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To Our Valued Customers: June 18, 2019 Welcome to the 114th Annual Meeting of Greenfield Cooperative Bank. I am very pleased

to provide this Annual Report to both our customers and the communities we serve. This report

describes the continued strong performance by your local bank over this past year. These

results are due to the hard work by the nearly 100 employees here at Greenfield Cooperative

Bank and its Northampton Cooperative division. The directors and management of our bank

focus on long-term strategies to ensure your bank is here in the future for you and our local

communities. As a mutual cooperative bank, we don’t have stockholders pressuring us simply

to look quarter to quarter. This is an important distinction between GCB and all of the major

regional and national banks. Greenfield Cooperative Bank works to ensure our employees do

what is right for our customers and the communities we serve.

Our overall goal is to help customers reach their own goals, such as a new home, a new

car, education for your kids, or to start a new business. One strategy to accomplish this is to

make your banking easy. For example, in the past year, we’ve improved our mobile banking.

We improved our website to make it more user and device-friendly. We made it easy for you to

apply for a new mortgage loan for that new home. You can apply online at

www.BestLocalBank.com or in-person with one of our knowledgeable lenders. We provide fast

decisions on that new line of credit or term loan for your small business. And we offer a debit

card rewards program that works for everyone. We do all of this and still protect your personal

information with the latest in data security at our bank. Such as providing free I.D. Safechoice®

basic identity theft recovery services to every personal checking account customer and their

immediate families. It will help you notify the credit bureaus and fix the problem if there is

suspected identity theft. This is true even if that problem was the result of something from

outside of the bank.

Over the past few years, many so-called local banks have merged across state lines and

from one end of Massachusetts to the other end of the state. GCB is not against mergers, since

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growth is one of many important strategies in any bank’s success. It was for this reason that

GCB and NCB merged two strong banks into a stronger one. But our strategy is not to do a deal

simply for growth’s sake. It has to make sense for the long-term health of our bank, its customers

and the communities we serve. Our primary strategy remains to look for prudent and measured

organic growth right here in Western Massachusetts. We monitor our branch locations and

transaction volume. We need to remain a lean organization, especially in light of the growth of

mobile and electronic banking in today’s world. Our branch strategy recognizes the new world

order with the continued growth of the internet. We will serve our customers with a personal

touch, and still give you the best choice in state-of-the-art mobile and online services. We will

continue to provide prompt, courteous service, and people who greet you by name and with a

smile. As I’ve often said before, we’ll probably never be the biggest bank. But we always strive

to be the best bank in Western Massachusetts!

New Developments for 2019: We promised to keep our website (www.BestLocalBank.com)

state-of-the-art to provide you with the best in class mobile banking and online banking. In early

2019, we updated the site once again to improve its responsive technology. This means that

no matter what type of device you choose to use to sign on the website with (smartphone,

iPad/tablet, or PC) it will recognize your type of device and automatically adjusts the screen

layout. So instead of sometimes needing a microscope to read the page, you always will see a

clear and useful website with everything at your fingertips.

In 2019, we received regulatory approvals for a new branch under the Northampton

Cooperative division name at 487 Newton Street in South Hadley. We are well along in planning

for renovations, and target the opening for early January 2020. This new location will have a

full range of services, drive up ATM, safe deposit boxes, coin counting machine and a staff of

qualified people to help meet your deposit and loan needs. It helps us grow our bank by gaining

new customers in the new market area. And as always, customers of Greenfield Cooperative

Bank and its Northampton Cooperative Bank division will be able to access their accounts online

or at any one of our 10 locations throughout Franklin and Hampshire counties.

Even as we grow, like all businesses, we need to keep costs under control. After

analyzing the foot traffic from the past few years at our various branch locations, we’ve seen the

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levels of lobby traffic go down in many branches as people do more online. This was especially

true in our two Amherst locations, which is why we’ve chosen to combine the two Amherst

locations into one. This makes even more sense today because our lease for our Triangle

Street location is expiring at the end of 2019. We own our College Street location which is only

1.2 miles from Triangle Street, so it made sense to combine the two into College Street. This

move is scheduled to occur in October 2019, subject to regulatory approval. The safe deposit

boxes will be relocated to our nearby Sunderland office on Route 116. I am also very pleased

to confirm for you that no staff will lose their jobs. The Triangle Street staff will join their

colleagues at the College Street branch so you will be greeted by them in the future just as you

are greeted by them today.

Over the past 114 years, the bank’s slogan has changed from our “Traditional,

Progressive, Locally focused” to “In the community, for the community” to our current “Come on

over to the Co-op!” The common thread as a co-operative bank is we try to do what is right for

our customers. We have among the best rates on deposits and the lowest rates on loans.

Compare us with the competition and you will see for yourself. Simply click the button “Current

Rates” on our web page so you can see deposit rates and loan rates. You can also stop by any

office and speak with our knowledgeable staff. When you’ve made your choice, you can easily

apply for a mortgage, home equity loan or open a deposit account from the privacy of your

smartphone or PC. Or stop by any office. All it takes is a few minutes, not hours.

Please know that Greenfield Cooperative Bank’s #1 goal is to be everyone’s community

bank. Our strategy is long-term, as we intend to be here for you well into the future. We work

to do what is right by our customers, our communities and our employees. So keep telling your

family & friends to “Come on over to the Co-op!” It’s a strategy that works for everybody. Very truly yours,

Michael E. Tucker, Esq. President and Chief Executive Officer

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Financial Highlights

• Financial: Total assets increased 4.4% to $630.15 million. Total loans increased 5.8%

to $427.22 million. We increased deposit rates through the year as the economy improved

and increased what we paid overall by 23.0%. Total Capital grew by 8.8% to $73.45 million

and our Allowance for Loan Loss Reserves is up by 11.1% to $3.97 million. As a result,

GCB’s Tier 1 Capital to average assets is at 12.00% and Total Capital to Risk-Weighted

assets is at 21.40%. We are considered “well capitalized” by all measures. Even with

increased deposit costs, FY 2019 resulted in our strongest earnings ever,

o Pre-tax Operating Income for the bank was $5.723 million.

o Net Income was $4.491 million.

o Our Efficiency Ratio remains better than most Mass. peers at 70.91%

o Our Return on Average Assets improved to 0.74% in FY 2019, and we continue to

move closer to our long term goal of a 1.00% ROA.

• Lending: GCB originated over $117.55 million in loans of all types in fiscal 2019,

including

o $30.16 million in residential mortgages,

o $46.02 million in commercial lending (C&I and CRE),

o $28.31 million in municipal loans

o $11.88 million in home equity loans and lines,

o $1.05 million in MassSave® ‘’zero-interest” energy loans and Mass Solar Loans.

This part of our job is very important: lending allows our local economy to grow with new and

expanded businesses, good jobs and end-financing to buy or refinance their home.

• Corporate Responsibility: Corporate gifts by GCB made to various charities and social

needs increased by 13.8% over last year. This reflects our continued growth and the fact

that we shared in our improved financial performance with our communities. For FY 2019,

GCB donated over $224,054 to 218 different community groups and charities. Groups like

the United Way in both Hampshire and Franklin counties, the Food Bank, CISA, Big

Brothers/Big Sisters, Relay for Life, Meals on Wheels, and capital contributions to the

Amherst Hilltown Health Center, Baystate Franklin Medical Center and the Cooley Dickinson

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Hospital to name just a few. The volunteerism and donations are just some of the reasons

GCB received an “Outstanding” Community Reinvestment Act (CRA) rating from the Federal

Reserve in our last performance review. In addition to charitable contributions and volunteer

time, GCB has consistently been a responsible corporate citizen. In FY 2019, the bank paid

more than $1.23 million in federal and state income taxes and over $133,000 in local property

taxes.

• Financial Literacy Efforts: For some time know, GCB has seen the need for financial

literacy training in high schools. We started with staff volunteering, but the world has changed

and so has the way our kids learn. In 2017 GCB partnered with a nationally known tech firm

called “EVERFI”. EVERFI has a proprietary online training program for teachers and

students. GCB is sponsoring the EVERFI program at a number of local high schools to

improve students’ financial literacy. Called “My Financial Future”, GCB pays the entire cost

of providing the program to teachers and students. It is used in conjunction with their own

curriculum, be it math, social studies or technology courses. This started with one high school

agreeing to participate back in September of 2017. Two years into the program we now have

eight (8) high schools actively participating. There are also six (6) other schools that have

committed or are seriously looking to join this program.

My Financial Future started its first class with seven (7) students participating. After the first

year we increased this to 107 students in 4 schools. This year, we now have 163 students

participating in My Financial Future. As of March 31, 2019 these 163 students have

completed 316 learning modules (representing 237 hours of study) in real-life skills so they

are better prepared to handle their personal finances in the future. The program includes

topics such as “differences in payment types” (debit, credit, mobile, checks) and the

benefits/risks of each. “Explaining what a credit score is” (and why it is important for you/

what impacts them?). “Financing higher education” (how to complete a FAFSA form for

college aid). “Renting v. owning”. “Insurance and Taxes”. “Consumer protection”, and

“Investing”. We believe this is a “win-win” for the students, our local schools, and our bank.

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Operational Highlights

• GCB continues to receive the highest “5 Star” rating from BauerFinancialSM, a leading

independent rating firm. This reflects our strong capital position and the fact that we are a

safe & sound community bank.

• Our online and mobile banking customer base continues to increase. These systems allow

customers to get information about their balances, recent transactions and activity, turn their

debit card “off” and “on”, and even receive alerts about activity as it occurs.

• Our website at www.BestLocalBank.com is easy to use with tons of useful information right

at your fingertips. In early 2019, we updated the site once again to improve its device

responsive technology. This means that no matter what type of device you choose to use

to sign on the website with (smartphone, iPad/tablet, or PC) it will recognize your type of

device and automatically adjusts the screen layout.

• GCB provides I.D. Safechoice® identity theft resolution services free of charge to all personal

account holders with NOW/checking accounts at GCB. We also offer an optional upgrade

to active monitoring of your credit for the low fee of $5.95 per month for the individual

monitoring, the lowest cost for such a monitoring service.

• On May 10, 2019, the GCB Financial Services division ceased operations. We realized that

we did not have the critical mass to meet the needs of everyone. Those clients and their

book of business were assigned to another Massachusetts-based Raymond James (“RJ”)

brokerage firm to minimize any inconvenience to those clients and still provide top shelf

service. That new RJ broker is Bristol Wealth Services, which has clients all over New

England. They have resources for customers that we do not have. Clients still will receive

the same monthly statements and reporting from RJ and any trades settle through RJ. The

Bristol Wealth Group will continue to meet with these clients in the conference facilities at our

Greenfield and Northampton offices.

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MISSION STATEMENT

Greenfield Bancorp, MHC and its wholly-owned subsidiary, the Greenfield

Cooperative Bank including its Northampton Cooperative division (collectively

called the “Bank” or “GCB”) is an independent, mutual member-owned, local

community bank serving consumers and businesses in both Franklin County and

Hampshire County. Our mission is to provide fairly-priced banking products, consumer and commercial loans of all types to help local businesses grow, assist individuals and families in achieving their own financial goals, and in this manner make the communities we serve stronger and more prosperous.

We promise that we will stay current on technology to help deliver the services

customers want in this fast-changing market, but in a way that does not lose the

human touch. Our Bank employees seek to be a positive influence in the

communities we serve. To carry out this promise, GCB employs caring people who

have the experience and training to ensure excellent customer service. GCB will

always attempt to take a long term approach (3+ years) when making many of its

strategic decisions. GCB’s overall goal is to pursue prudent growth while maintaining the profitability necessary to ensure a safe and sound financial institution that will benefit our customers, our local communities in Franklin and Hampshire Counties, and all of our employees.

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Summary Charts:

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2.58% 2.57% 2.58%

2.78%

2.97%

Fiscal Year ending 3/31

Net Interest Margin (as % of avg. assets)

2015 2016 2017 2018 2019

2.57% 2.36%2.18% 2.11% 2.29%

Operating Expenses (as % of avg. assets)

Fiscal Year ending 3/31

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Mortgage Lending: The residential mortgage team originated over $30 million in residential

mortgages, $11.9 million in home equity loans and over $1.05 million in low cost MassSave®

energy loans in FY 2019. As of the end of the first quarter of 2019, we are the #1 mortgage

lender in Franklin County with a 14.33% market share of mortgage loans in Franklin County and

now tied for the #3 place in Hampshire County with 5.15% market share of mortgage loans.

(Source Warren Group 2019 reports). In our effort to grow that business, we offer our latest version of the

promotion for “Homeowners’ Insurance Included” where GCB will pay the first year’s homeowner

insurance premium (up to $750) for new borrowers. The customer still chooses whichever agent

and insurance company they wish provided it meets industry standards. We upgraded our

online mortgage applications so that customers can apply online for that new mortgage or home

equity loans in only minutes!

Commercial Lending: FY 2019 was a great year for the commercial lending department as

we originated some $46.02 million in Commercial Real estate and C&I loans along with another

$28.3 million in municipal loans. Executive Vice President Anthony Worden and his team of 8

commercial lenders along with 4 credit analysts and 2 additional support staff are second to

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

2015 2016 2017 2018 2019 YTD

13.74%

16.02%

13.30% 12.83%14.33%

2.82% 3.96% 3.63% 3.87%5.15%

Mortgage market share(Calendar year: source Warren Group)

Franklin County Hampshire County

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none. They have the resources and staff to meet almost any need of a business in our region,

both large and small. You can meet with a commercial lender at your office or at any one of our

ten locations. We even have lenders based in our Greenfield, Shelburne Falls, Amherst, and

Northampton locations as well. And coming soon will be another full service location at 487

Newton Street in South Hadley. Our experienced staff in credit underwriting and credit

administration allows us to meet the needs of our current customers and the needs of future

customers. We are well positioned to support your business’s needs as you grow.

Greenfield Co-operative Bank offers a full complement of commercial lending products –

commercial real estate mortgages, commercial/industrial financing for equipment and working

capital needs, along with term loans and lines of credit. We are a Preferred Lending Partner of

the U. S. Small Business Administration and can utilize SBA products to meet the needs of

businesses, both large and small. We also provide Government Banking services, including

deposit products and municipal financing to local towns and districts.

25.71%24.49%

20.00%21.62%

4.35%2.94%

1.93%

5.71%

12.11% 11.97%

5.37%

8.65%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

2016 2017 2018 2019 (YTD)

Commercial Mortgage Market ShareSource: Warren Group reports

Franklin County Hampshire County Combined Frank/Hamp

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Electronic Banking: We continue to offer the absolute best electronic banking products and

services to make accessing your accounts safe and easy! GCB’s electronic banking suite

provides you with the tools you need to conveniently manage your finances 24 hours, 7 days a

week:

• E-access Consumer and Business Internet Banking and Bill Pay • E-access Consumer and Business Mobile Banking and Bill Pay • E-Statements and E-Bills • Easy-Access Telephone Banking • Online Account Opening and Online Mortgage Application • Mobile Check Deposit • Instant Issue “Chip” Debit Cards • Mobile Wallets (ApplePay®, GooglePay®, and SamsungPay®) • Mobile Debit Card Controls and Alerts • 10 Convenient ATM locations

As good as our technology is, our people are even better! GCB not only prides ourselves on

being able to offer the same state-of-the-art technology as the “big banks”, but we go further and

provide excellent, real-person customer service. When you call us, an actual person answers

who is able to provide you with the quality assistance you need. On top of that, we provide

around the clock phone customer support for our Internet Banking and Mobile services. Based

on the growth we see year after year, there is no question that providing quality electronic

banking services continues to be vitally important to you. Since last year, we’ve seen a 7.4%

increase in Internet banking users, a 6.2% increase in bill pay users, and a 17.8% increase in

mobile banking users.

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These increases clearly show customers want a great e-banking option. And we continually

look for ways to enhance and improve these services. Over the last year we:

• Added Instant Debit Card printing to all our locations. • Upgraded ATM’s at three of our branch locations (277 Federal, Shelburne Falls and

Florence). • Implemented enhanced security and usability features to our e-access Internet Banking

and Mobile Banking sites.

020000400006000080000

100000120000140000160000180000

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

Total Number of Transactions

Bill Pays Transfers Mobile Deposits

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019

Total Dollar of Transactions

Bill Pays Transfers Mobile Deposits

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Data Security: Last, but certainly not least, we continue to take data security very seriously

here at GCB. We want to assure customers that the bank is taking every step to keep their

personal information private and safe: Some of the steps we’ve taken include:

• “Fraudnet” is in place to monitor bill pay transactions for fraudulent activity. • “FraudWatch Plus” is in place to monitor ATM/Debit card transactions for fraudulent

activity. • Identity theft recovery services are available for free to all of our consumer checking

account customers. • All GCB staff receive annual training on customer data security and privacy rules. We

test their knowledge at the end of each training session. We use an outside security firm to test our systems against cybersecurity and we even secret shop our own staff to ensure they are protecting bank data and customer data.

• GCB utilizes industry standard encryption and authentication protocols for our systems. • GCB maintains strong vendor and risk management programs. • GCB systems are monitored 24/7 by qualified information security analysts.

Retail Banking: The retail division of the bank consists of 10 full service branches across

Franklin and Hampshire County. We offer a wide variety of personal and business banking

options with extremely competitive interest rates. Our deposits grew $11.04 million in fiscal year

2019. This was a 2.14% increase from fiscal year 2018. This growth was reflected throughout

all 10 branch locations. Our highly experienced retail staff bring with them years of banking

knowledge. We continue to invest in their education concerning the newest trends and concepts

in the banking industry. We remain committed to a strong branch network knowing the value it

brings to our customers. Our branch staff have strong roots in the community they serve, and

our bank has had strong roots for decades. Staff association with many not-for-profit boards and

involvement with various local fund raising events is a direct reflection of our continued

commitment to our customers and the community.

Asset Quality: The national and local economy improved this past year, and experts predict it

should continue its slow but steady growth this year. As a result, borrowers are doing well and

GCB’s Asset Quality remains strong. Delinquencies remain at or near their lowest levels in the

past fourteen years. Total delinquency for GCB is flat with last year, and just 1.16% of total loans

past due, and serious delinquency at 0.75% of total loans (both as of 3/31/2019). However, the one

thing experience has shown us is, even if you have great underwriting of loans, unforeseen

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issues arise such as job loss, health for individuals, or a temporary cash flow crunch for

commercial loans. These are usually tragic situations outside the control of both the bank and

the customer. As a local bank, we try to work with those customers who honestly approach us

and work with us. If it appears the reason for the delinquency can be resolved, we work with

them to give them some time as they resolve their issue. This gives them an opportunity to take

action, to sell their home on their own or to find a new tenant for that vacant business space.

Our bank philosophy remains as always to try to work with borrowers whenever possible. But

remember, the bank’s #1 job is to protect the life savings that other depositors’ entrust to the

bank. So we cannot guarantee help with a situation especially if the borrower ignores us or is

unable to resolve their problem. Despite our best efforts, a foreclosure does happen from time

to time when we must act to recover funds. Over the past decade, we only foreclosed on one or

two loans a year. As the chart above shows, GCB has been below national averages for total

delinquency during the past two decades. This reflects prudent underwriting and an effort to

stay in contact with borrowers.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0% GCB % Total Delinquency v. National % Total Delinquency

2000-2019Source: Bloomberg & Mortgage Bankers Association

% Total GCB Delinquent National Past due 30+

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Greenfield Cooperative BankUnaudited Consolidated Statement of Condition

As of March 31, 2019 and March 31, 2018(dollars in thousands)

ASSETS 2019 2018

Cash and due from banks 30,731$ 25,844$ Short-term investments 809 97

Total cash and cash equivalents 31,540 25,941

Securities available for sale, at fair value * 137,913 140,969 Federal Home Loan Bank stock, at cost 1,914 2,153 Loans, net of allowance for loan losses of $3,966 and 427,220 403,828 $3,571 at March 31, 2019 and 2018, respectivelyPremises and equipment, net 9,587 9,426 Accrued interest receivable 1,844 1,496 Deferred income taxes, net 1,681 1,960 Bank-owned life insurance 15,555 15,146 Cooperative Central Bank deposit 1,118 1,118 Mortgage servicing rights 437 444 Core deposit intangible 316 421 Other assets 1,023 903

TOTAL ASSETS 630,148$ 603,805$

LIABILITIES AND SURPLUS

Deposits 527,833$ 515,170$ Short-term borrowings - - Long-term borrowings 23,755 16,879 Mortgagors' escrow accounts 1,816 1,954 Accrued expenses and other liabilities 3,299 2,316

TOTAL LIABILITIES 556,703 536,319

Surplus 50,072 45,581 Additional capital 24,474 24,474 Accumulated other comprehensive (loss) (1,101) (2,569)

TOTAL SURPLUS 73,445 67,486

TOTAL LIABILITIES AND SURPLUS 630,148$ 603,805$

Standby Letters of Credit as required byFDIC Rules and Regulations 337.2 (D) 340$ 627$

* Pursuant to FASB Accounting Standard Codification("ASC") Topic 320 - "Investment - Debt and Equity Securities", Colleen T BugbeeSecurities Available For Sale have been reflected at fair Senior Vice President &market value. Treasurer

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Greenfield Cooperative BankUnaudited Consolidated Statement of Operations

For the Fiscal Years Ended March 31, 2019 and March 31, 2018(dollars in thousands)

INTEREST AND DIVIDEND INCOME 2019 2018 CHANGE IN $

Loans, including fees 17,242$ 15,230$ 2,012$ Securities 3,231 2,851 380 Short-term investments 347 306 41

TOTAL INTEREST AND DIVIDEND INCOME 20,820 18,387 2,433

INTEREST EXPENSE

Deposits 2,851 2,320 531 Borrowings 412 326 86

TOTAL INTEREST EXPENSE 3,263 2,646 617

NET INTEREST INCOME 17,557 15,741 1,816

PROVISION FOR LOAN LOSSES 410 785 (375)

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 17,147 14,956 2,191

NON-INTEREST INCOME

Customer service fees 1,938 1,783 155 Gain on sales of loans, net 96 203 (107) Gain on sale of securities, net - 57 (57) Loan servicing fees 60 67 (7) Bank-owned life insurance income 409 414 (5) Miscellaneous 160 126 34

TOTAL NON-INTEREST INCOME 2,663 2,650 13

NON-INTEREST EXPENSE

Salaries and employee benefits 8,143 6,911 1,232 Occupancy and equipment 1,425 1,436 (11) Data processing 612 557 55 Professional fees 450 382 68 FDIC insurance 170 173 (3) Advertising 411 366 45 Other general and administrative 2,876 2,741 135

TOTAL NON-INTEREST EXPENSE 14,087 12,566 1,521

INCOME BEFORE INCOME TAXES 5,723 5,040 683

INCOME TAXES 1,232 2,290 (1,058)

NET INCOME 4,491$ 2,750$ 1,741$

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Greenfield Bancorp, MHCUnaudited Consolidated Statement of Condition

As of March 31, 2019(dollars in thousands)

CONSOLIDATING CONSOLIDATEDASSETS BANK BANCORP, MHC ENTRIES BANCORP, MHC

Cash and due from banks 30,731$ 7$ (7)$ 30,731 Short-term investments 809 - - 809

Total cash and cash equivalents 31,540 7 (7) 31,540

Securities available for sale, at fair value * 137,913 - - 137,913 Investment in Bank 29,976 (29,976) - Federal Home Loan Bank stock, at cost 1,914 - - 1,914 Loans, net of allowance for loan losses of $3,996 and 427,220 - - 427,220 $3,571 at March 31, 2019 and 2018, respectively - Premises and equipment, net 9,587 - - 9,587 Accrued interest receivable 1,844 - - 1,844 Deferred income taxes, net 1,541 140 - 1,681 Bank-owned life insurance 15,555 - - 15,555 Cooperative Central Bank deposit 1,118 - - 1,118 Mortgage servicing rights 437 - - 437 Core deposit intangible 316 - - 316 Other assets 1,104 (81) - 1,023

TOTAL ASSETS 630,089$ 30,042$ (29,983)$ 630,148$

LIABILITIES AND SURPLUS

Deposits 527,840$ -$ (7)$ 527,833 Short-term borrowings - - - - Long-term borrowings 23,755 - - 23,755 Mortgagors' escrow accounts 1,816 - - 1,816 Accrued expenses and other liabilities 3,299 - - 3,299

TOTAL LIABILITIES 556,710 - (7) 556,703

Surplus 50,006 30,042 (29,976) 50,072 Additional capital 24,474 - - 24,474 Accumulated other comprehensive (loss) income (1,101) - - (1,101)

TOTAL SURPLUS 73,379 30,042 (29,976) 73,445

TOTAL LIABILITIES AND SURPLUS 630,089$ 30,042$ (29,983)$ $630,148

* Pursuant to FASB Accounting Standard Codification("ASC") Topic 320 - "Investment - Debt and Equity Securities",Securities Available For Sale have been reflected at fairmarket value.

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Greenfield Bancorp, MHCUnaudited Consolidated Statement of Operations

For the Fiscal Year Ended March 31, 2019(dollars in thousands)

CONSOLIDATING CONSOLIDATEDINTEREST AND DIVIDEND INCOME BANK BANCORP, MHC ENTRIES BANCORP, MHC

Loans, including fees 17,242$ -$ -$ 17,242$ Securities 3,231 - - 3,231 Dividend - 40 (40) - Short-term investments 347 - - 347

TOTAL INTEREST AND DIVIDEND INCOME 20,820 40 (40) 20,820

INTEREST EXPENSE

Deposits 2,851 - - 2,851 Borrowings 412 - - 412

TOTAL INTEREST EXPENSE 3,263 - - 3,263

NET INTEREST INCOME 17,557 40 (40) 17,557

PROVISION FOR LOAN LOSSES 410 - - 410

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 17,147 40 (40) 17,147

NON-INTEREST INCOME

Customer service fees 1,938 - - 1,938 Gain on sales of loans, net 96 - - 96 Gain on sale of securities, net - - - - Loan servicing fees 60 - - 60 Bank-owned life insurance income 409 - - 409 Miscellaneous 160 - - 160

TOTAL NON-INTEREST INCOME 2,663 - - 2,663

NON-INTEREST EXPENSE

Salaries and employee benefits 8,109 34 - 8,143 Occupancy and equipment 1,425 - - 1,425 Data processing 612 - - 612 Professional fees 445 5 - 450 FDIC insurance 170 - - 170 Advertising 411 - - 411 Merger costs - - - - Other general and administrative 2,876 - - 2,876

TOTAL NON-INTEREST EXPENSE 14,048 39 - 14,087

INCOME BEFORE INCOME TAXES 5,762 1 (40) 5,723

INCOME TAXES 1,243 (11) - 1,232

NET INCOME 4,519$ 12$ (40)$ 4,491$

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Greenfield Bancorp, MHC

and

Greenfield Cooperative Bank

Director Terms (as of 6/18/2019)

3 year term expires June 2019 (up for re-election to 2022)

• Robert R. Carey, Esq. • Kevin J. O’Neil • Keith C. Finan • Daniel F. Graves, Esq. • Peter W. MacConnell, Esq. • John W. Kuhn • Robb D. Morton, CPA

3 year term expires June 2020

• Nancy A. Fournier, CPA • Eugene A. L’Etoile • Josiah J. L. Simpson, Jr. • Susan G. Fentin, Esq. • Edward D. Etheredge, Esq. • Jo Anne J. Finck • Peter J. Whalen

3 year term expires June 2021

• Robert L. Underhill • Michael E. Tucker, Esq. • William Dufraine • Martha S. Borawski

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GREENFIELD BANCORP, MHC Officers

(As of June 18, 2019)

• Kevin J. O’Neil Chairman of the Board • Peter W. MacConnell, Esq. Vice Chairman of the Board

• Daniel F. Graves, Esq. Clerk

• Peter J. Whalen Assistant Clerk

• Michael E. Tucker, Esq. President & Chief Executive Officer

• Colleen T. Bugbee Senior Vice President & Treasurer • Michael F. Turley Senior Vice President & Controller

Company Information

Greenfield Bancorp, MHC Greenfield Cooperative Bank

P.O. Box 1345 63 Federal Street, Greenfield, MA 01302-1345

Tel (413) 772-0293 Fax (413) 773-3808

www.BestLocalBank.com

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Senior Executive Officers

• Kevin J. O’Neil Chairman of the Board (outside director) • Michael E. Tucker, Esq. President and Chief Executive Officer • Brandon S. Lively Executive Vice President - Information Systems • Anthony J. Worden Executive Vice President - Commercial Loans • Colleen T. Bugbee Senior Vice President & Treasurer • Lisa D. Kmetz Senior Vice President - Retail Banking • Naomi J. Lewis Senior Vice President - Human Resources • Mary J. Rawls Senior Vice President - Compliance • Jane W. Trombi Senior Vice President – Residential Lending • Michael F. Turley Senior Vice President & Controller Other Officers • Wolfgang A. Adametz Vice President- Credit Administration • James E. Alexander Vice President - Commercial Loans • Adam C. Baker Vice President- Commercial Loans • James J. Carvalho Vice President - Commercial Loans • Maureen A. Guzik Vice President- Commercial Loans • Daniel O’Neill Vice President- Commercial Loans • Janet L Rosenkranz Vice President & Senior Credit Officer • Barbara E. Campbell Assistant Vice President- Commercial Loans • Diane E. Sanborn Assistant Vice President - Human Resources • Maureen E. Bowler Assistant Vice President –Mortgage Loans • Casey L. Cusson Assistant Vice President –Branch Manager • Brenda L. Denison Assistant Vice President - Branch Manager • Jenicca R. Gallagher Assistant Vice President - Branch Manager • Lisa E. Granger Assistant Vice President - Branch Manager • Cynthia E. Gonzalez Assistant Vice President - Branch Manager • Dawn E. Hibbert Assistant Vice President - Branch Manager • Anita M. Michonski Assistant Vice President - Branch Manager • Shawn F. Streeter Assistant Vice President - Branch Manager • Erin A. Tautznik Assistant Vice President - Branch Manager • Charmaine J. Ramirez-Miller Assistant Vice President- Mortgage Operations • Jeremy M. Lajoie Assistant Vice President- Mortgage Operations • Chelsea R. Depault Commercial Loan Officer • Christopher J. Wilkey MIS Officer • Daniel F. Graves, Esq. Clerk (outside director) • Peter J. Whalen Assistant Clerk (outside director)

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Corporators of Greenfield Bancorp, MHC as of 6/18/2019

Name Occupation Term Ending Mr. William A. Dufraine President, Dufraine & Co., LLC 2019

Mr. Michael E. Tucker, Esq. President ,Greenfield Cooperative Bank 2019

Mr. Robert R. Carey, Esq. Curtiss, Carey, Gates & Goodridge, LLP 2020

Mr. Daniel F. Graves, Esq. Law Offices of Daniel F. Graves 2020

Mr. C. Michael Sheridan, Esq. Retired 2020

Mr. Robert L. Underhill Retired 2020

Mr. Eugene A. L'Etoile President, Four Star Farms, Inc. 2021

Ms. Regis M. MacNeil Johnston President, Crocker Communications Co. 2021

Mr. Kevin J. O'Neil President, Wilson's Department Store 2021

Mr. William F. Ahlemeyer Retired 2022

Mr. Andrew C. Chase Head of School, Eaglebrook School 2022

Mr. Keith C. Finan CFO, Deerfield Academy 2022

Ms. Nancy A. Fournier, CPA Melanson, Heath & Company, P.C. 2022

Ms. Darci L. Brown President, Brown Motors, Inc. 2023

Dr. Jeffrey M. Collura, DMD Owner, Turners Falls Dental 2023

Ms. Susan G. Fentin, Esq. Skoler Abbott & Presser, P.C. 2023

Mr. Josiah L. Simpson President, Simpson Contemporary Glass 2023

Ms. Molly L. Wood Owner, Small Corp. 2023

Ms. Elizabeth A. Dolby Owner, The Body Shoppe 2024

Ms. Christine M. Eugin Retired 2024

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Corporators of Greenfield Bancorp, MHC

Name Occupation Term Ending Ms. Elizabeth G. Fisk Account Executive, WHAI, WPVQ 2024

Mr. Thomas C. Hodgkins Retired 2024

Mr. William R. Pratt Padula Brothers, Inc. 2024

Mr. Arjen P. Vriend Owner, Pioneer Gardens 2024

Mr. Richard F. LaPierre President, LaPierre's Advertising, Inc. 2025

Mr. Kevin D. Parsons, Esq. Attorney at Law 2025

Mr. Douglas P. Clarke Retired 2026

Mr. John W. Kuhn Kuhn Riddle Architects, Inc. 2026

Mr. Peter W. MacConnell, Esq. Bacon Wilson, P.C. 2026

Mr. Robb D. Morton, CPA Boisselle, Morton & Associates, LLP 2026

Ms. Margarita R. O'Byrne Curtis Head of School, Deerfield Academy 2026

Mr. Edward D. Etheredge, Esq. Etheredge & Steuer, P.C. 2027

Ms. JoAnne J. Finck Vice President, Finck & Perras 2027

Ms. Lora M. Hodges Exec. Dir. - Ctr. for Responsive Classrooms 2027

Ms. Susan M. Renfrew Renfrew Real Estate 2027

Mr. William T. Stapleton Retired 2027

Mr. Peter J. Whalen President, Whalen Insurance 2027

Ms. Martha S. Borawski President, Pioneer Valley Travel 2028

Ms. Deborah J. Falcon Retired 2028

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