Press
Greylock Federal reports strong 2014
PITTSFIELD, MA (March 25, 2015) — Greylock Federal Credit Union reported strong performance in 2014. In its 79th year of operation, Greylock posted net income of $5.37 million and total assets of $1.075 billion. The Credit Union’s regulatory net worth – a key measure of financial strength – ended the year at 9.4%, up from 8.76% in 2013, improving upon Greylock’s “well- capitalized” rating as determined by the National Credit Union Administration (NCUA).
Greylock President Marilyn L. Sperling said, “In 2014, we saw the challenges of the ‘Great Recession,’ appear to recede. We began to see home and auto sales increase, and additional quality commercial loan opportunities – hopeful signs that families and business owners were feeling more confident. The improving economy allows Greylock to continue its focus on growing capital to withstand any future downturns.”
For 2014 overall, Greylock saw new funded mortgages increase 28% over 2013 and funded consumer loans increase by 15% over 2013. Greylock Insurance Agency (GIA) and Greylock Investment Group (GIG) posted their best years ever.
At the end of 2014 Greylock posted the following results:
• 70,961 Member/Owners
• $1.075 billion in assets
• $837 million in total loans
• $960 million in total deposits
• $5.4 million in total net earnings
Other 2014 highlights included:
– Greylock received a Low Income Designation (LID) from the NCUA based on analysis which showed that more than half of Greylock’s members live in areas designated as low income by federal standards. Receiving LID status was the precursor to Greylock’s recent certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. The certification allows Greylock to expand services addressing the needs of low to moderate income families.
– Core account relationships expanded, with more than 2200 members deepening their existing relationships by making Greylock their primary banking institution. “The best indicator that we have achieved customer satisfaction comes when a family brings their active checking relationship to Greylock,” Sperling said. “It is gratifying that our number of active checking account holders has doubled in the past 5 years.”
– Additionally, Greylock introduced new electronic banking services in 2014, as part of the Credit Union’s Anywhere Banking® online banking services. Remote Deposit Capture (RDC) and uOpen online account opening, support continued member adoption of Internet and mobile services.
Noting the important role Greylock played as a community leader in 2014, Sperling said, “Our 263 employees continually step up with generous donations for the Berkshire United Way. In 2014 we set a new record, raising over $131,000. Our ongoing donations for a range of worthy causes and initiatives such as Elder Services and local food pantries as well as our culture of volunteerism make a difference every day to our Berkshire neighbors.”
About Greylock
– Greylock membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County. Greylock Federal is wholly owned by its more than 70,000 members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown and Lanesborough. Greylock has a Low Income Designation (LID) from the 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 online at www.greylock.org.
Greylock’s family of businesses includes:
· Greylock Insurance Agency, with seven locations county-wide, handles commercial and personal lines including auto, homeowner’s, life, disability, long-term care insurance, all forms of bonding, and 24/7 claims service.
· Greylock Investment Group offers access to a full array of services including financial planning, retirement planning, investment management, mutual funds, annuities and portfolio management.
· Greylock Marketing Group is a full-service advertising agency dedicated to helping other credit unions, businesses and not-for-profit organizations meet their communications and marketing objectives.
· Greylock Employee Benefits Services offers comprehensive consultation and brokerage services for group medical, dental, life and disability insurance.