Greylock Federal reports solid financial results in 2023, announces Slate of Board Officers
PITTSFIELD, MA (March 27, 2024) — With net income of $4.9 million and assets of $1.6 billion, Greylock Federal Credit Union reports a strong balance sheet, robust capital position and solid earnings for 2023.
The financial results are part of the credit union’s 2023 Annual Report released during its Annual Meeting on Tuesday, March 26.
“Our regulatory capital ratio increased from 10.74% to 12.14%, well above the level considered well-capitalized by our regulators. This leaves us in a very healthy capital position,” said Chief Financial Officer Michael R. Stoddard.
Stoddard reported loan growth of $76 million, or 6.2%, during 2023. This growth was reflected across all major loan categories, as total loan balances grew to $1.3 billion. On the funding side, deposit balances declined by 2.3%. At the end of 2023, Greylock deposit balances equaled $1.4 billion.
“Our strong balance sheet, increasing capital position and 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.”
President and Chief Executive Officer John L. Bissell highlighted Greylock’s longstanding strength.
“Since 1935, we have been building and nurturing member relationships, creating an unshakeable foundation of trust and resiliency. We’ve weathered the Great Depression and multiple recessions; financial crises and social upheaval. Through an ever-changing economic landscape, Greylock remains a safe, sound, and secure financial harbor,” Bissell noted.
“Greylock’s collective strength is a direct reflection of our more than 100,000 members who have chosen us to be their financial institution, and in 2023, we saw a year filled with continuous progress, advancement, and deepened partnerships in the communities that we serve.”
In 2023, Greylock provided almost 27% of all Berkshire County home mortgages and over 37% of all local car loans, according to the independent research firm, The Warren Group, and Experian, respectively.
Immediately following the annual meeting, Greylock’s Board of Directors met to elect the officers. Peter T. Lopez was reelected as Chairperson; Kelly J. Krok was reelected as Vice Chairperson; Krystle A. Blake was reelected as Secretary/Financial Officer; and JamieEllen Moncecchi was reelected as Assistant Secretary.
Greylock’s 2023 Annual Report is available at: www.greylock.org/go-greylock/greylock-news/annual-report.html
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.
