Business Briefs: July 3, 2020

  • CHRZANOWSKI

  • COOPER

Published: 7/2/2020 5:04:17 PM
Modified: 7/2/2020 5:04:07 PM
GCB reports on past fiscal year

GREENFIELD — Greenfield Cooperative Bank and its parent company, Greenfield Bancorp MHC, announced the operating results of the bank’s latest fiscal year, during which the bank’s assets grew by $55.7 million (or 8.85 percent) over the prior year.

Siobhan Tripp, marketing coordinator for Greenfield Cooperative Bank, clarified that while the federal, state and municipal fiscal year ends on June 30, “in the private sector there is flexibility as to when you choose to end your fiscal year.” The bank opted to end fiscal year 2020 on March 31.

During last fiscal year, the bank also opened its newest office at 487 Newton St. in South Hadley, according to a Greenfield Cooperative Bank press release.

Other results include:

■Originating over $113 million in loans, including $34.45 million in residential mortgages, $49.83 million in commercial real estate and C&I lending, $19.36 million in municipal lending, $8.75 million in home equity loans and lines, and $1.07 million in MassSave zero-interest energy loans and Mass Solar Loans;

■Deposits grew by 9.30 percent (about $49 million) to a new high of nearly $577 million;

■Total capital grew by 10.62 percent to $81 million;

■Operating income grew to nearly $6 million and net income was nearly $5 million;

■ $1.29 million was paid in federal and state income taxes, and local property taxes amounted to over $166,000 in the cities and towns where the bank has branches.

As a community bank, Greenfield Cooperative Bank targets 5 percent of the prior year’s pre-tax operating income for charitable and civic giving. During fiscal year 2020, the bank contributed over $233,000 to more than 200 charities, community groups, school events, youth teams and cultural events throughout Hampshire and Franklin counties, according to the release. The bank also gave $40,000 to area hospitals and nonprofits to support their COVID-19 efforts during the past few months.

Veteran awarded fellowship to
expand medical-
legal partnership

Community Legal Aid, a nonprofit that provides free legal services to low-income and elderly residents in Western and Central Massachusetts, announced that Amanda Cooper has been awarded a Massachusetts Bar Foundation summer fellowship to serve as an advocate in Community Legal Aid’s Veterans Medical-Legal Partnership.

According to a Community Legal Aid press release, medical-legal partnerships are collaborations that put legal advocates into health care settings to address legal issues that can affect patients’ health.

During her fellowship term, Cooper will work to expand the project, splitting her time between Community Legal Aid’s Northampton office and doing outreach to veterans at sites in Greenfield, Leeds and Springfield. According to the release, some of her responsibilities will include helping veterans to upgrade their discharge status, secure accommodations for disabilities and maintain stable housing.

Cooper, an Army combat veteran who served on active duty for eight years and in the Massachusetts National Guard for the following three years, graduated from the University of Massachusetts Amherst with a bachelor’s degree in legal studies and is currently a law student at Western New England University’s School of Law.

“My military service has been the defining work of my life,” Cooper said in the release. “I feel I am in a unique position to be able to understand my fellow veterans’ specialized legal needs and assist them in navigating the complex judicial and administrative frameworks necessary to vindicate their rights.”

Bacon Wilson
welcomes new
attorney

SPRINGFIELD — Attorney Erin R. Chrzanowski has joined the Bacon Wilson law firm as an associate and a member of the firm’s business and corporate practice group, where she will focus on matters related to commercial real estate and financing.

According to a press statement from Bacon Wilson, Chrzanowski was recently elected to serve on the board of the Revitalize Community Development Corporation in Springfield.

Prior to joining Bacon Wilson, Chrzanowski attended Syracuse University’s College of Law and the University of Massachusetts Amherst’s Isenberg School of Management. According to the statement she is licensed to practice in both Massachusetts and New York.

From its five locations in Springfield, Amherst, Hadley, Northampton and Westfield, Bacon Wilson represents clients throughout Western Massachusetts and Northern Connecticut. For more information, visit baconwilson.com.




Greenfield Recorder

14 Hope Street
Greenfield, MA 01302-1367
Phone: (413) 772-0261
Fax: (413) 772-2906

 

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