WILLIAMSTOWN -- In a move to increase benefits for members, the Williams College Employee Federal Credit Union (WCEFCU) has merged with Greylock Federal Credit Union effective April 1.
"We feel a great deal of responsibility to keep going the heritage of service and member value WCEFCU has been offering for 30 years," Greylock's Executive Vice President John Bissell said Friday.
The merger led to the closing of the WCEFCU branch at 51 Park St. for business on March 29, Bissell said.
"Members have been welcomed to our branch in Williamstown," he said. "We're trying to make sure they feel comfortable in that location."
In a press release announcing the merger, WCEFCU Board Chairman Peter LePage said the move was made to give members more benefits.
"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," he said. "The decision to merge is in the best interest of our members."
The merger has been approved by boards of both institutions, along with the National Credit Union Administration (NCUA).
The credit union, which was founded in 1980, had maintained a membership base of 541 people who worked for Williams College or the Sterling and Francine Clark Art Institute. The members' $1,625,529 in assets will be assumed by Greylock, Bissell said.
Bissell said members of WCEFCU will now have access to benefits available to Greylock's roughly 70,000 other members, including 30,000 ATMs across the country, expanded customer service hours and free online services.
"In addition to core banking, members will be able to touch base with our subsidiary organizations," he added. Greylock's family of businesses are its Greylock Insurance Agency, Investment Group, Marketing Group, and Employee Benefits Services.
"A lot of people who work in the Williamstown area spend time in other parts of county," he said. "They'll be able to utilize full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown and Lanesborough."
LePage said the board identified Greylock as an ideal partner for its emphasis on member service, financial stability, and community partnerships.
Bissell said Greylock wants to continue the same level of service to members of WCEFCU. Greylock has previously partnered with four other smaller credit unions, he added.
"We were honored the board approached us," he said. "It feels good that we can help continue the credit union values that members appreciate and increase the level of convenience."
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