The $1 billion-asset Greylock announced in a press release Monday is acquiring via merger tiny Hurlbut Employees FCU.
The South Lee, Mass.-based Hurlbut Employees has $1.2 million in assets and 220 members. The merger is expected to take effect Aug. 22.
Established in 1962 in Berkshire County, Hurlbut in recent years faced increased regulatory reporting requirements and competition in an environment "with low-interest rates" that negatively impacted its bottom line, Rose Sharon, president of the board at Hurlbut, said in the release.
Greylock is wholly owned by its more than 75,000 members and has $1 billion in assets.
"Hurlbut has a long history of maintaining strong capital and attentive member service, making them an ideal fit with Greylock as a merger partner," said John Bissell, Greylock's president and chief executive.
With the acquisition, Hurlbut's members will have access to Greylock's 11 branches, 19 local ATMs, 30,000 nationwide Co-Op Network ATMs, a telephone service center and online and mobile banking services.
"Hurlbut members will also enjoy access to additional services, including mortgage loans, business banking services, investments and insurance products," Bissell added.
