PITTSFIELD — Greylock Federal Credit Union will officially tie the knot next week with the South Lee-based Hurlbut Employees Federal Credit Union.
Both boards and the national Credit Union Administration recently approved the financial marriage, which will take effect Monday.
The transaction means Greylock will assume Hurlbut's $1.2 million in assets with its members joining the larger, Pittsfield-based credit union.
The smaller credit union was started by employees of the Hurlbut Paper Co. in 1962, now Onyx Specialty Papers, located along the Housatonic River near the Stockbridge town line.
Rose Sharon, president of Hurlbut's board of directors, says the move was necessitated because of the increase in reporting requirements by regulatory agencies.
"Both the small membership of approximately 220 members with limited potential for growth, and trying to compete with low interest rates continues to affect [our] bottom line," Sharon said in written remarks. "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."
Greylock has a walk-up branch on Main Street in Lee, one of the credit union's 11 full-service offices along with 19 local ATMs.
Greylock officials are assuring Hurlbut members of a seamless transition.
"Hurlbut has a long history of maintaining strong capital and attentive member service, making them an ideal fit with Greylock as a merger partner," Greylock President and CEO John L. Bissell said in a prepared statement.
Contact Dick Lindsay at 413-496-6233