4/19/2011: ST. MARY’S BANK HOLDS 102nd ANNUAL SHAREHOLDER MEETING
April 19, 2011 – St. Mary’s Bank, the nation’s first credit union, shared 2010 financial results with members at its 102nd Annual Shareholder meeting on April 13 at the SERESC Conference Center in Bedford, New Hampshire. Following the meeting, new board leadership announcements were made.
St. Mary’s Bank President and CEO Ronald H. Covey, Jr. discussed the credit union’s strong performance in 2010 and announced the organization’s strategic focus on operations and technology for 2011. The credit union is slated to open an operations center near the Mall of New Hampshire in early 2012 that will house a new branch office, a state-of-the-art educational center for employee training, and expanded meeting space. To provide members with improved services and the latest in technology, St. Mary’s will introduce remote deposit capture, expanded mobile banking and online account opening in 2011. The credit union will also continue to focus on business services and advocate for an increase in the member business lending cap.
Daryl J. Cady, St. Mary’s Bank Chief Operating Officer and Treasurer, reviewed both the institution’s and members’ success for 2010. St. Mary’s year-end results included:
- $220 million in new consumer, mortgage and commercial loans
- $490 million total loans
- $600 million total deposits
- $528,000 in savings were provided to members by not charging ATM fees
St. Mary’s Bank ended 2010 with $703 million in assets.
Elected to three-year terms as directors of St. Mary’s Bank were David H. Bellman, Guy D. Chapdelaine and Daniel J. Healy.
Elected to fill one-year terms on the supervisory committee were Robert E. Duval, Guy D. Chapdelaine and Craig S. Donais, Esq. Elected to fill one-year terms on the credit committee were David H. Bellman, Daniel J. Healy and Ronald J. Rioux.
A highlight of the meeting was Christopher Duffley’s rousing performance of the national anthem. Duffley is a nine-year-old Manchester student who has performed at Fisher Cats and Manchester Monarchs games and recently received coverage from the Union Leader, WMUR TV and Fox News for his singing talents. The meeting opened with an Invocation by Father George Majka of St. Joseph Parish of Claremont. Boy Scout Troop 135 from Sacred Heart Parish in Manchester presented the U.S. flag and led the group in the Pledge of Allegiance.
Joseph G. Fremeau, St. Mary’s Bank Chairman of the Board of Directors, presided over the meeting.