Greylock Federal Credit Union, Pittsfield, Mass., and Landmark Credit Union, based in nearby North Adams, Mass., on Tuesday said they have reached a definitive merger agreement subject to the approval of the Landmark Credit Union membership and regulatory agencies.
Landmark CU has $24 million in assets and serves 2,596 members, according to its most recent Call Report.
With final approval of the merger, Landmark’s assets and only branch would be assumed by Greylock, the two credit unions said.
A review of Landmark CU’s Call Reports showed the credit union had relatively minor losses in the first three quarters of 2016 before taking a non-operating expense loss of $945,960 in Q4.
· Q1 net loss: $12,178
· Q2 net loss: $21,600
· Q3 net loss: $33,005
· Q4 net loss: $1,008,041
· 2016 full year loss: $1,074,824
Having negotiated a definitive merger agreement, the two credit unions said they now will seek regulatory approval from the National Credit Union Administration, Massachusetts Division of Banks and Massachusetts Credit Union Share Insurance Corporation. Landmark also will seek approval from its membership.
The merger is expected to be completed in April.
“We are pleased that Greylock and Landmark have reached this merger agreement,” John L. Bissell, Greylock FCU’s president and CEO, said in a statement. “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.”
The merger will result in extended branch hours and a wider branch network for Landmark members, since Greylock has 12 full-service branches and 21 local ATM locations. Members will also have access to a nationwide network of more than 59,000 surcharge-free ATMs, a telephone service center and a variety of free online and mobile-banking products. Additional business banking services, investments and insurance products will also be made available to them.
