potential for growth, and trying to compete with low interest rates continues to affect HEFCU’s bottom line,” said Sharon. “The Hurlbut board decided to look for options to benefit its members in the future and Greylock Federal Credit Union was a logical choice given its history of success, expanded services and local presence in Lee. We are excited for our members to be part of a full-service credit union and that Hurlbut’s current full-time employee will become part of Greylock’s workforce.”