Greylock Federal, Third Quarter results for 2008 showing strong growth
Pittsfield, Mass - Greylock Federal has released its third quarter results for 2008 showing strong growth in all categories despite financial headwinds from the global financial crisis. The credit union has added more than 2,500 net new Member/ Owners so far this year, and reached $1.1 billion in assets. In the past 12 months total loans grew by 18% to $895 million and total share deposits grew by 12% to $870 million.“We are grateful to our Member/ Owners for their loyalty and for encouraging their friends and neighbors to join the credit union,” said President Angelo Stracuzzi. “Our ability to not only survive the current financial crisis but to actually grow ahead of our goals speaks volumes to the trust that Berkshire County families and businesses place in Greylock. They know that we have never and will never engage in subprime lending practices, and that we are not subject to the whims of Wall Street.”
Stracuzzi said Greylock’s higher-than-average efficiency enables the credit union to generate earnings and enhance its financial strength. “Our earnings are strong because we are totally focused on relationships. If we take care of our Members, and efficiently put their money to work right here in the community, the earnings take care of themselves.”
Stracuzzi cited a recent finding by Callahan & Associates, a national firm tracking performance of credit unions, which compared Greylock’s performance to the top 100 peers in the country. “Callahan’s data indicates that Greylock is 60% more efficient than its peer financial institutions at generating income per employee. Our employees are simply the best in the business.”
Greylock’s most recent financial results at the close of the third quarter 2008 include:
* Total assets of $1.1 billion
* Strong capital reserves at $90 million
* Loan reserves exceeding $8 million
* Third quarter earnings at $1.6 million
* Year to date earnings at $5.1 million
Stracuzzi said the credit union will continue to put those earnings back to work in the community in the form of local loans. “Greylock continues to be Berkshire County’s #1 mortgage and auto lender, top SBA lender, and the only local institution with our own VISA product,” Stracuzzi said. “Thanks to the loyalty of our Members and the efficiency of our staff, we are able to run a new VISA promotion this holiday season. We know that the economy is tough and many families are feeling the pinch this year as they plan for the holidays. So we have decided that for any purchases made using a Greylock VISA credit card between now and December 31, the interest rate will be 0% until that balance is paid off. This is a simple way we can help families in the Berkshires have a more affordable holiday and say ‘thank you’ to Berkshire County residents for their strong support.”
“People are looking for value now more than ever. As the economy weakens, the people of Berkshire County are turning to Greylock as the hometown institution that can take care of all their needs.”
Greylock Federal Credit Union was recently rated the top credit union in the United States for total value returned to Members/Owners according to Callahan & Associates, a national credit union research and consulting firm. Greylock Federal is wholly owned by its members and is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County. Greylock offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, and Williamstown. More information is available at www.greylock.org.
