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Franklin First Federal Credit Union Membership Approves Merger with Greylock

By
Daily News

GREENFIELD — Franklin First Federal Credit Union, based in Greenfield, has received member approval for its proposed merger with Greylock Federal Credit Union, headquartered in Pittsfield. The membership vote, which was subject to the approval of the National Credit Union Administration, 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, with a systems conversion scheduled for early 2027.

On Sept. 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,” said Michelle Dwyer, president and CEO of Franklin First. “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.”

Added Greylock President and CEO John Bissell, “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.”

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 Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough, and Lenox, as well as 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.

Local Credit Unions Announce Record-setting Commitment to Solar Financing

By
Daily News

PIONEER VALLEY — As local leaders in renewable-energy financing, Franklin First Federal Credit Union and UMassFive College Federal Credit Union announced unprecedented success in solar lending volume in 2023. Reflecting upon a record-setting year for both credit unions, during which UMassFive financed 1,272 installations totaling $50,923,810 and Franklin First financed 86 installations totaling $2,746,489, both organizations are reaffirming their dedication to facilitating sustainable futures through access to affordable financing options for solar-energy projects.

Continuing a long-standing commitment to environmental stewardship and community development, both Franklin First and UMassFive have been at the forefront of financing both local and regional solar projects for more than eight years. Offering competitive rates with flexible terms, no loan-origination fees, and personalized service, these financial institutions have empowered individuals and businesses to embrace clean-energy solutions and reduce their carbon footprint.

“Solar is an integral source of sustainable energy for our community,” said Michelle Dwyer, Franklin First president and CEO. “At Franklin First, we are proud to be able to offer funding through our solar loan program to the residents of Franklin County. For us, investing in solar energy means helping households offset energy costs, supporting small business solar contractors, and contributing to the betterment of our community through green energy.”

Rich Kump, UMassFive president and CEO, added that “sustainability is a core principle at UMassFive. We are incredibly proud of the impact we’ve had in advancing solar-energy adoption within our local community, and especially for economically disadvantaged households. Our record-setting year in 2023 is a testament to the growing demand for renewable-energy financing and the effectiveness of our green lending programs in meeting those needs.”

While solar energy continues to gain momentum nationwide, both Franklin First and UMassFive look to remain synonymous with accessible financing options for solar projects of all sizes. “We’re just looking to do our part in helping Massachusetts meet its very ambitious climate goals,” Kump said.

In addition to lending solutions, both credit unions are dedicated to raising awareness about the benefits of renewable energy and promoting sustainable practices within their communities. Offering educational initiatives, outreach programs, and community partnerships, the credit unions are working to inspire adoption of clean-energy solutions and take meaningful steps toward a greener future, all while knowing their collective efforts have helped individuals and businesses save on energy costs and contributed to a cleaner, healthier planet.

Sarah Erman

By
Sarah Erman
40 Under 40 Class of 2023

Chief Operational Officer, Franklin First Federal Credit Union: Age 38

Sarah ErmanSarah Erman didn’t attend college to prepare for a financial-services career. In fact, her focus as an undergraduate at MCLA was photojournalism.

“I worked with some local newspapers, and I did some freelance with the Greenfield Recorder until I got my job here at the credit union,” she recalled. “My student loans were coming due, and I needed to actually have a job that supported me for the payment of those loans. And there was an opening at Franklin First.”

Starting as a teller, Erman moved into member services and eventually became operations manager and then chief operating officer.

“This was not where I initially saw myself,” she said. “But the more time I spent at the credit union, the more I saw my future there, helping to provide new experiences for our members and staff. The philosophy of the credit union is people helping people, and that’s what really got me to stick around. Once I understood the philosophy, I really fell in love with the credit-union world.”

Erman said she wears many hats, including day-to-day operations, facility management, compliance, and security, and she acts as the institution’s Bank Secrecy Act officer.

She also earned praise from President and CEO Michelle Dwyer for bringing Franklin First up to date with modern technological standards that helped it navigate the pandemic seamlessly. “Had these operational improvements not been made,” Dwyer said, “our credit union would not have been able to continue meeting the needs of our membership.”

Active in the community in numerous ways, Erman has served on the board of directors for Root to Rise, volunteers at the credit union’s financial-education events, and helps nonprofits that reach out to Franklin First for assistance with creating new events.

Notably, she’s heavily involved with the Children’s Advocacy Center of Franklin County and North Quabbin, serving for the past four years on the fundraising committee that enables three large events each year: the Hope and Healing Breakfast, the Race to End Child Abuse, and the Chipping Away at Child Abuse golf tournament.

“It’s unfortunate those services have to be provided, but they’re such necessary services,” she said. “I feel like I’m able to give back to these kids and the community by helping these committees raise awareness and raise funds for such an important, deserving organization. Those community events are critical to the operations they provide for kids in the community.”

 

—Joseph Bednar