PITTSFIELD, MA (March 26, 2025) |
With net income of $4.7 million and assets exceeding $1.6 billion, Greylock Federal Credit Union reports a strong balance sheet, robust capital position and solid earnings for 2024.
The financial results were part of the credit union’s 2024 Annual Report released during its Annual Meeting on Tuesday, March 25.
“Our regulatory capital ratio increased from 12.14% to 12.21%, well above the level considered well-capitalized by our regulators. This leaves us in a very healthy capital position,” said Chief Financial Officer Michael A. King.
King reported loan growth of $16 million, or 1.3%, during 2024. This growth was reflected across nearly every major loan category, as total loan balances grew to over $1.3 billion. On the funding side, deposit balances declined by 0.1%. At the end of 2024, Greylock deposit balances equaled $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,” added King. “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 noted that the Annual Meeting marked an opportunity to reflect on the strides made in 2024.
“I am grateful for the hard work of Greylock’s 300 financial professionals in achieving balance and forward momentum throughout 2024,” said Bissell. “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. 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.”Referencing the uncertainty happening across the country and the world, Bissell also reminded those in attendance of Greylock’s longstanding stability since establishing in 1935.
“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. Your loyalty to this credit union makes all the difference,” he said. “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.”
Also, during the Annual Meeting, four directors, from a pool of five candidates, were elected to Greylock’s Board of Directors. “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,” said Board Chairman Peter T. Lopez.
The slate of directors and terms are as follows:
- Krystle Blake, incumbent, three-year term
- Shelby Williamson, three-year term
- Brett Random, incumbent, three-year term
- Tyrone Allan Jackson, incumbent, one-year term
Greylock’s 2024 Annual Report is available at: https://www.greylock.org/content/docs/Annual-Report.pdf