Arrha Credit Union, Pittsfield Cooperative Bank consider merger

SPRINGFIELD — Springfield’s Arrha Credit Union is considering merging with the larger Pittsfield Cooperative Bank, according to a legal ad soliciting feedback from credit union members.

The same staff would handle members’ business, while providing safety and stability for employees, the ad says. Arrha’s ad says the merger would provide economies of scale and increased financial capacity. But consolidation could result in the reduction of some jobs, and there would be some disruption during the transition, the ad says.

Written comments are accepted through July 26, and the board is planning to vote July 30.

“The Board of Directors of Arrha Credit Union are following required procedures to obtain member comments relating to a proposed merger,” wrote Michael S. Ostrowski, president and CEO, in response to emailed questions.

Ostrowski said he could not elaborate further.

A call for comment to Pittsfield Cooperative Bank’s executives went unreturned Wednesday. It markets itself under the name Coop Bank. Pittsfield Cooperative Bank is a mutual cooperative bank owned by its depositors.

Founded in 1929 as Springfield Teacher’s Credit Union, Arrha has $140 million in assets and about 9,000 members.

Pittsfield Co-op has about $385 million in total assets and, according to data from the Federal Deposit Insurance Corp., it has a 6% market share in Berkshire County. It was founded Feb. 15, 1889, recently celebrating its 135th anniversary.

Pittsfield Cooperative Bank has five branches, with three in Pittsfield, including a new location on Williams Street that opened earlier this year, as well as branches in Dalton and Great Barrington. Pittsfield Cooperative Bank also has an ATM in Hinsdale.

Arrha, which changed its name in 2015, has branches at 145 Industry Ave., Springfield, 63 Park Ave. in West Springfield, which opened in 2016, and 231 Hazard Ave. in Enfield, Connecticut, which opened in 2022.