St. Mary's Bank and New Hampshire Food Industry Credit Union (NHFICU) have entered into an agreement regarding the acquisition of assets and the assumption of deposits of NHFICU by St. Mary's Bank. St. Mary's Bank, founded in 1908, is the nation's first credit union with more than $450 million in assets. New Hampshire Food Industry Credit Union, established in 1974, has $2.5 million in assets. St. Mary's Bank would integrate the members and accounts of NHFICU into a separate division of St. Mary's Bank providing the members of NHFICU access to the full line of products and services offered by St. Mary's Bank. Ron Rioux, President/CEO of St. Mary's Bank, said, "We are very pleased to combine the deposits and loans of NHFICU with ours, especially since acquisitions in the credit union industry are rare. Following the acquisition, NHFICU members will be welcomed as a division of St. Mary's. This arrangement will allow NHFICU members to take advantage of the competitive products and services we offer while providing strong growth for St. Mary's membership. We look forward to working with the members of NHFICU."

John Dumais, Treasurer of NHFICU, commented, "With our members best interests in mind, the Board of Directors spent a great deal of time considering how we could maintain and increase the products and services available to our members. During this process, we became increasingly impressed with the products and services offered by St. Mary's Bank. We are very excited about the transaction with St. Mary's since it will allow our members to be served with greater resources."

Both credit unions believe they have strong cultural and product compatibility and that the transaction would be mutually beneficial. St. Mary's is eager to reach out to the individuals and companies providing services to the New Hampshire retail grocers, hospitality and related food industries currently served by NHFICU. NHFICU looks forward to the expanded line of products and services St. Mary's can offer its members.

The transaction is subject the approval of the New Hampshire Banking Department, the National Credit Union Association, the Boards of Directors of St. Mary's Bank and NHFICU, and the members of NHFICU.

About NHFICU
The New Hampshire Food Industry Credit Union, organized in April of 1974, serves all individuals or companies associated with or providing services to the New Hampshire Food Industry, or any family member of a member. Their mission is to provide complete financial services to people in the food and food-related industries including retail grocers and the hospitality industry. They strive to promote thrift and provide members with the best products and services available with reasonable return on savings and competitive rates and fees on services.

About St. Mary's Bank
From its initial deposit of $25 in 1908, St. Mary's has grown considerably. Today membership is open to anyone who lives or works in New Hampshire, and St. Mary's serves more than 30,000 households and over 48,000 members across the state. St. Mary's continues to improve the value of membership while offering friendly service and even more convenient access to funds for members. St. Mary's offers a full range of financial products and services, an international-award-winning Web site, and free online banking. And with a $10 million, ten-year Community Outreach commitment, St. Mary's seeks to foster a community where people can achieve their dreams.