Greylock Federal Credit Union reports strong financial results in 2022
PITTSFIELD, MA (March 23, 2023) — Greylock Federal Credit Union reports net income of $9.4 million and assets of $1.5 billion according to its recently released 2022 annual report. Chief Financial Officer Michael R. Stoddard reported that Greylock’s strong balance sheet, robust capital position and solid earnings put the Credit Union in great shape for the long-term. “We hold $165 million in capital reserves, including $57 million in extra capital cushion above the level considered well-capitalized by our regulators,” Stoddard added.
Stoddard’s report states that loan growth increased $133 million, or 12%, during 2022. This growth was seen across all major loan categories, especially in residential mortgage and consumer lending as total loan balances grew to $1.2 billion. On the funding side, deposits grew by $15 million, or 1%, over the course of the year and totaled $1.4 billion. “Our strong balance sheet, increasing capital position and our solid earnings stream put us in great shape to serve our membership even in the face of economic uncertainty,” added Stoddard. “Our Board of Directors and our experienced management team are committed to meeting our Members’ financial needs while keeping the Credit Union in great shape for the long-term.”
Chief Executive Officer John L. Bissell added that Greylock continues to welcome new Members seeking a safe haven for their deposits. “Because Greylock is a not-for-profit financial cooperative, we answer only to our Members and we are not subject to the wild swings of Wall Street speculation,” Bissell said. “Our Credit Union was established in the heart of the Great Depression and we are at our best during challenging economic times.”
According to the Warren Group, an independent research group focusing on the Massachusetts’ financial services industry, Greylock provides more than one third of all Berkshire County home mortgages and one third of all local car loans. Greylock grew to 98,400 Members. Their newest branch in neighboring Columbia County, New York, welcomed 1,023 new Members with deposits of $9.3 million and loans of $4.9 million.
“Greylock is here to help, always,” said Bissell. Greylock’s 2022 Annual Report is available at https://www.greylock.org/content/docs/Annual-Report-2022.pdf
About Greylock Federal Credit Union
Greylock Federal Credit Union’s vision is to be the face of financial equity and inclusion in the communities we serve by offering personal and business accounts; mobile, online, and phone access to your finances; free financial education for the community as a whole; unique lending products to suit the specific needs of our Members; investment services through Greylock Investment Group; and insurance products through Greylock Insurance Agency.
Greylock is wholly owned by its Members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough, and Lenox, Mass., and Greenport/Hudson, N.Y. Greylock has a Low-Income Designation (LID) from the National Credit Union Administration (NCUA) and certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund allowing the Credit Union to offer expanded services to low- and moderate-income families. More information is available at www.greylock.org. Equal Housing Lender. Insured by NCUA.
