St. Mary’s Bank, the nation’s first credit union, held its 109th Annual Shareholder meeting April 11, 2018 at its McGregor Street headquarters in Manchester.
President/CEO Ron Covey reviewed the credit union’s financial success over the past year, which included
- $444 million in total loan production
- $857 million in total deposits
- $989 million in assets
- $4.2 million in net income, up almost 15 percent from 2016.
After the financial report, Chairman of the Board Daniel Healy recognized board members Suzanne Vachon and Ronald Rioux, who retired from the board at the conclusion of the meeting.
Photo caption: From left: Ronald Rioux, Suzanne Vachon, and Daniel Healy
“Tonight, we turn a page in the St. Mary’s Bank history book,” remarked Healy. “We celebrate the service of Sue and Ron, two very dedicated board members and stewards of our historic institution, and it is my honor to recognize and thank them for their remarkable service to our credit union.”
During their time on the board, Healy shared, Vachon and Rioux dedicated themselves to upholding St. Mary’s Bank’s mission and donating their time to their community. Their legacy includes positioning the credit union for the future through board decisions to invest in new facilities and advanced technology.
“I owe a debt of gratitude to Sue and Ron for their support, counsel, and confidence over the years,” added Covey. “They will be missed, and I hope they’ll continue their close relationships with St. Mary’s Bank. I wish them all the best.”
Vachon joined the board in 1997 and served on the Credit Committee from 2003 to 2010 and again from 2014 to present. Rioux began his service as President/CEO in 1993. Following his retirement from that role, he joined the board in 2009 and has served on the Credit Committee since 2011.
In other business, St. Mary’s Bank members elected veteran board member Joseph Fremeau and new board member Diane Fitzpatrick, Chief Executive Officer of the Boys & Girls Club of Manchester, to a three-year term on the board of directors.
Guy Chapdelaine, CPA; Craig Donais, Esq.; and Kara Fontaine, CPA were elected to a one-year term on the Supervisory Committee. Joseph Fremeau, Stephen Grzywacz, Elizabeth Hitchcock, and were elected to a one-year term on the Credit Committee.
Following the annual meeting, the board re-elected Daniel Healy as Chairman of the Board of Directors. He is the owner-president and funeral director of the Connor-Healy Funeral Home and Cremation Center in Manchester. Guy Chapdelaine, CPA was re-elected Vice Chairman of the Board. Chapdelaine formerly served as the Finance Officer for the Diocese of Manchester.
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