Two Small Credit Unions in Massachusetts Merge with Larger Counterparts
Two small credit unions in Massachusetts merged with larger credit unions earlier this month.
The $1.6 million Williams College Employees Federal Credit Union in Williamstown merged with the $1.3 billion Greylock Federal Credit Union in Pittsfield, and the $9.7 million Worcester Postal Credit Union in Worcester merged with the $57 million AllCom Credit Union, also in Worcester.
Both mergers took effect April 1.
Founded in 1980 to provide financial services for employees at Williams College, the 561-member credit union had been struggling financially, reporting loan and investment income losses over the last few years, according to NCUA financial performance reports.
“The Williams College Employees Federal Credit Union has served the financial needs of our employees for 33 years,” said WCEFCU Board Chairman Peter LePage. “In the current financial environment, it’s been challenging to achieve the financial position and growth needed to provide the products and services our members want and need. The decision to merge is in the best interest of our members.”
Likewise, the 1,820-member Worcester Postal Credit Union also has seen steady declines in its loan and investment income, according to NCUA financial performance reports.
Nevertheless, AllCom said the addition of Worcester Postal CU’s members would strengthen its competitive position in central Massachusetts. As a result of the merger, AllCom’s membership will increase from 3,898 to 5,718 with combined assets of more than $67 million.
“We look forward to offering them (Worcester Postal members) greater financial options and continuing Worcester Postal’s long-standing tradition of member service,” said Deb Guiney, CEO/president of AllCom CU.
Worcester Postal CU was founded in 1924 to serve postal workers and their families.