Vermont Business Magazine At a special meeting on June 22, the Barre-based Granite Hills Credit Union membersapproved their Board of Directors’ recommendation to merge with South Burlington-based NorthCountry Federal Credit Union. The two credit unions have workedside-by-side in Washington County for many years, and share a commitment toproviding members with a world-class experience through value, convenience,and investments in the community. Integration of Granite Hills’s systemsinto NorthCountry’s will occur onSeptember30, 2017. At that time, bothGranite Hills locations will join NorthCountry’s branch network.
“The time was right for us to join forces with a larger credit union,”states Granite Hills CEO Susan Poczobut. “Granite Hills members are gainingadditional value, faster service, and access to a network of branches thatextends nationwide. We share common values with NorthCountry, and expect thetransition to their culture to be a smooth and pleasant one for Granite Hillsmembers and employees.”
According to the Vermont Department of Financial Regulation, NorthCountry is the third largest credit union in Vermont with$484.5 million in assets and Granite Hills is 11th with $37.5 million, as of FY 2015.
Credit unions are not-for-profit financial cooperatives, owned by theiraccountholders. Earnings are typically paid back to the accountholders in theform of better-than-market rates, fewer and lower fees, and free services.
NorthCountry Federal Credit Union is open to anyone who lives or works innorthern Vermont. It provides financial services designed to provideconvenience and value, and commits 10% of its previous year’s revenue tocommunity giving. It was organized in 1950, and is the third largest creditunion in Vermont. Deposits at the credit union are insured to $250,000 by the National Credit Union Administration.VBM vermontbiz.com
Source:Granite Hills Credit Union. Barre. 6.30.2017