March 28, 2016 – PITTSFIELD – 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%, up from 9.4% 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, 2016 at the Crowne Plaza in Pittsfield, 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.

Greylock President John L. Bissell said, “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 maintained its position as the County’s largest mortgage lender with over 20% 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 Street. The Credit Union’s eleventh 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.

About Greylock

Greylock membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County, and Westfield, Southwick, Granville, Montgomery, or Russell, Massachusetts. Greylock Federal is wholly owned by its more than 75,000 members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough and Lenox. Greylock has a Low Income Designation (LID) from the NCUA and certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund allowing the Credit Union to offer expanded services to low and moderate income families.

Greylock’s family of businesses includes:

  • Greylock Insurance Agency, with seven locations county-wide, handles commercial and personal lines including auto, homeowner’s, life, disability, long-term care insurance, all forms of bonding, and 24/7 claims service.
  • Greylock Investment Group offers access to a full array of services including financial planning, retirement planning, investment management, mutual funds, annuities and portfolio management.
  • Greylock Marketing Group is a full-service advertising agency dedicated to helping other credit unions, businesses and not-for-profit organizations meet their communications and marketing objectives.
  • Greylock Employee Benefits Services offers comprehensive consultation and brokerage services for group medical, dental, life and disability insurance.

Photos Courtesy of Greylock Federal Credit Union

At its Annual Meeting March 22, 2016, Greylock Federal Credit Union’s Board of Directors elected Gerard E. Burke, Chairman of the Board.

At its Annual Meeting March 22, 2016, Greylock Federal Credit Union’s Board of Directors elected Stanley B. Walczyk, Clerk/Treasurer.

At its Annual Meeting March 22, 2016, Greylock Federal Credit Union’s Board of Directors elected Ann D. Deely, Vice Chairman.

At its Annual Meeting March 22, 2016, Greylock Federal Credit Union’s Board of Directors elected JamieEllen Moncecchi, Assistant Clerk/Recording Officer.