Greenfield Co-op Reports Solid FY 2022
GREENFIELD — Anthony Worden, president & CEO of Greenfield Cooperative Bank and its parent company, Greenfield Bancorp, MHC announced today the operating results of the bank’s latest fiscal year as announced at the 117th annual meeting of the bank on June 21. Worden reported that FY 2022, which ended March 31, was very successful and the assets of the bank grew by $41.4 million (5%) over the prior year.
Other results include:
- In FY 2022, GCB originated more than $166 million in loans of all types, including $61.3 million in residential mortgages, $92.0 million in commercial loans,
$45.6 million in municipal lending, $9.2 million in home equity loans and lines, and
$1.2 million in MassSave® ‘’zero-interest” energy loans.
- GCB had an increase of $50.5 million in deposits (7.4%) over the past year;
- The pre-tax operating income for Greenfield Cooperative Bank was $4.416 million for the year ended March 31, 2022 and the net income after taxes was $3.454 million;
- GCB’s Tier 1 Capital to average assets is 10.5%. The bank is considered “well capitalized” by all regulatory definitions.
- As a result of these solid earnings, the bank and its employees were able to contribute more than $180,000 to 200 community groups and charities throughout both Hampshire and Franklin County during the past fiscal year.