Editor's Note: This item has been updated since it was originally reported to clarify that a vote by themembership of Credit Union of the Berkshires has not yet taken place.
PITTSFIELD, Mass. –Two Massachusetts credit unions have announced plans to merge.
The $23-million Credit Union of the Berkshires (CUB) and the the $1.5-bilion Greylock FCU have announced plans to merge. The combination has not yet been voted on by members.
"We are pleased that Greylock and Credit Union of the Berkshires have reached this merger agreement," said Greylock President and CEO John L. Bissell in a statement. "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."
Added CUB CEO Melissa Morin, "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.
CUB has approximately 2,000 members and operates one branch on Williams Street in Pittsfield; Greylock FCU has approximately 92,000 members.
CUB reported a net loss of $48,408 as of March 31, with net worth of 10.43%. Greylock reported net income of $3.372 million with net worth of 10.14%.
Additional Benefits
"Upon completion of the merger, CUB members will enjoy full use of Greylock's 12 public branches 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,” said Bissell. “CUB members will also enjoy access to business banking services, investment services, and insurance products.”