Outgoing President Marilyn Sperling, new President John Bissell and Board Chairman Jerry Burke announced the hiring on Thursday.

PITTSFIELD, Mass. — John Bissell is the new president and CEO of Greylock Federal Credit Union.

 

The credit union announced Bissell's promotion effective Oct. 1 on Thursday. He replaces Marilyn Sperling, who is retiring after serving in the role for the last five years. 

 

The 48-year-old Bissell is being promoted from his current role as executive vice president. He has been moving up the company's ladder since 2003 and was selected for the job after an exhaustive hiring process. 

 

"It was a very lengthy process. The fact that we ended up with somebody internal was a great thing," board Chairman Jerry Burke said.

 

Bissell says he looks to continue strengthening the organization's risk management while expanding services for members, including financial education.

 

"The economy is much more stable than it was but we need to keep that risk management very strong. We're also taking a fresh look at what we are offering the community at all different levels," Bissell said. 

 

"We have services that fit the needs of anyone throughout the Berkshires. We have Greylock Investment Group, which serves the needs of investor assets. We have Greylock Insurance Agency to help get the best deal on insurance. We have a very large branch network to help people with their everyday banking needs."

 

Sperling came to the credit union in the midst of the economic recession and collapses of major banks. In the aftermath, federal lawmakers tightened regulations on all financial institutions and Sperling helped Greylock handle the transitions. 

 

"I knew we needed to shore up our risk management function," Sperling. "I brought in some very talented people and we now have what I consider a very robust risk management function in place today which has been key to strengthening the organization."

 

Contributing to the recession, banks had been issuing loans to people who could no longer afford them. A rash of job cuts and home foreclosures broke out across the nation and families were struggling financially. 

 

"In 2010, when I took this role, we were still reeling from the economic downturn in 2008. I knew there was some work that needed to be done," Sperling said. "There were borrowers out there that were troubled. They were losing their jobs. Our loan quality needed some attention. At the same time, because of the downturn and the bank debacle that occurred, the regulations were getting heavier and heavier on credit unions."

 

Bissell says not all of the 70,000 or so members have fully recovered. He said the new services can help members rebuild credit and avoid falling into the subprime mortgages and other loans that they can't afford. 

 

"We can help them understand the financial system, understand their credit score. This month we are starting to offer free financial education to all of our members," Bissell said. "We're also bringing out a credit building loan that will help people who have either been credit challenged or have no credit history yet."

 

Additionally, Greylock is in the process of merging with Berkshire Federal Credit Union, which has served Berkshire Health System employees for more than 40 years. Sperling will be called on past Oct. 1 to complete that project. 

 

"She is here to help us out with some really important project. The biggest one is the merger with Berkshire Federal Credit Union," Bissell said. "She graciously decided to stay on and help with that."

 

Bissell said the credit union is planning a new branch in Lenox and launching new technology for added customer convenience. But, beyond that, the organization has no major plans and will continue to stay local, just as it has been for the last 80 years.

 

"We can be strong and financially stable by continuing to focus on Berkshire County. We are a large player in this market. There are only 130,000 people here and we have more than 70,000 members," Bissell said. "As we looked deeply into those relationships, we've found that there is more ways we can serve those households."

 

Bissell said the organization will continue to have a focus on helping the community, something to which Sperling paid close attention. Whether it is financial support to organizations, employing 240 local workers, or just serving on various boards and committees, Sperling says there is always a representative from Greylock to help out.

 

"I pride myself in the amount of community support we provide to the community. Not just in terms of dollars but in volunteerism," Sperling said. 

 

Sperling leaves the company after 31 years, with the last five as president and CEO. After working closely with Bissell, she expects a smooth transition. But, she's going to miss it.

 

"That's the bittersweet part about this whole thing - the relationships with the community and the employees," Sperling said.

 

Burke is confident that the search process yielded the best candidate and said the board particularly liked Bissell for his "well roundedness, financial expertise, leadership, team building, and his understanding of the community."

 

Bissell grew up in Dalton and, after college, moved to Seattle. He returned to the county in 2000 and three years later took a job with Greylock in marketing and human resources. In 2007, he was promoted to vice president and, in 2010, executive vice president.