St. Mary’s Bank Holds 101st Annual Shareholder Meeting

St. Mary’s Bank Holds 101st Annual Shareholder Meeting - New Chairman and Vice Chairman Elected

Posted On 4/16/2010

St. Mary’s Bank shared 2009 financial results with members at its 101st Annual Shareholder meeting on April 13 at CR Sparks in Bedford, New Hampshire. Following the meeting, new board leadership announcements were made.

Ovide M. Lamontagne, Chairman of the Board, completed his term and did not seek reelection, stepping down to focus on his campaign for U.S. Senator in New Hampshire. Vice Chairman Joseph G. Fremeau thanked Ovide for his service to the credit union. “During his decade of leadership, St. Mary’s prospered and remained steadfast in its commitment to the credit union philosophy of ‘people helping people.’” Fremeau noted, “Assets increased from $360 million to nearly $700 million; the membership grew from just over 46,000 members to more than 77,000 members, countless families were helped through outreach programs, and membership benefits expanded.”

Joseph G. Fremeau was elected Chairman of the Board. Fremeau joined the St. Mary’s board in 2006 and was elected Vice Chairman in 2009. He is President of Fremeau Appraisal, Inc., a commercial real estate appraisal and consulting firm in Manchester.

Ronald J. Rioux was elected Vice Chairman. Rioux joined the St. Mary’s board in 2009 after serving as the credit union’s president and CEO for sixteen years.

During the meeting, St. Mary’s Bank President and CEO Ronald H. Covey, Jr. discussed the credit union’s strong deposit growth in 2009 and the benefits both credit unions and small businesses could realize if the credit union member business lending cap is raised from 12.5% to 25% of credit union assets. Covey is in favor of raising the cap to help stimulate job growth and spur economic recovery.

Daryl J. Cady, St. Mary’s Chief Operating Officer and Treasurer, highlighted both the institution’s and members’ success for 2009. St. Mary’s year-end results included:
- $220 million in new consumer, mortgage and commercial loans
- $471 million total loans
- $585 million total deposits
- $520,000 in savings were provided to members by not charging ATM fees

St. Mary’s Bank ended 2009 with $698 million in assets.

Stephen J. Grzywacz was elected to a three-year term on the Board. Gina M. Balkus and David H. Bellman were each elected as a Director serving a three-year and one-year term respectively. Elected to fill one-year terms on the Supervisory Committee were Guy D. Chapdelaine, Stephen C. Duffley, Sr. and Robert E. Duval. Elected to fill one-year terms on the Credit Committee were Joseph G. Fremeau, Daniel J. Healy and Suzanne I. Vachon.