Greylock has published its first ever Community Impact Report in conjunction with its 2020 Annual Report.
The Community Impact Report reveals the success achieved through a network of community partnerships. “We are grateful for the many partners who work collaboratively with Greylock to achieve our shared vision of a thriving community,” said President and Chief Executive Officer John L. Bissell. “As a not-for-profit financial cooperative, and Community Development Financial Institution, we recognize our accountability for progress toward achieving financial inclusion, and we are committed to transparency in how we report these results as shown in this new report.”
The Community Impact Report reflects three areas of focus: design and delivery of products and services; inclusion, diversity, equity and accessibility efforts; and community support through grants and donations.
Greylock made a significant difference on the financial well-being of its membership with agile product design and delivery during the pandemic. Highlights include:
- $4.5 million in special loans were approved to help members secure safe and reliable transportation and avoid paying exorbitantly high interest rates to predatory lenders.
- $2.5 million in interest-free emergency loans were awarded to area first responders so they could focus on their role in fighting COVID-19.
- 4,000 local jobs were supported with over $30.5 million in Paycheck Protection Loans.
- Nearly 4,000 members got help from Greylock through loan deferments during the height of the pandemic.
The second section of the report outlines Greylock’s substantial commitment to what it calls IDEA (inclusion, diversity, equity and accessibility). “With the full support of our Board, Greylock has pledged to open financial access to anyone and everyone in the community, regardless of where they come from, how they worship, who they choose to love, their physical abilities, or even how much money they have,” said Bissell. In 2020, Greylock joined the African American Credit Union Coalition to support advocacy and professional development for people of color. Greylock also strengthened its efforts as a Juntos Avanzamos credit union by recreating its website for Spanish-speaking members and offering webinars and financial education classes in English and Spanish. “Greylock is committed to listening, learning and leading as we strive to achieve greater financial equity,” said Bissell.
Greylock contributed $762,018 in community grants and donations in 2020. They were also recognized as a Pinnacle Company in the Berkshire United Way’s workplace campaign and as a Platinum level donor with the Northern Berkshire United Way. “We refined our grant program in 2020,” said Sr. Vice President and Chief Administrative Officer JamieEllen Moncecchi who manages Greylock’s charitable contributions. “We redesigned and streamlined the application process on our website so we can have the greatest impact based on our determined priorities.” The details of the grant process can be viewed at http://www.greylock.org/grants.
The Annual Report reflects the strong capital and stable core earnings that provided the capacity to fund substantial loan demand and the largest annual growth in deposits in Greylock’s history. The fully audited net income in 2020 was $8.5 million. Other highlights included:
- The $8.5 million net income equals a return on assets of 0.61%.
- Total assets grew by $165 million or 13%.
- Loan growth of $40 million or 4%.
- Deposit growth of $163 million or 15%.
“Despite the economic volatility last year, the Credit Union’s solid balance sheet enabled us to meet the financial needs of our members at a time when it was most needed,” said Greylock Executive Vice President and Chief Financial Officer Michael Stoddard.