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Greylock FCU to acquire Landmark CU

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Greylock FCU to acquire Landmark CU

In Massachusetts, Pittsfield-based Greylock Federal Credit Union inked a definitive deal to acquire North Adams-based Landmark Credit Union, The Berkshire Eagle reported Jan. 30.

The deal, which is slated for completion in May, is subject to approvals of state and federal regulators as well as Landmark CU members, according to the news outlet. Landmark CU's six employees will be absorbed by Greylock FCU. Thomas Turner, Landmark CU's CEO who is planning to retire, will not join Greylock FCU, The Berkshire Eagle wrote.

Upon closing, Greylock FCU will absorb Landmark CU's assets of nearly $25 million and its members, some of which are also members of Greylock FCU. President and CEO John Bissell estimates that the deal will add between 1,000 to 1,500 new members to Greylock FCU, according to the news outlet.

As of end-2016, Greylock FCU has 77,758 members and $1.1 billion in assets, The Berkshire Eagle cited Bissell as saying.