Greylock Federal Credit Union is an independent company, wholly owned by its members. This is what distinguishes the Credit Union from other financial institutions. Members put their money in a variety of savings accounts, and that money, in turn, is lent to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services.
Greylock is governed by a Board of Directors that establishes and reviews policy. The Directors are Credit Union members who are elected by the Membership and serve without pay. Every member has one vote, regardless of how much he or she had on deposit. At the Credit Union, there is no select group of shareholders that profits more than anyone else. All Members profit -- individually and collectively.
Greylock Federal Credit Union was organized by fifteen employees of General Electric Company under the name Pittsfield G.E. Employees Credit Union (PGEECU) for the purpose of assisting employees to save and to provide low-cost loans for provident purposes. The charter of PGEECU was issued January 4, 1935.
PGEECU operations were carried on inside the General Electric Company building at 100 Woodlawn Avenue in Pittsfield by company volunteers until 1958 when the Credit Union hired its first full time manager and other employees to handle PGEECU business.
The 1960's began a period of tremendous growth for the Credit Union. It was at this time that the Credit Union offered mortgages for the first time. In recognition of this growth, a Building Committee was formed, and planning began for new quarters for the Credit Union.
The new building at 75 Kellogg Street was completed in 1971, and PGEECU became the first credit union in the state to own a building and lease out space. In 1974, the Credit Union adopted a policy of "Once a member, always a member". This meant that members who retired or left GE employment for any reason no longer had to close their accounts and pay off their loans. That same year, immediate family members became eligible to join the Credit Union. In 1979, PGEECU installed its own in-house computer system, began to offer checking accounts for the first time, and began to accept GE pension checks for direct deposit.
In 1982, PGEECU introduced Individual Retirement Accounts. Automated teller machines (ATMs) were added in 1985 with a registered trademark name of Credit Union Express--the same year the Credit Union celebrated 50 years of service to its members. In 1987, members were able to have direct computer access to their accounts via telephone with its newest service, Nice Touch.
In January 1990, PGEECU broadened its membership to also serve past and present employees of three GE-affiliated companies: Crane & Co., Inc. (and subsidiaries); Information Alliance Company, Inc.; and Geary Corporation. In November 1990, the Credit Union expanded with its first outside branch at 660 Merrill Road, and in August of 1992, past and present employees of Berkshire Gas Company were added to the Credit Union's field of membership.
Recognizing the downsizing of its major sponsor company, General Electric Company, PGEECU changed its field of membership to include anyone who lives or works in Berkshire County in April of 1994. The Credit Union also chose a new name, Greylock, which better reflected the new county-wide membership it could now serve.
In May of 1994, Greylock petitioned the Commissioner of Banks to open a branch office in Adams, MA. As a result of another application to NCUA to convert to a federally-chartered, community-based credit union, that branch became a reality on January 8, 1996.
The Credit Union's federal charter application was approved on November 16, 1995. Greylock's name and charter became effective November 21, 1995 -- Greylock Federal Credit Union.
Greylock Federal Credit Union is an independent company wholly owned by its members.
Greylock is a federally-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration, an agency of the U.S. Government. All accounts are insured by the National Credit Union Share Insurance Fund(NCUSIF).