The nation’s first credit union shared 2015 financial results with members at its 107th Annual Shareholder meeting on April 27, 2016, at St. Mary’s Bank headquarters on McGregor Street in Manchester.
At the board’s organizational meeting that followed the annual meeting, Daniel J. Healy was elected Chairman of the Board of Directors. Healy’s service on the board began in 2005, and he has served as Chairman of the credit union’s Credit Committee since 2010. He is the owner-president and funeral director of the Connor-Healy Funeral Home and Cremation Center, Manchester. David Bellman, president of Bellman Jewelers, Inc., was elected Vice Chairman of the Board. Bellman has served on the Board since 2010.
The membership elected Gina Balkus, Stephen Grzywacz, and Elizabeth Hitchcock to a three-year term on the board of directors. Guy Chapdelaine, Craig Donais Esq., and Robert Duval were elected to a one-year term on the supervisory committee. David Bellman, Stephen Grzywacz, Ronald Rioux, and Suzanne Vachon were elected to a one-year term on the credit committee.
Ronald H. Covey Jr., St. Mary’s Bank President and CEO, discussed the strong performance and growth of the credit union and provided financial highlights of 2015. Year-end results included:
- A record-setting $267.9 million in new consumer loans
- $440 million in total loan production, including mortgage, commercial and consumer loans
-$785 million in total deposits, an increase of 10 percent from 2014
St. Mary’s Bank concluded 2015 with $890 million in assets, a 10.7 percent increase from 2014.
Covey also discussed the revitalization of St. Mary’s Bank Education Center. Located at 48 Perimeter Road in Manchester, the Education Center provides free financial educational opportunities to members and the general public.
“The Education Center is central to helping us empower our members to make informed decisions about critical financial milestones,” said Covey.
Seminar topics include First-Time Home Buying Workshops, Estate Planning, Credit Management, and Fraud Prevention. Online registration is free at www.stmarysbank.com/events.