Greylock Federal Credit Union held its 2022 Annual Meeting on March 22nd. The meeting resulted in the re-election of four board members and the acceptance of the 2021 financial statements and the Supervisory Committee Audit Report.
Those re-elected were:
Tyrone Allan Jackson -- founder of Big Head Books, LLC and co-founder of Read or Else
Anthony Rinaldi – Executive Vice President of Fairview Hospital for Berkshire Health Systems
Krystle Blake – Project Manager at General Dynamics Mission Systems
Stanley Walczyk – Former President, O’Laughlin’s Home Care
In his report, Chief Financial Officer Michael R. Stoddard stated that, “the year turned out to be even stronger than 2020 as robust deposit growth continued, loan losses declined to a 27-year low and net income for the year reached an historic high.” According to Greylock’s Annual Report, net income totaled $12.7 million and total assets grew by $136 million to more than $1.5 billion in 2021. While loans decreased by 2%, deposits increased by 12% and the credit union’s regulatory capital increased to 10.12%. “Greylock’s rock solid balance sheet, strong capital and solid earnings stream have positioned the credit union to meet our Members’ financial needs and support our community today and for generations to come,” Stoddard added.
These results were confirmed by Greylock’s Supervisory Committee through a report by James T. McGough, from the independent audit firm Wolf & Co.
Other 2021 Greylock highlights that were shared at the annual meeting included:
- The credit union opened a new branch in Greenport/Hudson, NY in February 2021
- The Credit Union of the Berkshires was merged into the Greylock family in the last quarter of 2021
- The Roger Butler Insurance Agency was integrated into the Greylock Insurance Agency.
Immediately following the meeting, the Board of Directors held a special organizational meeting to elect officers. Those elected were: Stanley Walczyk, chair; Peter Lopez, vice chair; Kelly Krok, clerk/treasurer; and JamieEllen Moncecchi, assistant clerk/recording officer.