April 4, 2013 -Williamstown – Greylock Federal Credit Union and Williams College Employees Federal Credit Union (WCEFCU) have announced a merger of the two institutions effective April 1, 2013. Both organizations have approved the merger, and approval from the National Credit Union Administration (NCUA) has been granted.
WCEFCU Board Chairman Peter LePage stated the move is a result of the credit union’s desire to give their members more benefits. “The Williams College Employees Federal Credit Union has served the financial needs of our employees for 33 years. 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.”
With the merger, Williams College Employees Federal Credit Union’s $1,625,529 in assets will be assumed by Greylock. The credit union has maintained a membership base of 541 people with $1.6 million in loans and $488,000 in deposits. Approximately one-third of these members already belong to Greylock. As of April 1, 2013, Williams College Employee Federal Credit Union members will receive all of the benefits available to Greylock’s more than 70,000 members, including: access to all full-service branches and 18 local ATM locations; access to 30,000 nationwide Co-Op network ATMs; expanded branch and telephone center service hours; and a host of free online services. The Members will also enjoy access to additional services, including mortgage loans, small business services, investments and insurance products.
LePage said, “We identified Greylock Federal as the ideal merger partner because they share our focus on quality Member service, they have a long and proven history of financial stability and growth, they are committed to giving back to our communities, and they offer multiple locations in Berkshire County.”
“We are pleased to welcome Williams College members to Greylock Federal,” said Greylock President Marilyn L. Sperling. “We are honored that they requested our involvement with their credit union and that they trust Greylock to help them move forward with their financial goals.”
Senior Vice President, Branch Administration Peter Mirante said, “Williams College employees can be assured that the transition will be seamless. With our full-service branch on Route 2 in Williamstown, we’re certain that Williams College’s members will feel right at home with Greylock.”
About Williams College Employees Federal Credit Union
Williams College Employees Federal Credit Union has over 540 members and assets of over $1,625,529. The college credit union opened in1980 and has been managed by two part time employees.
About Greylock
Greylock membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County. Greylock Federal is wholly owned by its more than 70,000 members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown and Lanesborough. More information is available online at www.greylock.org.
Greylock’s family of businesses includes:
- Greylock Insurance Agency with seven locations county-wide, handles commercial and personal lines including auto, homeowner’s, life, disability, long-term care insurance, all forms of bonding, and 24/7 claims service.
- Greylock Investment Group offers access to a full array of services including financial planning, retirement planning, investment management, mutual funds, annuities and portfolio management.
- Greylock Marketing Group is a full-service advertising agency dedicated to helping other credit unions, businesses and not-for-profit organizations meet their communications and marketing objectives.
- Greylock’s Employee Benefits Services offers comprehensive consultation and brokerage services for group medical, dental, life and disability insurance.