Saturday, August 25, 2007

PITTSFIELD — Greylock Federal Credit Union has been named the top performing credit union of any category in the U.S. according to a national report gauging benefits provided to customers during the first quarter of 2007.

Callahan & Associates, a national credit union research and consulting firm, published the rankings based on data analyzed through March 2007.

Greylock had achieved first place among community credit unions, third place in the overall rankings, in the fourth quarter of 2006.

The scoring breakdown

A high score in the Callahan "economic profile based on the value of the credit union's products and services" indicates superior performance in three areas: Level of product and service usage by members; value of deposit services and rates; and value of loan services and rates.

Greylock Federal's rating placed it ahead of all other credit unions of comparable size ($500 million to $1 billion in assets).

"Looking back to our roots as a one-desk credit union in the old GE plant, it's amazing to think that we started out from those humble beginnings and have now attained national prominence," said Angelo Stracuzzi, President of Greylock Federal. "The success of this credit union is a tribute to the hard work of many people over many years, taking care of one member at a time."

Stracuzzi said the report provides important performance feedback to the credit union management team.

Some surprise

"I wasn't surprised we were ranked so high — but I was surprised that we got a score of 100 percent," he noted. "We have stories from our Member/Owners, and then objective reports like the one provided by Callahan. We are truly gratified to see Greylock as the top performing credit union in the entire country."

Being ranked at the top can lead to a defensive strategy, but Stracuzzi said, "We're going to continue to do what we're doing and try to stay at the head of the pack."

Daniel F. Egan, Jr., President of the Massachusetts Credit Union League, commended Greylock for the accomplishment.

"Greylock Federal Credit Union has once again been recognized for its unique status as a superlative consumer-driven institution," he said. "This latest ranking was achieved through the conscious effort and planning by its Board of Directors and senior management to exceed members' expectations by providing value added products and services."

Greylock Federal Credit Union is owned by its more than 60,000 members. Greylock offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams and Williamstown.