Landmark, Greylock Credit Unions to Merge
NORTH ADAMS, Mass. — Landmark Credit Union and Greylock Federal Credit Union will merge this April, bringing together the financial institutions that once serviced workers in two of the county's largest employers.
Landmark members were notified of the upcoming merger by letter last week that the credit union's board had unanimously agreed to merge with Greylock on April 30.
"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," states the letter signed by the board's Chairman Keith Howard and credit union CEO Thomas J. Turner.
The reasoning for the merger was the difficulties being experienced by small financial institutions.
"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," according to the officials. "Technology drives service innovation and requires resources beyond our ability to support."
Two opportunities will be provided for members with questions about the merger in the coming days.
"We are pleased that Greylock and Landmark have reached this merger agreement," said Greylock President and CEO John L. Bissell in a statement. "A motivating factor for the merger is to continue advancing the credit union difference. We look forward to completing the merger and combining the resources of Landmark and Greylock to help the North Adams community thrive."
Landmark has about 2,600 members and seven full and part-time employees at its Ashland Street operation and nearly $25 million in assets. Greylock, by contrast, has some 70,000 members, holds $1 billion in assets, has more than 260 employees, 11 branches and business banking, investment and insurance divisions.
Greylock, the former General Electric Credit Union, has merged with two smaller credit union within the past couple years: Berkshire Federal Credit Union, which serviced employees of Berkshire Health Systems, and Hurlbut Employees Federal Credit Union, which was set up in 1962 for workers in the former Hurlbut Paper Co., now Onyx Specialty Papers.
Landmark, a state-chartered credit union, began as Sprague Electric Credit Union in June 1940, operating out of an office suite on the first floor of the main building. When the company ceased operations on Marshall Street, the credit union moved across the street into an existing small building next to Flynn & Dagnoli-Montagna Home for Funerals, Central Chapels.
The credit union became Landmark in 1996 and moved to new quarters on Ashland Street. Members will still be able to use the Ashland Street branch to "easing your transition to the Greylock experience."
Once the merger is complete, Landmark members will have access to Greylock's 59,000 ATMs, 12 full-service branches and other services.
Both credit unions have to seek regulatory approval from the National Credit Union Administration, Massachusetts Division of Banks, and Massachusetts Credit Union Share Insurance Corporation. Landmark will also seek approval from its membership.
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