[G]ranite Hills Credit Union will be merging with NorthCountry Federal Credit Union, Vermont’s third largest credit union, according to a June 30 press release. The decision consolidates about $577 million in assets.
Members of Granite Hills approved the merger, which was recommended by the organization’s board of directors, at a June 22 meeting. Integration of the two organizations, which adds Granite Hills branches to the NorthCountry network, will take place Sept. 30.
Granite Hills Credit Union CEO Susan Poczobut said the merger will offer more favorable rates, better products and increased value for members.
“While it is certainly an advantage to be small, sometimes it’s not efficient,” she said.
The Washington County-based institution started as a credit union for National Life employees and became community-based in 1999.
The two credit unions will be integrating back office tasks to allow more face-to-face time for customers, Poczobut said. Staffing constraints and regulations on the banking industry have put pressure on small institutions like Granite Hills.
“When you’re small everyone is multitasking, so sometimes it can be hard to get everything done that needs to be done,” Poczobut said.
Members of Granite Hills Credit Union’s two locations will have access to 10 additional branches, as they integrate with NorthCountry. Granite Hills members will also have access to shared branching, which allows account holders to conduct regular business at partner credit unions around the world.
Julie Longfellow, NorthCountry’s director of creative and branding, said the merger will bring closer two organizations that have already been working together.
“We have similar cultures. Some of our employees have worked for them, and some of their employees have worked for us,” Longfellow said. “We feel like we’ve been friends for a long time.”
Granite Hills has about 31,000 members and $41 million in assets, while NorthCountry has about 41,000 members and $536 million in assets, according to representatives from both organizations.
Credit unions are account holder-owned, nonprofit financial institutions. NorthCountry Federal Credit Union is open to anyone who lives or works in northern Vermont, and Granite Hills is open to people who live, work or worship in Washington or Orange counties.
