PO Box 990
Manchester, NH 03105-0990
(603) 669-4600
1-888-786-2791
PRESS RELEASE
For immediate release:
April 19, 2012
Contact: Elizabeth Stodolski
(603) 629-1430
estodolski@stmarysbank.com
ST. MARY’S BANK HOLDS 103rd
ANNUAL SHAREHOLDER MEETING
Manchester, NH – April 18, 2012 – St. Mary’s Bank, the nation’s first credit union, shared 2011 financial results with members at its 103rdAnnual Shareholder meeting on April 18 at the SERESC Conference Center in Bedford, New Hampshire.
St. Mary’s Bank President and CEO Ronald H. Covey, Jr., discussed the credit union’s accomplishments in 2011. He reported that construction was completed for the new Operations Center, which includes a Branch Office and Education Center, at 48 Perimeter Road, near the Mall of New Hampshire. The new facility was built on time, on budget, and will cost less to operate than the former leased facility. The credit union also made progress on its plan to introduce new technologies for members. State-of-the-art ATMs were installed in three locations, customizable debit cards were introduced, and an Android app was also launched. Enjoying strong growth in membership, the credit union now serves more than 80,000 members.
Robert DesMeules, Chief Financial Officer, reviewed the institution’s financial report. St. Mary’s year-end results included:
$ 240 million in new consumer, mortgage and commercial loans
$ 515 million total loans
$ 610 million total deposits
$ 600,000 in savings were provided to members by not charging ATM fees
St. Mary’s Bank ended 2011 with $717 million in assets.
Elected to a three-year term as a director of St. Mary’s Bank were Joseph G. Fremeau, Ronald J. Rioux, and Suzanne I. Vachon.
Elected to a one-year term on the supervisory committee were Robert E. Duval, Guy D. Chapdelaine, and Craig S. Donais, Esq.
Elected to a one-year term 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 ten-year-old Manchester student who has recently performed at the New Hampshire Motor Speedway and Fenway Park. The meeting opened with an invocation by Reverend Maurice “Moe” Larochelle, Pastor of Ste. Marie Church in Manchester. 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.
About St. Mary’s Bank
Founded in Manchester , New Hampshire in 1908, St. Mary’s Bank is the nation’s first credit union. As a not-for-profit, member-owned credit union, St. Mary’s Bank makes progressive financial products and services available and affordable to consumers and businesses. Members enjoy excellent service, competitive rates, low fees and state-of-the-art banking services. Headquartered in Manchester , New Hampshire , St. Mary’s Bank has branches in Manchester , Hudson , Londonderry, Milford and Nashua . Call 1-888-786-2791 or visit www.stmarysbank.com for more information.