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Greylock Federal Holds Annual Meeting - March 28, 2008
 | | Greylock Credit Union President Angelo C. Stracuzzi addresses the 73rd annual meeting. [Photo courtesy of Edward Acker} |
PITTSFIELD — Greylock Federal released its financial results for 2007 at its 73rd annual meeting on March 26.
Greylock experienced continued loan growth in all categories, and expansion of branches and services into all corners of Berkshire County. The credit union ended the year with total assets growing by approximately $81 million to finish the year at $988 million in assets and more than 62,000 member/0wners.
President Angelo C. Stracuzzi emphasized the contrast between the stable growth of the credit union and the turmoil on Wall Street.
"2007 will be remembered as one of the most turbulent ever in the history of Wall Street and in global financial markets. We have seen the headlines about the subprime mortgage meltdown, megabanks losing millions in value in a matter of weeks and interest rates on a crazy roller coaster ride," said Stracuzzi. "With all the uncertainty around the world, I'm pleased to tell you that Greylock Federal Credit Union remains safer and stronger than ever. Greylock is in a perfect position to help even more Berkshire County families achieve their financial dreams."
Stracuzzi said the credit union's operating philosophies were affirmed by the events of 2007.
"In a year when subprime lending practices hurt homeowners and damaged the global economy, Greylock remained committed to lending money to people in a manner they can understand and afford," he said. "In a year when many banks laid off employees and cut back on services, Greylock continued to build the best financial services team in the region and add facilities to enhance convenience. And in a year when financial institutions all over the United States are struggling to make ends meet, Greylock has produced strong financial results. By sticking to our local lending philosophy and working to ‘treat everyone better than they expect,’ we have posted some rewarding accomplishments."
The more than 350 member/owners in attendance applauded Greylock's status among peer financial institutions as the No. 1 credit union in the United States, based on survey results provided by Callahan & Associates. The survey evaluated data from hundreds of credit unions across the country, measuring their success in providing positive "return to the member," a gauge of total value provided through loans, deposit programs and other services. In this category, Greylock outpaced all others.
In addition to strong loan growth, 2007 also saw continued geographic expansion. Greylock opened its new full-service branch in Pittsfield on Elm Street, bringing the total of branches countywide to 12. A new automated teller machine was opened in Lenox at the Nejaimes Center, marking the county's 16th Greylock ATM. Greylock Insurance Agency expanded by acquiring Gallup & Casey Insurance Agency in North County and opened a sixth location on Stockbridge Road in Great Barrington. Greylock also expanded its financial planning and investment services and opened a new, larger office at 128 South St.
"Our charter calls for us to serve anyone who lives or works in Berkshire County," Stracuzzi said. "With the addition of these branches, ATMs, insurance agencies and financial planning capabilities we have enhanced our convenience throughout the County, from Williamstown and North Adams all the way to Great Barrington."
John Rys, senior vice president, chief financial officer and controller, reviewed other areas of strong financial performance.
"The credit union had growth of $81 million in total assets to end the year at nearly $988 million," he reported. "The $63 million of growth in our deposit base brought share balances to $792 million by the end of the year, while our loan portfolio ended the year at more than $781 million. Net income came in at nearly $6 million."
Rys also reported growth in the credit union's capital required by regulatory guidelines. "Our capital increased to $84.6 million for a capital-to-asset ratio of 8.57 percent. The credit union regulatory agency, the National Credit Union Administration, judges us to be a well-capitalized institution."
Member/owners re-elected three directors to the credit union board, Gerard E. Burke, Daniel E. Donovan and Sheila LaBarbera, and paid tribute to the late William F. Mufatti.
Burke joined the board in 1999 and is chairman of the Asset Liability and Community Support committees and a member of the Building and Information Systems committees. He is president and chief executive officer of Hillcrest Education Centers, and holds a master's degree in business administration from Western New England College, a master's degree in counseling psychology from Anna Maria College, and a bachelor's degree in special education from Fitchburg State College. Active in the community, he has been a member of a number of local organizations. He lives in Pittsfield with his wife, Kate, and six children.
Donovan has been board member since 1983. He worked in finance for General Electric and General Dynamics before retiring after 35 years of service. He was chairman of the board from 1994 to 1996, and chairman of the Supervisory Committee from 1997 to 2000. He is currently chairman of the Expense Committee and a member of the Personnel Committee.
He is a graduate of the former St. Joseph's High School in North Adams and of St. Francis Xavier University, from which he earned a degree administration. Donavan is a member of Wahconah Country Club, serving two terms on the board of directors as well as a former president of the club. He and his wife, Mary, live in Richmond and have five children and six grandchildren.
LaBarbera joined the board in 1999 and is clerk/treasurer. She is chairman of the Golf Committee, and a member of the ALCO, Community Support, Governance and Personnel committees. She has a bachelor's and a master's degree in business administration, both from Western New England College. She is employed by the Berkshire County Retirement Board as the retirement systems executive administrator. She is a graduate of the Institute for Chartered Pension Professionals, certified in pension benefit analysis and investment portfolio management. She served on the Pittsfield City Council from 1986 to 1992, and lives in Pittsfield with her husband, Douglas Joseph.
Greylock membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County. More information is available at www.greylock.org.
Greylock Federal
Fiscal 2007 Highlights
Membership grew to 62,643
No. 1
Mortgage Lender in Berkshire County (as ranked by Banker & Tradesman with over 1,300 mortgages originated in 2007)
No. 1
Auto Lender in Berkshire County with (as ranked by Auto Count with 4,521 new and used auto loans financed by Greylock, representing a 75 percent market share of vehicles financed among local lenders)
The Small Business Administration (SBA) has recognized Greylock Federal Credit Union’s achievement as the tenth largest SBA financial lender in the commonwealth out of 119 financial institutions, the top SBA credit union lender in the state and the tenth most active credit union in the entire country the fiscal year ending Sept. 30, 2007.
$300 million in loans were granted for 2007 representing:
o 33% increase in consumer lending
o 31% increase in small business lending
o 13.5% increase in mortgage lending
Asset size reached $988 million
Loans reached $781 million
Our earnings came in at nearly $6 million, a 48% increase over 2007
Our capital increased to $84.6 million or 8.57%
Loan loss reserves reached $6.7 million or .85% of total loans
Ranked as the No. 1 credit union nationally in “Return to the Member,” a measure of total value for member/owners (As ranked by Callahan & Associates, a national credit union research firm)
Opened Elm Street branch, attaining more than $35 million in deposits
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