Angelo Stracuzzi addresses Annual Meeting

March 28, 2008 – PITTSFIELD – Greylock Federal released its financial results for 2007 at the Credit Union’s 73rd annual meeting. Greylock experienced continued loan growth in all categories, and expansion of branches and services into all corners of Berkshire County. The credit union ended the year with total assets growing by approximately $81 million to finish the year at $988 million in assets and more than 62,000 Member/Owners.

President Angelo C. Stracuzzi emphasized the contrast between the stable growth of the credit union and the turmoil on Wall Street. Stracuzzi said, “2007 will be remembered as one of the most turbulent ever in the history of Wall Street and in global financial markets. We have seen the headlines about the subprime mortgage meltdown, mega-banks losing millions in value in a matter of weeks and interest rates on a crazy rollercoaster ride. With all the uncertainty around the world, I’m pleased to tell you that Greylock Federal Credit Union remains safer and stronger than ever. Greylock is in a perfect position to help even more Berkshire County families achieve their financial dreams.”

Stracuzzi indicated that the credit union’s operating philosophies were affirmed by the events of 2007. “In a year when subprime lending practices hurt homeowners and damaged the global economy, Greylock remained committed to lending money to people in a manner they can understand and afford,” Stracuzzi said. “In a year when many banks laid off employees and cut back on services, Greylock continued to build the best financial services team in the region and add facilities to enhance convenience. And in a year when financial institutions all over the United States are struggling to make ends meet, Greylock has produced strong financial results. By sticking to our local lending philosophy and working to ‘treat everyone better than they expect,’ we have posted some rewarding accomplishments.”

The more than 350 Member/Owners in attendance at the Annual Meeting applauded Greylock’s status among peer financial institutions as the #1 credit union in the United States, based on survey results provided by Callahan & Associates. The survey evaluated data from hundreds of credit unions across the country, measuring their success in providing positive “return to the member,” a gauge of total value provided through loans, deposit programs and other services. In this category, Greylock outpaced all other credit unions in the country.

In addition to strong loan growth, 2007 also saw continued geographic expansion. Greylock opened its new full-service branch in Pittsfield on Elm Street, bringing the total of branches county-wide to twelve. A new ATM was opened in Lenox at the Nejaimes’s Center marking the county’s 16th Greylock ATM. Greylock Insurance Agency expanded by acquiring Gallup & Casey Insurance Agency in North County and opened a sixth location on Stockbridge Road in Great Barrington. Greylock expanded its financial planning and investment services and opened a new, larger office at 128 South Street. “Our charter calls for us to serve anyone who lives or works in Berkshire County,” Stracuzzi said. “With the addition of these branches, ATMs, insurance agencies and financial planning capabilities we have enhanced our convenience throughout the County, from Williamstown and North Adams all the way to Great Barrington.”

John Rys, Greylock’s Senior Vice President/ CFO and Controller reviewed other areas of strong financial performance. “The Credit Union had growth of $81 million in total assets to end the year at nearly $988 million,” Rys reported. “The $63 million of growth in our deposit base brought share balances to $792 million by the end of the year, while our loan portfolio ended the year at more than $781 million. Net income came in at nearly $6 million.” Rys also reported growth in the Credit Union’s capital required by regulatory guidelines. “Our capital increased to $84.6 million for a capital-to-asset ratio of 8.57%. The credit union regulatory agency, the National Credit Union Administration, judges us to be a well capitalized institution.”

During the course of the annual meeting, Greylock Member/Owners re-elected three directors to the credit union board: Gerard E. Burke, Daniel E. Donovan, and Sheila LaBarbera; and paid tribute to the late William F. Mufatti.

Burke joined the Credit Union board in 1999 and currently serves as chairman of the Asset Liability (ALCO) and Community Support committees and as a member of the Building and Information Systems committees. He is president and CEO of Hillcrest Education Centers, and holds a master's degree in business administration from Western New England College, a master's degree in counseling psychology from Anna Maria College, and a bachelor's degree in special education from Fitchburg State College. Active in the community, Jerry has been a member of a number of local organizations. He lives in Pittsfield with his wife, Kate, and six children.

Donovan has been a member of the Credit Union board since 1983. He worked in finance for General Electric and General Dynamics before retiring after 35 years of service. He served as chairman of the board from 1994 to 1996, and as chairman of the Supervisory Committee from 1997 to 2000. He is currently chairman of the Expense Committee and a member of the Personnel Committee. He is a graduate of St. Joseph High School in North Adams, and St. Francis Xavier University with a degree in administration. Dan is a member of Wahconah Country Club, serving two terms on the board of directors as well as a former president of the Club. He and his wife Mary live in Richmond and have five children and six grandchildren.

LaBarbera joined the board in 1999 and serves as Clerk/Treasurer. She is chairman of the Golf Committee, and a member of the ALCO, Community Support, Governance, and Personnel committees. She has a bachelor's and a master's degree in business administration, both from Western New England College. She is employed by the Berkshire County Retirement Board as the retirement systems executive administrator. Sheila is a graduate of the Institute for Chartered Pension Professionals, certified in pension benefit analysis and investment portfolio management. She served on the Pittsfield City Council from 1986 to 1992, and lives in Pittsfield with her husband, Douglas Joseph.

Greylock Federal Credit Union was recently rated the top credit union in the United States for total value returned to Members/Owners according to Callahan & Associates, a national credit union research and consulting firm. Greylock Membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County. Greylock Federal is wholly owned by its more than 60,000 members and Greylock offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, and Williamstown. More information is available at www.greylock.org.