PITTSFIELD â Greylock Federal Credit Union and Credit Union of the Berkshires, two of Berkshire Countyâs oldest such financial establishments, have reached an agreement to merge, their CEOs said Monday.
The merger is subject to the approval of the Credit Union of the Berkshiresâ 2,000 members, and three regulatory agencies: the National Credit Union Administration, the Massachusetts Division of Banks and the Massachusetts Credit Union Share Insurance Corp. The NCUA is the national regulatory agency for credit unions.
The merger is expected to be completed in late fall.
Pittsfield-based Greylock, the countyâs largest credit union, has $1.4 billion in assets and is wholly owned by its 90,406 members. Credit Union of the Berkshires, which would become part of Greylock after the merger is finalized, has nearly $23 million in assets and is the second-largest credit union in Pittsfield.