Greylock Federal Credit Union and Hurlbut Employees’ Federal Credit Union (HEFCU) have announced a merger which will become effective on Aug. 22.

Both credit unions have approved the merger and received approval from the National Credit Union Administration.

With the merger, HEFCU’s $1.2 million in assets will be assumed by Greylock. HEFCU has approximately 220 members.

“Both the small membership of approximately 220 members with limited potential for growth, and trying to compete with low interest rates continues to affect HEFCU’s bottom line. The Hurlbut board decided to look for options to benefit its members in the future and Greylock Federal Credit Union was a logical choice given its history of success, expanded services and local presence in Lee. We are excited for our members to be part of a full-service credit union and that Hurlbut’s current full-time employee will become part of Greylock’s workforce,” Rose Sharon, HEFCU’s president of its board of directors, said in a statement.

“Hurlbut members can rest assured that the transition to Greylock will be seamless. With our full-service branch in downtown Lee, we are certain the members will feel right at home with Greylock,” Peter Mirante, Greylock senior vice president of branch administration, said in a statement.