January 31, 2017 – Pittsfield – Greylock Federal Credit Union and Landmark Credit Union of North Adams, Massachusetts, have reached a definitive merger agreement subject to the approval of the Landmark Credit Union membership and regulatory agencies.
“We are pleased that Greylock and Landmark have reached this merger agreement,” said Greylock President and CEO John L. Bissell. “A motivating factor for the merger is to continue advancing the credit union difference. We look forward to completing the merger and combining the resources of Landmark and Greylock to help the North Adams community thrive.”
“Greylock is a great choice as a merger partner for our credit union,” said Landmark CEO, Thomas Turner. “Greylock has an excellent reputation and a long history of success. Their local presence in North Adams makes them a great fit for our members who will continue to benefit from high quality banking services right here in their community.”
With final approval of the merger, Landmark’s nearly $25 million in assets will be assumed by Greylock. Landmark has approximately 2,600 members and operates one branch at its main office in North Adams. “Upon completion of the merger, Landmark members will enjoy extended hours at Greylock’s 12 full-service branches and 21 local ATM locations; access to a nationwide network of over 59,000 surcharge-free ATMs; a telephone service center; and a host of free online and mobile banking services. Landmark members will also enjoy access to additional services, including business banking services, investments and insurance products,” added Bissell.
Having negotiated a definitive merger agreement, both credit unions will now seek regulatory approval from the National Credit Union Administration, Massachusetts Division of Banks, and Massachusetts Credit Union Share Insurance Corporation. Landmark will also seek approval from their membership. The merger is expected to be completed in April of 2017.
About Landmark Credit Union
Landmark Credit Union, a state chartered credit union, began in 1940 as Sprague Electric Credit Union, providing financial services to the employees of Sprague Electric Company. In 1996, to be more representative of its membership base, the credit union changed its name to Landmark Credit Union. The credit union operates one branch at its main office in North Adams, Massachusetts.
