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Williamstown Credit Union Members Approve MergerBy Susan Bush
12:00AM / Friday, July 22, 2005
Williamstown – A merger between the Williamstown Municipal Employee Federal Credit Union and the Greylock Federal Credit Union merger should be completed by Sept. 1, according to officials of both credit unions.
Merger Wins Member Approval
A majority of the Williamstown credit union members approved the merger proposal during a July 12 vote, said credit union President Natalie “Connie†Yorke. Yorke said that 97 percent of the membership approved the merger.
“The approval was overwhelming and the vote authorizes me and the Board of Directors to move forward with the merger,†Yorke said during a July 21 interview. “This should be a smooth transition for the members.â€
Greylock credit union Vice-president of Marketing John Bissell offered words of welcome to the new members of the Pittsfield-headquartered entity.
“We couldn’t be more pleased,†he said. “We were thrilled to hear that the merger was approved.â€
Greylock credit union members are not required to vote on the matter.
New Services Begin Sept.1
Until Sept. 1, Williamstown credit union members must conduct business at the Town Hall-based office under the existing credit union terms. New services made possible by the merger, such as cash withdrawals from shares [savings] accounts, and home equity loan opportunities, will be available to the Williamstown credit union members at any of the Greylock credit union’s 10 branch offices starting Sept.1, Bissell said. Yorke said that the Town Hall credit union office will not offer the new services at any point, however, the services will be offered in town at a Greylock full-service office scheduled to open at 455 Main St. in November. Yorke and a part-time Williamstown credit union employee will be offered employment at the Greylock credit union and the Town Hall office will close, Yorke said.
Greylock officials signed a lease for the Main Street property earlier this year and interior renovations have begun, Bissell said.
“We’ve started work on the inside of the building and upgrades are underway,†he said.
Merger Math
The merger will add about 470 Williamstown credit union members to Greylock’s about 58,656 members. The Greylock credit union has assets of about $813 million; the Williamstown credit union brings assets of about $1 million to the Greylock financial institution. Existing Williamstown credit union loans will be transferred to the Greylock credit union under current terms and conditions. Shares accounts will also be transferred and will earn a higher percentage rate.
The merger proposal was prompted by a desire to offer more services to members, Yorke said during an interview prior to the vote. The Greylock group was selected as a merger candidate because of their seven-decade community history and the abundance of services.
Greylock Growth
The Greylock Federal Credit Union is the third-largest credit union in the state. In February 2004, the Rising Employees Federal Credit Union merged with the Greylock group and added 108 members and $166,000 in assets to the fold. In December, the Greylock credit union purchased the Read-Shaw Insurance Agency and formed the Greylock Insurance Agency. In June, the group purchased a two-story building at 2 Park St. from Mark Gold. The move meant taking ownership of a leased branch office site. Renovations are planned for the site, and Greylock officials have said that they intend to market the building’s second floor space.
Additional information about the Greylock Federal Credit Union is available at the www.greylock.org Internet web site.
Susan Bush may be reached by e-mail at suebush123@adelphia.net or by calling 802-823-9367.
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