MANCHESTER, N.H. - St. Mary’s Bank (www.stmarysbank.com) – the nation’s first credit union – conducted its 100th Annual Shareholder meeting on April 14th at The Event Center to a standing-room-only audience of more than 260 members, employees, board members, and elected officials on hand to participate in this milestone meeting. Elected officials in attendance included - Governor John Lynch, Congresswoman Carol Shea-Porter (1st District NH), Manchester Mayor Frank Guinta, State Representatives from Manchester, Hudson and Nashua, among others.

Ovide M. Lamontagne, Esq., Chairman of the Board of Directors, presided over the meeting. In his opening remarks, Mr. Lamontagne said, “One of the things that we discovered during our 100th anniversary year – as we looked back upon the remarkable history of St. Mary’s Bank – is that among all of the financial institutions that were operating in Manchester at the turn of the last century, St. Mary’s Bank is the only one still in operation. That means through two world wars, the Great Depression, the bankruptcy of Amoskeag Manufacturing Company, and the economic disruptions over the late 80’s and early 90’s, St. Mary’s has always been here to support and serve our members.”

St. Mary’s President and CEO, Ronald H. Covey, Jr., spoke of the credit union’s century-old tradition of putting the needs of members first while remaining a strong, sound financial institution. Covey, who became the institution’s eighth President and CEO in 2008 stressed that “this year, you will see St. Mary’s doing what we do best – serving in our members’ best interests. St. Mary’s Bank core operations were strong in 2008 and continue to drive momentum in 2009. In the first quarter of this year, overall lending is vibrant, with strong commercial, consumer, and mortgage activity. In fact, 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.”

Daryl J. Cady, St. Mary’s Chief Financial Officer, highlighted both the institution’s and members’ success for 2008. Over the past year, St. Mary’s provided:

• $186 million to members via new consumer, mortgage and commercial loans
• $460 million total loans to members at year end
• $520 million in members deposits were held at St. Mary’s
• $470,000 in savings were provided to members by not charging ATM fees

St. Mary’s Bank ended 2008 with $652 million in assets.

Both New Hampshire Governor John Lynch and Congresswoman Carol Shea-Porter, representing NH’s 1st District, were on hand to congratulate St. Mary’s century long commitment to New Hampshire residents. Governor Lynch praised St. Mary’s contributions through both good times and bad. “St. Mary’s – in my mind – is so much more than a financial institution. It’s really a good neighbor – it’s out there trying to make a difference in the lives of the people it serves. St. Mary’s has proved that it will be there – and it will be there to help you and certainly we face some challenging times as we move forward,” said Lynch.

Congresswoman Shea-Porter praised St. Mary’s for its century-celebration slogan – Celebrating 100 Years as the Place Where You Belong. “One hundred years later that’s exactly what St. Mary’s still does – a place where everyone belongs. Clearly their mission is to reach out and help everybody achieve their dream,” said Shea-Porter. On behalf of the 110th United States Congress, Shea-Porter presented a framed copy of House Resolution 1145, acknowledging St. Mary’s 100 years of service to the community.

Elected to three-year terms as Directors of St. Mary’s Bank were Joseph G. Fremeau, Suzanne I. Vachon, and Ronald J. Rioux, former President and CEO of St. Mary’s. Guy D. Chapdelaine was elected to a two-year term.



New Hampshire Governor John Lynch, presenting a Commendation to Ovide M. Lamontagne, Chairman of St. Mary's Bank Board of Directors.



Congresswoman Carol Shea-Porter of NH's 1st District, presenting House Resolution 1145 to Ovide M. Lamontagne, Chairman of St. Mary's Bank Board of Directors.



L - R: Ovide M. Lamontagne, Chairman of St. Mary's Bank Board of Directors, New Hampshire Governor John Lynch, and Ron Covey, President and CEO of St. Mary's Bank.



  L - R: Ovide M. Lamontagne, Chairman of St. Mary's Bank Board of Directors, Congresswoman Carol Shea-Porter of NH's 1st District, and Ron Covey, President and CEO of St. Mary's Bank.