Greylock Federal Reports Strong 2014
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PITTSFIELD, Mass. — 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 percent, up from 8.76 percent in 2013, improving upon Greylock’s “well-capitalized” rating as determined by the National Credit Union Administration.
“In 2014, we saw the challenges of the ‘Great Recession,’ appear to recede," Greylock President Marilyn L. Sperling said. "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 percent over 2013 and funded consumer loans increase by 15 percent 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 five 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.”
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