Franklin First Federal Credit Union, headquartered in Greenfield, and Greylock Federal Credit Union, headquartered in Pittsfield, are expected to combine forces next spring, after the boards of directors at the two banks agreed to merge last week.
The merger agreement, which is subject to approval from the National Credit Union Administration and Franklin First’s membership, is expected to drive increases in financial literacy services available to clients. Upon final approval of the merger, Greylock will assume Franklin First’s $84 million in assets, giving the continuing credit union approximately $1.7 billion in combined assets.
According to Greylock CEO and President John Bissell, the merger will result in no lay-offs and will help Greylock improve its financial coaching services, which Bissell said has allowed Franklin First’s clientele to grow their credit scores.
“The biggest similarity is that the same team would be right there in Greenfield and Franklin County, delivering great service like they are today. The biggest difference is [Franklin First] would be able to do that with more resources behind them, more scale, more technology, more investment coming their way,” Bissell said. “One thing we really appreciate about [Franklin First CEO and President] Michelle Dwyer and her team is their commitment to financial coaching and financial literacy. That is something that we share in common and I know she has a desire to see more capacity for financial coaching to take place in Franklin County.”
Franklin First, which is nearly 70 years old, has approximately 7,400 members and will continue to operate its branch at 57 Newton St. in Greenfield, as well as two ATMs at Baystate Franklin Medical Center’s lobby and the Greenfield Police Station. Its members will also enjoy full use of Greylock branches and ATMs, as well as access to Greylock’s business banking services. Greylock has full-service Massachusetts branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough and Lenox.
Although Franklin First will operate as a division of Greylock, it will remain under the Franklin First brand for a period of time after the merger is completed. Dwyer will continue to manage the Franklin County market and all of Franklin First’s employees will have roles with the continuing credit union.
“We’ve been in talks with Greylock for about a year now,” Dwyer said, adding that because Franklin First is the strongest it has ever been, financially and in terms of its membership base, “this would be time to [carry out the merger] so that we had a lot of negotiating power, as far as being able to pick the people with whom we wanted to merge. Greylock is that perfect partner for us.”
Dwyer added that she is “confident” that Franklin First’s members “will receive the highest quality of service they are accustomed to and deserve from Greylock.”
Bissell echoed Dwyer’s remarks, explaining that he and Dwyer have shared a strong professional relationship for roughly a decade and have often discussed common goals. He said the decision to merge was born out of the two CEOs’ shared goals and mutual respect.
“I’ve known and had deep respect for Michelle Dwyer for about 10 years. We’ve shared ideas, we’ve collaborated on different projects over the years, and just gotten to know each other pretty well. We just have a deep, deep respect for her leadership,” he said. “That’s not just me. She’s well-respected across the credit union movement and all across Massachusetts and the Northeast.”
Subject to National Credit Union Administration approval, Franklin First’s membership will vote on the merger at the upcoming annual meeting scheduled for April 15, 2026.