Day: March 26, 2026

PITTSFIELD — Greylock Federal Credit Union reported a strong balance sheet, robust capital position, and impressive earnings for 2025 during its 91st annual meeting held on March 24.

Total assets equaled nearly $1.7 billion at year end. Net income finished at $17.8 million for 2025, including the one-time benefit of $6.8 million of net proceeds from the Employee Retention Credit program, which was created by the federal government under the CARES Act to offset some of the financial impact of the COVID-19 pandemic on organizations across the country.

“Our regulatory capital ratio increased from 12.21% to 12.91%, well above the level considered well-capitalized by our regulators. This leaves us in a very healthy capital position,” Executive Vice President Michael Stoddard said.

Stoddard reported loan growth of $25 million, or 1.9%, during 2025. This growth was reflected across nearly every major loan category, as total loan balances exceed $1.3 billion. On the funding side, deposit balances increased $49 million, or 3.6%. At the end of 2025, Greylock deposit balances equaled $1.4 billion.

“As we look ahead into 2026, 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,” he added. “Our board of directors and our experienced management team are committed to meeting our members’ financial needs while keeping the credit union in great shape for the long term.”

President and CEO John Bissell highlighted Greylock’s longstanding commitment to community, describing the symbiotic relationship between members and the credit union as an economic ecosystem.

“Greylock thrives because we understand that our collective success is deeply rooted in the shared soil of our regional economy and our community,” he said.

“Credit unions give member deposits an opportunity to grow. We turn those deposits into small business loans and mortgages. We provide auto loans, including $4 million last year for our members with credit challenges who would otherwise be subjected to high-cost, subprime lending for their transportation needs,” Bissell went on. “When members pay back their auto loans, their home loans, their small business loans, Greylock then invests that money into member benefits: personal and digital services, fraud protection, and financial education.”

Also at the annual meeting, three incumbent directors were re-elected to Greylock’s board: Jerry Burke, Sheila LaBarbera, and Ty Allan Jackson.

Immediately following the annual meeting, Greylock’s board of directors met to elect the officers. Peter Lopez was reelected chairperson, Kelly Krok was reelected vice chairperson, Krystle Blake was reelected secretary/financial officer, and JamieEllen Moncecchi was reelected assistant secretary.

“As always, we are fortunate to have a dedicated and talented board of directors,” Bissell said. “We appreciate their willingness to serve. Under their stewardship, Greylock will continue to grow and thrive.”