Safe and Strong

A Message to St. Mary's Bank Members from:
Daryl J. Cady, Chief Financial Officer

As market volatility continues to plague domestic and global economies, I’d like to take this opportunity to reassure you that St. Mary’s Bank continues to be a strong, safe, and secure credit union. We continue to have a solid capital to asset ratio and our core earnings are very strong. September earnings were the best we’ve seen during 2008 and consumer and commercial loan production far exceeded plan. So while the market and the economy were flailing about, we experienced our best month this year. This may not be a predictor of the future, but it may be an indicator. Bauer Financial, an independent bank and credit union rating company, has rated St. Mary's Bank with four stars, as excellent.

And while the credit crisis is impacting many throughout the country, financial institutions in New Hampshire, including St. Mary’s Bank, still have money to lend. That means that consumers and businesses still have access to the credit they need.

As additional reassurance for members, legislation regarding NCUA deposit insurance was recently passed, which increased the minimum level of coverage from $100k to $250k. Please see our website or speak with a representative for more information.

While these times can certainly be unsettling, again, I want to reassure you that we are strong and viable. This is an unpredicted business cycle, but the nation and we have a strong infrastructure that will undoubtedly get us through this trying time.

If you have questions or concerns please do not hesitate to contact me or any member of St. Mary’s Bank’s leadership team; any one of us would be happy to answer your questions.