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 as announced at the 118th Annual Meeting of the Bank on June 20, 2023. Mr. Worden was pleased to report that FY 2023, which ended 3/31/2023, was a healthy year for the bank. Despite some decreases in deposits and assets, which was largely due to a leveling off after a spike during COVID. Other results include:
In FY 2023, GCB originated over $124 million in loans of all types, including
- $23.8 million in residential mortgages,
- $84.4 million in commercial loans,
- $31.7 million in municipal lending
- $14.3 million in home equity loans and lines,
- $1.7 million in MassSave® ‘’zero-interest” energy loans.
GCB had an increase of 52% in Home Equity Loans and Lines over the past year, and a 48% increase in MassSave® “zero interest” energy loans.
Operating expenses are down to 1.73% of total assets while the Massachusetts peer average is 1.85%, highlighting our budgeting process and our ability to adhere to the budget.
Our Allowance for Loan Loss reserve is very healthy, $4,480,759 which is 0.96% of total loans excluding fully guaranteed SBA loans.
Our Tier 1 Capital to average assets is up to 11.79% reflecting strong earnings. GCB is “well capitalized” by all measures.
The Pre-tax operating income for Greenfield Cooperative Bank was $9.2 million for the year ended March 31, 2021 and the net income after taxes was $6.9 million
In FY 23 GCB provided more than $225,000 in funding to more than 200 community groups and charities.
Corporator and Director Elections
The following incumbents were re-elected as Corporators of Greenfield Bancorp, MHC:
- Darci Brown of Northfield, MA
- Jeffrey Collura of Gill, MA
The following new candidates were elected as Corporators of Greenfield Bancrp, MHC:
- Khama Ennis of Amherst MA
- Jennifer Ewers of Florence MA
- Matthew Sheehy of Deerfield MA
- Terri Mitchell of Shelburne MA
- Brandon Lively of Greenfield MA
The following incumbents were re-elected to three year terms as Directors of the Bank and Greenfield Bancorp, MHC:
- Nancy Fournier of Shelburne MA
- JoAnne Finck of South Deerfield MA
- Peter Whalen of Northampton MA
The following new candidate was elected to a three year term as a Director of the Bank and Greenfield Bancorp, MHC:
- Catherine Coleman of Shelburne MA
For more information read our 2023 Annual Report.