August 15, 2016 – Pittsfield – Greylock Federal Credit Union and Hurlbut Employees’ Federal Credit Union (HEFCU) have announced a merger of the two institutions. HEFCU members voted on Wednesday, July 27 to merge with Greylock, effective August 22. Both credit unions have approved the merger, and approval from the National Credit Union Administration (NCUA) has been granted.
“Greylock is honored that the Board and members of Hurlbut Employees’ Federal Credit Union have decided to merge with our credit union,” said Greylock President and CEO John L. Bissell. “Hurlbut has a long history of maintaining strong capital and attentive member service, making them an ideal fit with Greylock as a merger partner. We look forward to welcoming the members of Hurlbut Employees’ Federal Credit Union into our Greylock family and helping them continue to reach their financial goals.”
Hurlbut Employees Federal Credit Union Board of Directors President, Rose Sharon, commented that the increase in reporting requirements to regulatory agencies has become more challenging over the years. “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.”
With the merger, HEFCU’s $1.2 million in assets will be assumed by Greylock. HEFCU has approximately 220 members. “Upon completion of the merger, Hurlbut members will enjoy extended hours at Greylock’s 11 full-service branches and 19 local ATM locations; access to 30,000 nationwide Co-Op Network ATMs; a telephone service center; and a host of free online and mobile banking services. Hurlbut members will also enjoy access to additional services, including mortgage loans, business banking services, investments and insurance products,” added Bissell.
“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,” said Peter Mirante, Greylock SVP/Branch Administration.
About Hurlbut Employees Federal Credit Union
Hurlbut Employees Federal Credit Union was started by employees of the Hurlbut Paper Company in 1962. Located in South Lee, MA, the Credit Union has 220 members and $1.2 million in assets.