CU Grew Strongly Under Convicted CEO
The currently $1.3 billion Greylock Federal Credit Union grew from a $760 million credit union under the guidance of its former CEO, Angelo Stracuzzi, who resigned on June 11.
Media outlets have reported Starcuzzi began as CEO at Greylock in 2003 and NCUA records show the credit union had $760 million in assets at the end of that year. The CU had almost $1.3 billion at the end of 2009.
Stracuzzi stepped down after the credit union board became aware in late May that he had two misdemeanor convictions for assault and criminal mischief in Maine, according to media reports. A statement from Greylock's board confirmed the misdemeanor convictions but did not speak to their details.
Stracuzzi and another board member, Clifford Nilan, resigned from the board one week prior, media reports said. Nilan is chief probation officer for the Berkshire Superior Court, the court which was handed Stracuzzi's case after he was given a suspended sentence in Maine. There are conflicting accounts of whether Nilan actually managed Starcuzzi's probation case or not.
"In tendering his resignation, Angelo stated that he felt this was in the best interest of the credit union. We'll always appreciate the achievements of the credit union under his leadership," Greylock Board Chair Sheila LaBarbera said.