The $1.2 billion Greylock Federal Credit Union of Pittsfield, Mass. is merging tiny Steinerfilm Employees FCU of Williamstown effective July 29.
Greylock said the merger deal for the $290,000 CU has been approved by members and the NCUA.
Steinerfilm maintained one office and its manager, Rosemarie Blair, noted the CU had served the area for 31 years but “in the current financial environment, it’s been challenging to achieve growth.”
Greylock said Steinerfilm had approached it about the planned merger and it follows two other previous consolidations in 2005 of small CUs, Williamstown Municipal Federal Employees CU and Rising Paper FCU.
Both Williamstown and Rising Paper had also sought out Greylock as a suitor, Greylock said.
Greylock has about 70,000 members. Steinerfilm has about 100.
“We remain supportive of a strong network of large and small credit unions to serve the needs of the community, and will continue to be responsive to requests for assistance from smaller credit unions when they reach out to us,” said John Bissell, executive vice president at Greylock. “Our assistance to smaller credit unions has included conducting joint training, sharing resources, and cooperative marketing campaigns.”
