Greenfield Co-op Registers Growth
GREENFIELD — Michael Tucker, president and CEO of Greenfield Cooperative Bank and its parent company, Greenfield Bancorp, MHC, recently announced today the operating results of the bank’s latest fiscal year. Tucker reported that the first year of the combined Greenfield Cooperative Bank and its Northampton Cooperative division was successful, and the bank achieved its first-year goals with minimal disruption and no layoffs. In fact the bank has added two new commercial lenders and a commercial analyst since the merger. Other results included:
• The bank’s financial performance for the fiscal year ended March 31, 2016 saw total assets grow by 6.64% to $559,975,000. This was an improvement over the 5.06% annual asset growth of GCB during the five-year period before the merger with Northampton. Asset growth included 5.83% growth in total loans $338,769,000. In 2015, GCB originated more than $102 million in loans of all types, including $52 million in commercial lending, $34 million in residential mortgages, $13.7 million in home equity loans and lines, and $1.1+ million in MassSave® ‘’zero-interest” energy loans
• GCB had an increase of $33 million in deposits over the past year. Total deposits increased by 7.56% compared to an average annual growth of 5.74% for the prior five years.
• Total equity grew 4.78% to $65,180,709. GCB’s Tier 1 Capital to average assets is 11.7% and Total Capital to Risk-Weighted assets is 22.3%. The bank is considered “well capitalized” by all regulatory definitions.
• Greenfield Cooperative Bank and its employees contributed more than $133,000 to more than 100 charities, community groups, school events, youth teams and cultural events throughout both Hampshire and Franklin County during the past fiscal year.
• The pre-tax operating income for Greenfield Cooperative Bank was $2,231,000 for the first year ended March 31, 2016 and the net income after taxes was $1,520,000. This was an increase of 5.18% over the average net income of GCB alone for the 5 years prior to the merger year.
In other news, the following seven directors were re-elected to three-year terms as directors of the bank and Greenfield Bancorp, MHC:
•Attorney Robert Carey, a principal in the Greenfield law firm of Curtiss, Carey, Gates & Goodridge, LLP. He was re-elected as clerk of the bank;
• Kevin O’Neil, president of Wilson’s Department Store in Greenfield, re- elected chairman of the board;
• Keith Finan, chief financial officer of Deerfield Academy;
• Attorney Daniel Graves, owner of the Law Offices of Daniel Graves located in Greenfield.
• Attorney Peter MacConnell, principal in the law firm of Bacon Wilson, P.C. He was also re- elected as a corporator for a 10- year term;
• John Kuhn, principal in the firm of Kuhn-Riddle Architects in Amherst. He was also re-elected as a corporator for a 10-year term;
• Robb D. Morton, CPA, principal in the accounting firm of Boisselle, Morton & Associates, LLP located in Hadley. He was also re-elected as a corporator for a 10-year term.
Re-elected to 10-year terms as corporators of Greenfield Bancorp, MHC were: Barry Roberts, president of Roberts Builders Inc; Margarita O’Byrne Curtis, head of School at Deerfield Academy; and Douglas Clarke, retired after many years with Western Massachusetts Electric Co., now Eversource.