USA’s #1 for Value is Strong Financial Performer in 2008

July 16, 2008 – Pittsfield- Greylock Federal has secured top status among US credit unions for total value provided to its members. Callahan & Associates, a national firm that tracks performance of credit unions, reported that Greylock ranks #1 for total return of value to its Member/Owners in the credit union’s new asset category of $1 billion to $2.5 billion. Callahan calls its “Return to the Member” rating “an economic profile based on the value of the credit union’s products and services.” Greylock also released its mid-year financial results which show the financial cooperative meeting or exceeding its targets for 2008.

Noting that the credit union’s continued growth came despite strong headwinds from the global credit crisis, President Angelo Stracuzzi attributed Greylock’s strength to its 100% local focus. “Staying close to home has paid off for Greylock and our members,” said Stracuzzi, adding that, while Greylock also attained #1 status in 2007 among credit unions in the $500 million to $1 billion category, growth in 2008 brought Greylock into a new group of 101 credit unions across the country. “People are looking for value now more than ever. As the economy weakens, the people of Berkshire County are turning to Greylock as the hometown institution that can take care of all their needs.”

“The Callahan report shows us at #1 in the country for value, based on our ability to do three key things better than any other credit union: hold loan rates low, keep deposit rates as high as possible, and invest in new branches and services to boost our convenience,” Stracuzzi said. “You can only do those three things if you have a strong financial position, a loyal membership base, and a stable, professional group of employees who are totally committed to providing outstanding service.”

“Where does that strength and stability come from? It comes straight from our roots in the community, and from the fact that we are a financial cooperative,” Stracuzzi said. “Every dollar that our members invest in the credit union is reinvested directly into the community in the form of home mortgages, auto loans and small business loans. This local lending model has survived the test of time. The latest turmoil in the global financial markets affects every financial institution, but we have been able to maintain a strong balance sheet because we are not subjected to the whims of Wall Street, and because we are lending to people we know at terms they can understand and afford.”

Greylock Chief Financial Officer John Rys said that 2007 was one of Greylock’s strongest in its 73-year history and that 2008 showed continued strong growth. According to Rys, Greylock is reporting mid-year financial results including:

• Total assets of $1.051 billion

• Strong capital reserves at $88 million

• Loan reserves exceeding $7 million

• Mid-year earnings exceeding expectations at $3.5 million

“Our 2008 performance continues to be very strong,” Rys said. “One of the best indicators of local confidence is that we have added more than 2,000 net new members to the credit union just since January, even though nearly 1 out of every 2 people already belongs. We’re helping more people than ever, right here in Berkshire County.”

Stracuzzi said the Callahan report, which covers performance for the 1st quarter of 2008, is an objective measure of Greylock’s member-focused mission. “We know internally that our performance is strong, but because we are a financial cooperative, we don’t have an easy yardstick like a stock price for the public to gauge our performance. The Callahan report uses the same objective financial data that our regulators use to measure safety, soundness and financial strength. It is our financial strength that enables us to sustain our community lending philosophy even in difficult economic times.”

Callahan & Associates, Inc., founded in 1985 by the former Chairman, General Counsel and Director of Examination & Insurance of the National Credit Union Administration, is a national credit union research and consulting firm that specializes in financial publications, analysis software, strategic planning and investment management. Greylock Federal is wholly owned by its members and is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County. Greylock offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, and Williamstown. More information is available at www.greylock.org.