WILLIAMSTOWN, Mass. — Greylock Federal Credit Union and Williams College Employees Federal Credit Union have merged the two institutions effective April 1.
Both organizations and the National Credit Union Administration have approved the merger.
WCEFCU Board Chairman Peter LePage said the move is a result of the credit union's desire to give their members more benefits.
"In the current financial environment, it's been challenging to achieve the financial position and growth needed to provide the products and services our members want and need," he said in a statement. "The decision to merge is in the best interest of our Members."
The college employee credit union's $1,625,529 in assets will be assumed by Greylock. The credit union has maintained a membership base of 541 people with $1.6 million in loans and $488,000 in deposits. Approximately one-third of these members already belong to Greylock.
The college credit union opened in 1980 and has been managed by two part-time employees. Its members will now have access to all services provided by Greylock, which has more than 70,000 members.
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