Greylock Federal Credit Union held its 85th Annual Meeting on September 22nd. Due to the pandemic, the meeting was postponed from its original date of March 24th and was hosted virtually.
Board Chair Stanley Walczyk, a retired long-time Dalton pharmacist who has been a member of the board since 2011, called the annual meeting to order. His opening remarks identified a key difference between traditional banks and credit unions. “Unlike traditional bank directors who receive hefty stipends for their governance, Greylock Board members are volunteers.” explained Walczyk. “So why do we do it? … Greylock believes that opportunity grows here and is leading the way to make sure everyone has the same chance for success.”
One of the primary agenda items was an election to fill four open seats on the board of directors. Four of Greylock’s current board members were reelected to the board, including: John Bissell, Greylock CEO and president; Gerard Burke, president and CEO of Hillcrest Educational Centers; Kelly Krok, a senior advanced HR advisor for General Dynamics Mission Systems; and Sheila LaBarbera, the executive director of the Berkshire County Retirement Board.
The meeting included a presentation on the state of the Credit Union by Chief Financial Officer Michael Stoddard. “In summary, at the close of 2019 our loan and deposit totals were at new all-time heights, our earnings amounted to the second best in our history and our capital and asset quality ratios were the best we’ve experienced in over a decade,” reported Stoddard. “What this means is that we were well prepared to weather economic storms, like the one we are navigating through right now.”
President and CEO John Bissell also spoke. “The good news is that Greylock entered the COVID crisis with the highest levels of capital in our 85 year history,” announced Bissell. “I want to reassure you that Greylock is and will continue to be financially strong. We’ll be here to continue to make sure you have the right financial tools, insurance protections and investment strategies as we continue to move forward.”
Greylock also held an organizational meeting of the board of directors on September 29th where they appointed the following slate of officers: Stanley Walczyk, chair of the board; John Law, vice chair; Peter Lopez, secretary/financial officer; and JamieEllen Moncecchi, assistant secretary.