On Tuesday, June 21st, 2022 Greenfield Cooperative Bank held it's 117th Annual Meeting. Anthony Worden, President & CEO of Greenfield Cooperative Bank and its parent company, Greenfield Bancorp, MHC announced the operating results of the bank’s latest fiscal year. Mr. Worden was pleased to report that FY 2022, which ended 3/31/2022, was very successful and the assets of the bank grew by $41.4 million (5%) over the prior year.
In FY 2022, GCB originated over $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,
- $1.2 million in MassSave® ‘’zero-interest” energy loans.
Other results include:
- 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, Greenfield Cooperative Bank and its employees were able to contribute over $180,000 to 200 community groups and charities throughout both Hampshire and Franklin County during the past fiscal year.
Anthony Worden was also pleased to announce that the following incumbents were re-elected as Corporators of Greenfield Bancorp, MHC:
- Andrew C. Chase of Deerfield, MA
- Keith C. Finan of Williamstown, MA
- Nancy A. Fournier, CPA of Shelburne Falls, MA
The following incumbents were re-elected to three year terms as Directors of the Bank and Greenfield Bancorp, MHC:
- Kevin O’Neil of Greenfield, MA
- Keith Finan of Williamstown, MA
- Daniel Graves, Esq. of Deerfield, MA
- Robb Morton, CPA of East Longmeadow, MA
The Bank also congratulated Bob Carey, Peter MacConnell, and John Kuhn on their retirement from the board. Bob Carey has served on the board of Greenfield Cooperative Bank for over 35 years. Peter MacConnell and John Kuhn, having served as long-time directors of Northampton Cooperative Bank, both joined the board of Greenfield Cooperative Bank after its merger with NCB in 2015.
All three men have been valuable board members and are credited with the continued success of the Bank.
Read the full 2022 Annual Report