Greylock Federal Credit Union Reports Solid 2015| 01:14PM / Monday, March 28, 2016 | |
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PITTSFIELD, Mass. — Greylock Federal Credit Union reported solid performance in 2015.
In its 80th year of operation, Greylock posted net income of $3.25 million and total assets of about $1.1 billion. The credit union’s regulatory net worth – a key measure of financial strength – ended the year at 9.7 percent, up from 9.4 percent in 2014, improving upon Greylock’s “well-capitalized” rating as determined by the National Credit Union Administration (NCUA).
As part of its annual meeting proceedings on March 22, Greylock Federal Credit Union’s Board of Directors elected the following slate of officers: Gerard E. Burke, Chairman of the Board; Ann D. Deely, Vice Chairman; Stanley B. Walczyk, Clerk/Treasurer; and JamieEllen Moncecchi, Assistant Clerk/Recording Officer.
“In 2015, we saw steady improvement in the economy and with it, an increase in home and auto sales as well as additional quality commercial loan opportunities,” Greylock President John L. Bissell said.
Greylock maintained its position as the county’s largest mortgage lender with a more than 20 percent share of the Berkshire County mortgage market. The credit union also saw the expansion of core account relationships, with more than 2,600 members bringing their active checking relationships to Greylock in 2015.
“Growing checking accounts in this competitive market is an indicator of people’s trust in Greylock as their hometown institution,” Bissell said. “All in all, 2015 saw Greylock strengthening our position in the marketplace and continuing our mission of improving the financial lives of families and businesses in the Berkshires.”
At the end of 2015, Greylock posted the following results:
• 75,473 Member/Owners
• $1.079 billion in total assets
• $866 million in total loans
• $963 million in total deposits
• $3.248 million in total net income
Other 2015 highlights included:
• Greylock Federal Credit Union merged with Berkshire Federal Credit Union. With the merger, Greylock assumed Berkshire Federal Credit Union’s $12 million in assets and its membership base was integrated into the Greylock membership.
• In 2015 Greylock announced the opening of a new branch in Lenox at 68 Main St. The credit union’s 11th full-service branch, offering a full range of services for consumers and businesses, held a grand opening last month.
• The credit union’s business lines: Greylock Insurance Agency, Greylock Marketing Group, and Greylock Investment Group all posted strong growth for 2015.
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