LEE, Mass. — Greylock Federal Credit Union is investing $2.2 million to purchase and renovate 43 Park St. to support its growing membership. 

 

The credit union purchased the former Trustco Bank for $950,000 from 45 Park Street LLC, according to registry documents. Trustco first opened the branch on Route 20 in 2007 but had since closed. 

 

Greylock officials say the credit union's Lee membership has nearly doubled over the last decade, necessitating a "more roomy, welcoming and functional space."

 

"This is an investment in our Lee members. This will be a place for building community and strengthening local opportunities," said Greylock President and CEO John L. Bissell in a statement. "Our model of empowerment, inclusion and equity is changing the face of financial services by providing everyone with access to the financial education and resources they need to thrive."

 

Greylock said it worked with more home buyers in 2022 than any other bank or credit union in Western Massachusetts, providing 31 percent of the mortgages issued in the region. Similarly, it helped more than a third of all local car buyers who took out a loan to pay for their vehicle. 

 

According to Bissell, this is a direct result of Greylock's commitment to partner with its members and give them the support and tools they need to succeed. Greylock's team of 31 Certified Credit Union Financial Counselors provided more than 1,200 free coaching sessions in 2022. 

 

"Financial empowerment through education is a vital part of what sets Greylock apart," said Bissell.

 

The soon to be remodeled branch is expected to open in late 2023 and will be fully accessible and include multiple teller stations, ample parking, drive-up and video tellers, private offices as well as a community space to host Greylock's education, coaching, and community activities.