WILLIAMSTOWN, Mass. Williams College Employees FCU on Friday said it is merging into $1.2-billion Greylock FCU in nearby Pittsfield and shutting down the college credit union’s only on-site branch.
The tiny credit union has never had more than $3 million in assets and has reported small losses for each of the past six years, as assets have slid to $1.6 million.
“In the current financial environment, it has been challenging to achieve the financial position and growth needed to provide the products and services our members want and need,” said Peter LaPage, chairman of the board of the tiny credit union, one of a dwindling few university-based credit unions. “The decision to merge is in the best interests of our members.”
The credit union, which was founded in 1980, had just 541 members who work for Williams College or the Sterling and Francine Clark Art Institute.
