Greylock Federal released its 2019 Annual Report and committed to using the Credit Union’s financial resources and expertise to help the community respond to the coronavirus pandemic. “We are committed to using the financial knowledge and strength we have built over the past 85 years to help our community confront this enormous challenge,” said President/CEO John L. Bissell. While Greylock has postponed its Annual Meeting due to public safety concerns, the Credit Union released its annual report to its membership on March 29, 2020. “Fortunately, we started this year in a rock-solid financial position with the highest capital levels in our long history,” Bissell added. “Our Members will benefit from the strong investments we have made in technology to provide full access to services under all kinds of circumstances.”
Greylock’s 2019 annual report, accessible at www.greylock.org, shows a 5.3% rise in deposits and an increase of regulatory capital to 10.7%. Other 2019 results included:
- 87,722 Member/Owners
- $1.25 billion in total assets
- $1.07 billion in total loans
- $1.08 billion in total deposits
- $7.6 million in total net income
“While financial strength is important, the greatest asset we can offer our community resides in the strength and compassion of our people,” Bissell said. “I am so grateful for the commitment our employees have shown since this crisis first emerged. Across our entire Credit Union, Greylock Investment Group, and Greylock Insurance Agency, our teams are working with hundreds of families and small businesses to address their individual financial challenges. We will try to work with any member encountering a financial hardship due to COVID-19. That might mean providing personal financial coaching; waiving fees; rethinking a credit card payment; or modifying a loan. We are here to help; just call us.”
Greylock posts the latest news on resources for personal and business services, at www.greylock.org/coronavirus or www.greylockinsurance.com/covid19 .
Greylock Board Chair Stanley Walczyk affirmed that meeting the crisis head-on fits with the Credit Union’s long-standing mission. “Our vision is to enable the community to thrive, through good times and tough times. It is the Credit Union’s privilege and responsibility to design and deliver helpful solutions during these unprecedented times. Our offerings will continue to change as community needs change.”
Bissell added, “while Greylock has a great deal of financial strength, we also know we are strongest when we stand together,” referring to a joint ad campaign released by Adams Community Bank, Berkshire Bank, Greylock Federal Credit Union, Lee Bank, MountainOne Bank, and the Pittsfield Cooperative Bank. Bissell vowed to continue to seek out solutions for the community, “we will continue to collaborate with other non-profit and industry partners across the region and across the country to deliver solutions that help all of us through this crisis.”