The nation’s first credit union shared 2014 financial results with members at its 106th Annual Shareholder meeting on April 21 at its headquarters on McGregor St. in Manchester, New Hampshire.
St. Mary’s Bank President and CEO, Ronald H. Covey, Jr., informed members that the institution is on track financially and strategically. He discussed the importance of investing in the areas of Information Technology in order to defend against cyber criminals and widespread data breaches at retailers like Home Depot and Target.
St. Mary’s Bank has increased its monitoring systems in an effort to stay ahead of these risks. While the credit union remains committed to protecting its members’ data, merchants have no incentive to increase their own security. Covey announced that the institution is joining forces with the Credit Union National Association (CUNA) to send a message to legislators that merchants must be held accountable for security failures that cause theft to member data.
Covey announced that St. Mary’s Bank will complete its milestone project of upgrading its core computer system this fall. The new system will provide cost- and time-saving features as well as an improved member experience.
St. Mary’s Bank experienced a year of steady growth in 2014. Year-end results included:
$700 million in overall deposits, a 6.5 percent increase over the previous year
$676 million in loans, an increase of more than 17 percent
$378.5 million in new mortgage, consumer and commercial loans
St. Mary’s Bank ended 2014 with $814 million in assets.
Gina Balkus, Chairman of the Board of Directors, presided over the meeting. She introduced Elizabeth Hitchcock, who joined the Board of Directors upon her election to a one-year term. Other voting results included the following.
Elected to a three-year term as Director of St. Mary’s Bank were Joseph Fremeau, Ronald Rioux, and Suzanne Vachon.
Elected to a one-year term on the Supervisory Committee were Guy Chapdelaine, Craig Donais, and Robert Duval.
Elected to a one-year term on the Credit Committee were Stephen Grzywacz, Daniel Healy, Ronald Rioux, and Suzanne Vachon.