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CU System
St. Marys Bank hosts 100th shareholder meeting
MANCHESTER, N.H. (4/24/09)--St. Mary’s Bank, the nation’s first credit union, conducted its 100th annual shareholder meeting April 14 with more than 260 members, employees, board members and elected officials attending. Elected officials included New Hampshire Gov. John Lynch, State Rep. Carol Shea-Porter (R-23), Manchester Mayor Frank Guinta, and other state representatives from Manchester, Hudson and Nashua. Both Lynch and Porter commended St. Mary’s long-time commitment to New Hampshire residents. “St. Mary’s--in my mind, is so much more than a financial institution,” Lynch said. “It’s a really good neighbor. It’s out there trying to make a difference in the lives of people it serves.” During the meeting, St. Mary’s officials listed the credit union’s accomplishments during the past year. The credit union’s core operations are doing well--especially in lending. St. Mary’s has experienced strong commercial, consumer and mortgage activity in the first quarter of 2009, according to St. Mary’s President/CEO Ronald Covey. “We are ahead of our 2009 business plan for both deposits and loans, and we are ahead of where we were last year at this time,” he said. During the past year, St. Mary’s provided:
* $186 million to members through new loans; * $460 million in total loans; and * $470,000 in savings by not charging ATM fees.
The credit union also had $520 million in member deposits in 2008, the credit union said. During the meeting, St. Mary’s elected Joseph G. Fremeau; Suzanne Vachon; and Ronald Rioux, former president/CEO of St. Mary’s, to three-year terms on the board. Guy Chapdelaine was elected to a two-year term. St. Mary’s Bank, based in Manchester, N.H., has $652 million in assets.
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