***FOR IMMEDIATE RELEASE***
Contact:
Michelle Dwyer, President/CEO
Franklin First Federal Credit Union
413-774-6700
michelle@franklinfirst.org
Roberta McCulloch-Dews, VP Marketing
Greylock Federal Credit Union
413-344-1056
rmcculloch-dews@greylock.org
Greylock Federal Credit Union and Franklin First Federal Credit Union Agree to Merger
(December 10, 2025) - The Boards of Directors of Franklin First Federal Credit Union (Franklin First), headquartered in Greenfield, Mass., and Greylock Federal Credit Union (Greylock), headquartered in Pittsfield, Mass., have reached a definitive merger agreement subject to the approval of the National Credit Union Administration (NCUA) and Franklin First’s membership.
“Franklin First Federal Credit Union has taken great pride in serving our community and our membership for nearly 70 years. We feel now is the time, when Franklin First is at its strongest, to make the strategic decision to merge with Greylock. This will allow us to strengthen our membership, community, and staff through a thoughtful and effective partnership. I am confident our members will receive the highest quality of service they are accustomed to and deserve from Greylock. Greylock’s mission and core values align perfectly with Franklin First’s and that is why we have chosen Greylock as our merger partner,” said Michelle Dwyer, President and CEO of Franklin First.
“We are pleased that Greylock and Franklin First have reached this merger agreement,” said Greylock President and CEO John L. Bissell. “We know that Franklin First shares our deep commitment to empowering our members and all people in our communities, especially those who don’t fit well into traditional banking profiles. We look forward to completing the merger and empowering the team at Franklin First to continue to meet the financial needs of Franklin County for the long term.”
Dwyer will continue to manage the Franklin County market. There will be no job loss as all of Franklin First’s employees will have roles with the continuing credit union. Franklin First will merge into Greylock’s charter and will operate as a division of Greylock under the Franklin First brand for a period of time after the merger is completed.
With 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. Franklin First has approximately 7,400 members and will continue to operate its branch and two remote ATMs in Greenfield, Mass. Franklin First’s members will enjoy full use of Greylock branches and ATMs as well as access to Greylock’s extensive Business Banking services.
Subject to NCUA approval, Franklin First’s membership will vote on the merger at their upcoming annual meeting scheduled for April 15, 2026.
About Franklin First:
Franklin First Federal Credit Union is wholly owned by its Members and currently serves more than 7,000 members at its branch at 57 Newton St. in Greenfield, Mass. The credit union began in 1958 at Franklin County Public Hospital, and went on to include four different credit unions under its name. Anyone who lives, works, attends school or worships in Franklin County can join Franklin First. To learn more, visit www.franklinfirst.org. Equal Housing Lender. Insured by NCUA.
About Greylock:
Greylock is wholly owned by its Members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough, and Lenox, Mass., and Greenport/Hudson, N.Y. Greylock has a Low-Income Designation (LID) from the National Credit Union Administration (NCUA) and certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund allowing the Credit Union to offer expanded services to low- and moderate-income families. More information is available at www.greylock.org. Equal Housing Lender. Insured by NCUA.
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Notice of Meeting of the Members of Franklin First Federal Credit Union
The Board of Directors of Franklin First Federal Credit Union (Franklin First) have called a special meeting of the members of this credit union at 57 Newton Street, Greenfield MA 01301 on April15, 2026, at 5:30pm. The purpose of this meeting is:
1.To consider and act upon a plan and proposal for merging Franklin First with and into Greylock Federal Credit Union (hereinafter referred to as the "Continuing Credit Union"), whereby all assets and liabilities of Franklin First will be merged with and into the Continuing Credit Union. All members of Franklin First will become members of the Continuing Credit Union and will be entitled to and will receive shares in the Continuing Credit Union for the shares they own in Franklin First on the effective date of the merger.
2.To ratify, confirm and approve the action of the Board of Directors in authorizing the officers of Franklin First, subject to the approval of members, to do all things and to execute all agreements, documents, and other papers necessary to carry out the proposed merger.
The Board of Directors of Franklin First encourages you to attend the meeting and vote on the proposed merger. Whether or not you expect to attend the meeting, we urge you to sign, date and promptly return the enclosed ballot to vote on the proposed merger.
If you wish to submit comments about the merger to share with other members, you may submit them to the National Credit Union Administration (NCUA) at https:1/ncua. gov/support-services/credit-union-resources-expansion/credit-unionmerger-resources/comments-proposed-credit-union-mergers
or mail to:
NCUA - Office of Credit Union Resources and Expansion
1775 Duke Street
Alexandria, VA 22314
Merger Proposal Voting Information
Ballots will be mailed beginning February 17, 2026 to all eligible voters.
Completed ballots may be returned by mail following the instructions provided or delivered in person to:
Franklin First Federal Credit Union
57 Newton Street
Greenfield, MA 01301
Ballots will also be available at the branch for eligible members.
Mailed ballots must be received no later than 5:00 PM on April 14, 2026 to be counted.
In-person ballots must be returned to the branch by 5:00 PM on April 15, 2026.
Only one vote per member will be counted.
Eligible voters: Must be a member as of 12/31/25 and 18+ years of age.
Submitting Comments to NCUA
Members may submit comments regarding the proposed merger between Franklin First Federal Credit Union and Greylock Federal Credit Union directly to the National Credit Union Administration (NCUA) at the link below:
Franklin First Federal Credit Union Membership Approves Merger with Greylock Federal
April 16, 2026
Franklin First Federal Credit Union (Franklin First) of Greenfield, Mass. has received member approval for its proposed merger with Greylock Federal Credit Union (Greylock) headquartered in Pittsfield, Mass. The membership vote, which was subject to the approval of the National Credit Union Administration (NCUA), occurred at Franklin First's annual meeting held on April 15.
Franklin First membership approval completes the requirements for the merger to move forward. With membership and regulatory approval now in place, the merger is expected to close on June 1, 2026, with a systems conversion scheduled for early 2027.
On September 19, 2025, Franklin First's Board of Directors agreed to merge with Greylock, with Greylock serving as the surviving credit union. Franklin First will merge into Greylock's charter and will continue to operate under the Franklin First brand as a division of Greylock for a period of time after the merger is completed.
"Franklin First is thrilled to begin our new chapter as a division of Greylock. The Board of Directors and employees of Franklin First are thankful to our membership for supporting this merger and we look forward to continuing our work for our members and in our community with the strong support from Greylock behind our team here in Franklin County," said Michelle Dwyer, President and CEO of Franklin First.
"My deepest thanks to the Franklin First membership for their trust, support, and confidence in this momentous next step for Franklin First and Greylock. We are especially grateful to Michelle Dwyer and the Franklin First Board of Directors for their steadfast leadership through the years. As we move forward together, we will continue to build upon this strong foundation of stewardship and will remain committed to serving the people of Franklin County," said Greylock President and CEO John L. Bissell.
Greylock will assume Franklin First's $88 million in assets, giving the continuing credit union approximately $1.7 billion in combined assets. Franklin First has approximately 7,400 members and will continue to operate its branch and two remote ATMs in Greenfield. Franklin First's members will enjoy full use of Greylock branches and ATMs as well as access to Greylock's extensive Business Banking services.
Dwyer will continue to manage the Franklin County market. Franklin First employees will continue to have roles with the continuing credit union and will operate from the current office in Greenfield.
Greylock currently serves 106,000 members and has full-service branches in branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough, and Lenox, Mass., and Greenport/Hudson, N.Y. As part of Greylock's shared branching network, members have access to a network of 30,000 ATMs and 5,600 branches across the country.