GREENFIELD, Mass.–Two Massachusetts credit unions have announced plans to combine.
The $84.1-million Franklin First Federal Credit Union in Greenfield and the $1.65-bilion Greylock FCU in Pittsfield are seeking to combine pending a vote by Franklin First’s membership.
In a statement, the credit unions said the merger will allow Franklin First to strengthen its membership and community through a partnership with Greylock, “which shares a similar mission and core values.”
Franklin First will operate as a division of Greylock under its brand for a period of time after the merger.
Both credit unions are profitable. Franklin First FCU reported $557,719 in net income through Sept. 30, with net worth of 8.48%. Greylock FCU had $8 million in net income and net worth of 12.47% as of the same date.
‘Great Pride’
“Franklin First Federal Credit Union has taken great pride in serving our community and our membership for nearly 70 years,” said Michelle Dwyer, President and CEO of Franklin First. “We feel now is the time, when Franklin First is at its strongest, to make the strategic decision to merge with Greylock.”
Franklin First’s members will have access to Greylock’s branches and ATMs, as well as its extensive Business Banking services, the credit unions added.
