Greylock Federal Reports Strong 2024 Financial Results, Announces Board Election

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PITTSFIELD, Mass.—Greylock Federal Credit Union reported its 2024 financial results, including a net income of $4.7 million and assets exceeding $1.6 billion, at its annual meeting on March 25, 2025.
 
According to Chief Financial Officer Michael A. King, the credit union's regulatory capital ratio increased from 12.14 percent to 12.21 percent.
 
Loan growth for the year was reported at $16 million, or 1.3 percent, bringing total loan balances to over $1.3 billion. Deposit balances decreased by 0.1 percent, ending the year at $1.4 billion.
 
"As we look ahead into 2025, our capital, liquidity, and loan quality are at very strong levels. Our balance sheet is well-positioned to manage various potential interest rate environments and economic scenarios," King said. "We continue to actively manage expenses and regularly seek opportunities to provide excellent member services for both the present and long-term."
 
President and Chief Executive Officer John L. Bissell acknowledged the year's achievements
 
"I am grateful for the hard work of Greylock's 300 financial professionals in achieving balance and forward momentum throughout 2024. I am deeply grateful for the way in which our employees, our Board and our Membership are unified around a shared purpose of strengthening our community," he said. "You should all know that your Board works extremely hard to provide strong governance; and they give us all the confidence to keep forging ahead."
 
Bissell also addressed the credit union's stability.
 
"Just like we did through the pandemic and through wars, and through recessions. We will keep moving ahead, in balance, remaining true to our principles and our values," he said. "Your loyalty to this credit union makes all the difference. Let your friends and family members know, Greylock is the safe, local place to put their money, a place with steady financial performance, a rock-solid balance sheet and most importantly, kind caring people delivering great service."
 
During the meeting, four directors were elected to the Board of Directors: Krystle Blake (three-year term), Shelby Williamson (three-year term), Brett Random (three-year term), and Tyrone Allan Jackson (one-year term).
 
Board Chairman Peter T. Lopez stated, "This year, we were fortunate enough to have five incredible people campaigning for four open seats on our volunteer board. We appreciate their willingness to serve and contribute to the well-being of Greylock."
 
The Greylock 2024 Annual Report is available online at: https://www.greylock.org/content/docs/Annual-Report.pdf

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PEDA Site 9 Preparation, Member Retirement

By Breanna SteeleiBerkshires Staff

PITTSFIELD, Mass. — The redevelopment of Site 9 for mixed-use in the William Stanley Business Park is set to take off. 

Edward Weagle, principal geologist at Roux Associates, gave an update on the yearlong work to the Pittsfield Economic Development Authority last week.

"It's been a real pleasure for me to work on a project like this," he said. "This is kind of like a project of a career of a lifetime for me, and I'm very pleased to see that we're just at the finish line right now. My understanding is that all the documents are in front of the commissioner, waiting for her to sign off."

Mill Town Capital is planning to develop a mixed-use building that includes housing on the site. Roux, headquartered in Islandia, N.Y., was hired assist with obtaining grant financing, regulatory permitting, and regulatory approvals to aid in preparing the 16.5-acre site for redevelopment. Approximately 25,000 cubic yards of concrete slabs, foundations, and pavements were removed from the former GE site. 

Once the documents are signed off, PEDA can begin the work of transferring 4.7 acres to Mill Town. Weagle said the closing on this project will make it easier to work on the other parcels and that he's looking forward to working on Sites 7 and 8.

PEDA received a $500,000 Site Readiness Program grant last year from MassDevelopment for Sites 7 and Site 8. The approximately 3-acre sites are across Woodlawn Avenue from Site 9 and border Kellogg Street. 

In other news, the state Department of Transportation has rented the east side of the parking lot for CDL (Commercial Driver's License) training. This is an annual lease that began in September and will bring in $37,200 in revenue.

Lastly, the meeting concluded with congratulations to Maurice "Mick" Callahan Jr. on his retirement.

Callahan is a former chair and a founding member of PEDA, dating back to when the board was established in the 1990s. He has also served on a number of civic and community boards and has volunteered for many organizations in the Berkshires. He is the president of M. Callahan Inc. 

"The one thing that's been a common denominator back is that you've always put others before yourself. You've served others well. You've been a mentor to two generations of Denmarks, and I'm sure many generations of other families and people within this city," said board Chair Jonathan Denmark. "We can never say thank you enough, but thank you for your services, for the creation of this board, your service to the city of Pittsfield, and to all the communities that you've represented and enjoy retirement." 

"It wasn't always easy to be in the position that you were in Mick, but you handled it with so much grace, always respecting this community, bringing pride to our community," member Linda Clairmont said. "I could not have accomplished many of the things I did, especially here for this business part, without you all of the Economic Development discussions that we had really informed my thinking, and I'm so grateful."

Callahan left the team with a message as this was his final meeting, but said he is always reachable if needed.

"I also have to say that a lot of great people sat around this table and other tables before the current board, and the time that I had with Pam [Green] and Mike [Filpi] sticking around, the leadership of this mayor [board member Linda Tyer], and it really, it was always great synergy," he said.

"So don't be afraid to embrace change. And you know, you got a business model. It's been around long time. Shake it up. Take a good look at it, figure out where it needs to go, and you're lucky to have leadership that you have here."

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