Greylock Federal Credit Union reported a solid 2017 at its 83rd Annual Meeting held at the Colonial Theatre in Pittsfield on March 27, 2018. In its 82nd year of operation, Greylock’s core operating earnings were $6.7 million, up from $4.7 million the prior year, with total assets of about $1.16 billion. The Credit Union’s regulatory capital – a key measure of financial strength – ended the year at 10.30%, up from 9.94% in 2016, improving upon Greylock’s “well-capitalized” rating as determined by the National Credit Union Administration. During 2017, Greylock grew its loan portfolio to more than $959 million and continued its position as the County’s top originator of mortgage loans and consumer loans.
“While we are pleased with the financial success the credit union achieved in 2017, we are even more gratified with the response from our community to Greylock’s mission of providing the keys to enrich people’s lives,” said Greylock President & CEO John L. Bissell. “An excellent indicator that we are achieving a high level of customer satisfaction is the increase we experienced in core account relationships, with nearly 3,000 members choosing to bring their primary banking relationship to Greylock. Through our expanded community development programs, we improved access to affordable financial services for everyone regardless of financial status. In pursuing our vision of enabling our community to thrive, we have increased loan opportunities for people who need them the most, and have expanded our financial literacy education efforts.”
Greylock’s 2017 Community Development Program highlights:
- Made nearly 900 loans to credit-challenged borrowers.
- Originated $1.6 million in affordable used auto loans through a program that helps to boost credit scores.
- Helped keep thirty families in their homes through foreclosure-prevention programs.
- Created a Safety Net loan program providing affordable access to emergency funds for borrowers with challenged credit.
- Offered interactive financial literacy training to nearly 5,700 students in Western Massachusetts.
- Provided more than 1,500 people with one-on-one financial wellness counseling sessions.
- Held 67 County-wide member education classes at various locations where nearly 1,000 people learned about topics such as: building credit, budgeting, controlling debt, investing, protection from fraud, and buying a first home.
Other 2017 highlights included:
- Greylock launched a robust new online and mobile banking system, and added more than 2,000 active new users.
- Completed a merger with Landmark Credit Union in North Adams.
- Greylock expanded its Community Development Program to include the introduction of new lending programs to benefit financially-underserved members such as credit-challenged borrowers, low income workers, immigrants, students, and young workers.
- Redesigned the Greylock.org website to offer a more community-oriented, user-friendly look and feel to increase and improve community engagement.
At the end of 2017, Greylock posted the following results:
- Over 82,000 Member/Owners
- $1.16 billion in total assets
- $959 million in total loans
- $1.014 million in total deposits