Greylock Federal Credit Union in Pittsfield, Mass., is emphasizing that in spite of the negative headwinds facing the economy as a result of the coronavirus, the credit union closed out 2019 on a high note.
Membership at the credit union rose 1.2% to reach 87,722 members, while deposits were up by 5.3% to $1.1 billion. Assets were up 3.2% to $1.3 billion while lending grew nearly 3.3% to reach $1.1 billion in total balances. Net income at the credit union for 2019 was $7.6 million, a decline of about 9.5% from 2018, but Greylock also saw a 7.3% increase in staffing costs for the year along with an uptick in office expenses.
Greylock FCU’s net worth ratio at yearend was 10.66%, which is considered well capitalized.
“We started this year in a rock-solid financial position with the highest capital levels in our long history,” President and CEO John Bissell said in a press release. “Our members will benefit from the strong investments we have made in technology to provide full access to services under all kinds of circumstances.”
Bissell noted that as consumer fears about the economic impact of the coronavirus continue to rise, Greylock is prepared to meet members’ challenges.
“While financial strength is important, the greatest asset we can offer our community resides in the strength and compassion of our people,” he added.
In the wake of COVID-19, Greylock has joined with several area institutions, including multiple community banks, to emphasize safety, soundness and service during the pandemic.
“We will continue to collaborate with other non-profit and industry partners across the region and across the country to deliver solutions that help all of us through this crisis,” he said.
