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CU System
Greylock FCU earned 1.6 million in third quarter
PITTSFIELD, Mass. (11/10/08)--Greylock FCU, Pittsfield, Mass., announced that it added more than 2,500 members this year and earned $1.6 million during the third quarter despite the economic downturn. Total loans grew by 18% to $895 million. Total share deposits increased 12% to $870 million and loan reserves totaled $8 million (Berkshire Eagle Nov. 7). The increase in assets is likely due to the credit union opening two new branches in the last two years, Greylock President Angelo Stracuzzi told the newspaper. Greylock’s members know that the credit union will not do subprime lending and are not affected by the “whims of Wall Street,” he added. The credit union’s earnings are strong because it is focused on member relationships, Stracuzzi said. Greylock has $1.051 billion in assets.
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