Greylock Federal Credit Union staff pose for a photo to mark the opening of its Greenport, New York branch in 2022. The location was its first in New York State. Photo courtesy of Greylock Federal Credit Union
Greylock Federal Credit Union plans to absorb Franklin First Federal Credit Union, bringing the Pittsfield-based lender up to almost $2 billion in assets.
The boards of directors of Franklin First Federal Credit Union and Greylock Federal Credit Union have reached a merger agreement, subject to the approval of the National Credit Union Administration and Franklin First’s membership, the two announced last week.
If the merger is completed, Franklin First will merge into Greylock’s charter and will operate as a division of Greylock under the Franklin First brand for an unspecified period of time after the merger is completed.
The deal is Greylock’s second merger in five years. The credit union merged with the Credit Union of the Berkshires in October 2021.
“Franklin First Federal Credit Union has taken great pride in serving our community and our membership for nearly 70 years,” Franklin First President and CEO Michelle Dwyer said in a statement. “We feel now is the time, when Franklin First is at its strongest, to make the strategic decision to merge with Greylock. This will allow us to strengthen our membership, community, and staff through a thoughtful and effective partnership. I am confident our members will receive the highest quality of service they are accustomed to and deserve from Greylock. Greylock’s mission and core values align perfectly with Franklin First’s and that is why we have chosen Greylock as our merger partner.”
Franklin First has approximately 7,400 members and will continue to operate its branch in Greenfield, Massachusetts.
If the merger is approved, Greylock will assume Franklin First’s $84 million in assets, giving it approximately $1.7 billion in combined assets. Dwyer will continue to manage the Franklin County market and there will be no job loss, according to the merger announcement.
“We are pleased that Greylock and Franklin First have reached this merger agreement,” Greylock President and CEO John L. Bissell said in a statement. “We know that Franklin First shares our deep commitment to empowering our members and all people in our communities, especially those who don’t fit well into traditional banking profiles. We look forward to completing the merger and empowering the team at Franklin First to continue to meet the financial needs of Franklin County for the long term.”
