Franklin First FCU

What Franklin First FCU does

Franklin First Federal Credit Union is a not-for-profit, member-owned community credit union chartered in 1958 and headquartered at 57 Newton Street in Greenfield, Massachusetts. Operating under a community charter granted by the NCUA in 2000, it serves approximately 7,400 members across Franklin County, Massachusetts, where membership is open to anyone who lives, works, worships, or attends school in the county. The product portfolio is anchored by a complete retail-banking suite: deposit products (Totally Free Checking, Rewards/Kasasa checking, savings/share accounts, money market, certificates of deposit, IRAs, Coverdell ESAs, Holiday Club, Pet Care Club, Frankie Fund youth savings) and lending products (auto, motorcycle, RV, home equity, HELOC, home improvement, personal, Visa Platinum credit cards, secured cards, solar loans, share/certificate-secured loans, credit-builder loans, MassSave HEAT loans). Deposit and lending products are offered through a single physical branch, a 24/7 online banking portal, iOS/Android mobile apps with remote deposit capture, and a touch-tone telephone banking channel. Card products run on the MasterCard and Visa networks with Apple Pay, Samsung Pay, and Google Pay tokenization support, surcharge-free ATM access via MoneyPass and SUM networks, and integration with Quicken and Microsoft Money for personal financial management.

The credit union operates a cooperative business model: interest income on loans (auto, home equity, personal, credit cards, solar) forms the primary revenue stream, supplemented by transaction-based fees (overdraft $20, wire transfer $10-$45, account research $25/hour, business-checking per-item $0.07) and subscription revenue from Kasasa Protect ($7.99/month). Revenue mechanics reflect member pricing in lieu of shareholder returns: auto loans from 5.49% APR, personal loans 13.00-16.00% APR, Rewards Checking at 4.00% APY, and CDs up to 3.35% APY. Distribution and product breadth are extended via channel partnerships: mortgage origination through Allanach/Mortgage Group Corporation, education lending through Sallie Mae, solar and HEAT lending through MassSave and four regional solar installers (Current Energy, PV Squared, Valley Solar, Northeast Solar), Kasasa rewards through Kasasa Ltd., and insurance/estate-planning through TruStage and Legacy Assurance Plan.

On December 10, 2025, the Board of Directors agreed to merge with Greylock Federal Credit Union (Greylock as the surviving entity); the deal received member approval on April 16, 2026, and closed on June 1, 2026. Effective that date, Franklin First's $88 million in assets were absorbed into Greylock, creating a combined entity with approximately $1.7 billion in assets. Franklin First continues operating as a division under its existing brand, with President and CEO Michelle Dwyer leading the Franklin County market, systems conversion scheduled for early March 2027, and full employee retention confirmed through the transition.

Name

Franklin First FCU

Legal name

Franklin First Federal Credit Union

Website

https://franklinfirst.org

Company type

Private

Founded year

1958

Operating status

Operating

Headcount range

11–50 employees

Short description

Franklin First Federal Credit Union is a not-for-profit, NCUA-insured community credit union founded in 1958 and headquartered in Greenfield, Massachusetts, serving approximately 7,400 members across Franklin County with checking, savings, lending, credit card, and solar loan products through one branch and digital channels, operating as a division of Greylock Federal Credit Union since June 1, 2026.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Community banking
• Credit union services
• Consumer lending
• Deposit accounts
• Retail financial services

Headquarters

HQ city

Greenfield

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: As a not-for-profit credit union, Franklin First generates revenue primarily through interest on loans including auto loans, home equity loans, personal loans, credit cards, and solar loans. Interest rates vary by product type and creditworthiness.
2. Deposit Account Fees: Various account-related fees including overdraft fees ($20), wire transfer fees ($10-$45), ATM fees, account research ($25/hour), and business checking per-item fees ($0.07).
3. Credit Card Fees: Cash advance fees of $10 or 3% of amount, whichever is greater. No annual fee on Visa cards.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Franklin First Federal Credit Union is a community-chartered, member-owned credit union serving Franklin County, Massachusetts since 1958. It offers deposit products (checking, savings, money market, certificates of deposit, IRAs), lending products (auto, home equity, personal, solar, credit cards), and digital banking services through a single Greenfield branch, online, and mobile channels. As of June 2026, Franklin First operates as a division of Greylock Federal Credit Union following a completed merger.

Product overview

Franklin First Federal Credit Union operates as a community credit union serving Franklin County, Massachusetts since 1958, offering a comprehensive suite of banking products through branch, online, and mobile channels. The product portfolio centers on deposit accounts (checking, savings, money market, certificates of deposit, IRAs) and lending products (vehicle, real estate, personal, credit cards, solar). Key branded products include Kasasa Cash and Kasasa Cash Back checking accounts with rewards, Kasasa Saver for automatic savings, and Frankie Fund for children's savings. The institution offers digital banking with mobile deposit, online banking with Quicken/Microsoft Money export, and digital wallet compatibility. Specialized lending includes solar loans, MassSave heat loans, and home equity products, with first mortgages and government-insured loans offered through the Allanach/Mortgage Group Corporation partnership. As of 2026, Franklin First operates as a division of Greylock Federal Credit Union following merger approval, maintaining its local brand while gaining access to expanded resources.

Differentiator

Problem solved

Functional benefit

Brands

• Kasasa Cash: Rewards checking account with up to 4.00% APY on balances up to $10,000 when qualifications are met.
• Kasasa Cash Back
• Kasasa Saver
• Frankie Fund
• TruStage Insurance

Products and services

• Totally Free Checking Basic checking account with unlimited free transactions, no minimum balance requirement, direct deposit, electronic funds transfers, overdraft protection options, and free online and mobile banking with mobile deposit.
• Teen Checking Checking account for ages 13-17 requiring parent or guardian co-ownership, with debit card access, electronic services, no overdraft privilege, and no NSF fees.
• Senior Checking Checking account for members aged 65 and older offering unlimited free checking, no minimum balance, one free box of checks per year, and two free money orders or cashier's checks monthly with direct deposits.
• Business Checking

Quantifiable outcome

• Rewards Checking earns 4.00% APY on balances up to $10,000 (vs national average ~0.5%)
• +2 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature3 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Greylock Federal Credit UnioncoreStrategic or Co-development Partner · 10 December 2025Franklin First is merging into Greylock Federal Credit Union's charter. Greylock will assume Franklin First's $88 million in assets, giving the combined entity approximately $1.7 billion in assets. Franklin First will operate as a division under the Franklin First brand. Merger approved by membership April 16, 2026, finalized June 1, 2026.
• Allanach/Mortgage Group CorporationcoreChannel Partner/ Reseller/ DistributorProvides members access to home mortgage products including government-insured loans, VA mortgages, and reverse mortgages. Licensed in MA, CT, FL, GA, NH, RI, SC, VT.
• Sallie MaeminorChannel Partner/ Reseller/ DistributorEducation loan products offered through Sallie Mae partnership for college planning and student financing.
• MassSavecoreStrategic or Co-development PartnerPartnership offering 0% APR HEAT Loan financing on home energy improvements including weatherization, windows, heat pumps, and residential batteries. Loans up to $25,000 available through Mass Save program sponsors.
• Current EnergyminorChannel Partner/ Reseller/ DistributorSolar installation partner - licensed installers in Massachusetts, New Hampshire, and Vermont with over three decades of combined expertise in electrical and solar solutions.
• PV SquaredminorChannel Partner/ Reseller/ DistributorLocal worker-owned cooperative solar installation company with over 20 years of experience. Recognized as Best Solar Company in the Valley for nine consecutive years.
• Valley SolarminorChannel Partner/ Reseller/ DistributorLargest local solar installer in Western Massachusetts. Winner of Daily Hampshire Gazette Readers' Choice award for Best Local Solar Installer four times in past five years.
• Northeast SolarminorChannel Partner/ Reseller/ Distributor100% local and independent solar installation company serving Western Massachusetts for over ten years, serving homes, businesses, and farms.
• TruStage InsuranceminorGTM or Marketing PartnerAffiliate of Credit Union National Association (CUNA) providing insurance products. Franklin First shares member information with TruStage for marketing purposes.
• A.H. Rist Insurance CompaniesminorGTM or Marketing PartnerInsurance company affiliate with which Franklin First shares member information for joint marketing.
• Kasasa, Ltd.coreTechnology or IntegrationProvider of Kasasa Cash, Kasasa Cash Back, and Kasasa Saver reward checking account platforms. Franklin First licenses the Kasasa brand and technology platform for its rewards checking products.
• American Consumer CouncilminorChannel Partner/ Reseller/ DistributorAffiliated membership group allowing non-Franklin County residents to join through consumer council membership. First year paid by Franklin First/Greylock.
• Legacy Assurance PlanminorImplementation/ SI/ Consulting PartnerEstate planning services partnership - Franklin First is an affiliate. Provides membership estate planning services through consultant Brian Marchand.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Workers Credit Union: Massachusetts-based community credit union with multiple branches serving consumer and small-business members across north-central and western Massachusetts. Similar member-owned cooperative model, product suite (Kasasa rewards, auto, mortgage), and competitive overlap with Franklin First.
• Greenfield Co-operative Bank: Mutual community bank headquartered in Greenfield, MA - the same city as Franklin First - offering checking, savings, loans, and residential mortgages. Direct geographic and product-line competitor to Franklin First's local market.
• Florence Savings Bank: Mutual savings bank serving the Northampton/Franklin County area of western Massachusetts with deposit accounts, consumer lending, and mortgage products. Comparable community-focused mutual institution competing for the same Franklin County member base.
• Greylock Federal Credit Union: Franklin First's merger partner and surviving parent entity, also a federally insured community credit union headquartered in Pittsfield, MA with ~$1.6B in assets pre-merger. Directly comparable in product mix (deposits, consumer lending, mortgages) and member-owned cooperative structure, serving western Massachusetts communities.
• UMassFive College Federal Credit Union: Massachusetts community-chartered credit union serving Hampshire and Franklin Counties (alongside other MA counties), offering checking, savings, auto loans, mortgages, and member-focused rewards. Directly comparable community credit union model and geographic overlap with Franklin First's territory.
• Jeanne D'Arc Credit Union: Massachusetts community credit union serving the Merrimack Valley and surrounding regions with consumer deposits, auto lending, mortgages, and member rewards. Comparable community-charter, member-owned cooperative structure and product set to Franklin First.
• RTN Federal Credit Union: Massachusetts community credit union serving Middlesex and surrounding counties with deposit accounts, consumer loans, and residential mortgages. Comparable community-based credit union model, product mix, and member-focused value proposition.

Regional players

• St. Mary's Bank: New Hampshire-based community credit union (one of the oldest in the U.S.) serving members across NH and northern MA with consumer banking, lending, and digital channels. Comparable member-owned cooperative structure and consumer-banking focus, though operating in a different primary geography.

Broad incumbents

• Digital Federal Credit Union (DCU): One of the largest credit unions in Massachusetts and New England with $8B+ in assets, offering a full suite of consumer and business banking products including the Kasasa rewards platform that Franklin First licenses. Comparable product breadth but much larger scale and digital-first orientation.
• Berkshire Bank: Western Massachusetts-headquartered community bank with statewide branch footprint offering consumer and commercial banking, mortgages, and wealth management. Competes with Franklin First for retail deposits and consumer loans in western Massachusetts, with materially larger scale and product breadth.

Market position

Weaknesses5 records

Competitive moat3 records

Key risks1 record

Key highlights6 records

Customer concentration

• Facebookfacebook.com/FranklinFirstGFCU
• Instagraminstagram.com/official.franklin.first.fcu
• Xx.com/franklinffcu
• LinkedInlinkedin.com/company/franklin-first-federal-credit-union

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Franklin First FCU