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CU System
Greylock FCUs quarter results shows strong growth
PITTSFIELD, Mass. (11/14/08)--Greylock FCU has added more than 2,500 members so far this year and reached $1.1 billion in assets, according to the Pittsfield, Mass.-based credit union's third quarter results for 2008. In the past 12 months, total loans at the credit union grew by 18% to $895 million and total share deposits grew 12% to $870 million. "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," said President Angelo Stracuzzi. "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," he added. Stracuzzi noted the credit union's earnings are strong because the credit union is "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." Data from Callahan & Associates, a national credit unions research firm, indicated that Greylock is 60% more efficient than its peer financial institutions at generating income per employee. In addition to hitting the $1.1 billion asset landmark, the credit union saw:
* Strong capital reserves at $90 million; * Loan reserves exceeding $8 million; * Third-quarter earnings at $1.6 million; and * Year-to-date earnings at $5.1 million.
Stracuzzi said the good results will enable the credit union to run a new Visa promotion for the holidays. Any purchase made with the credit union's Visa card between now and Dec. 31 will receive 0% until the balance is paid off. "We know the economy is tough and many families are feeling the pinch this year as they plan for the holidays," he said.
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