MANCHESTER, NH (April 16, 2020) — St. Mary’s Bank kept its annual tradition of bringing members together every April by holding its 111th shareholders meeting online. During the webcast, President and Chief Executive Officer Ronald Covey shared 2019 financial results, discussed the credit union’s COVID-19 response, and detailed plans for the opening of a new Nashua office in June.
“We are here, as we have been since 1908, to help our members and the community through this time of great change, and, for so many, hardship,” said Chairman of the Board Guy Chapdelaine, who opened the meeting.
Covey began his presentation with an update on St. Mary’s Bank’s Coronavirus response. He assured members that St. Mary’s Bank remains “open for business” and commended employees for their continued commitment to service during the pandemic.
“I really can’t praise our employees enough right now for the tremendous dedication, creativity, and resilience they’ve shown in the midst of this crisis,” said Covey. “We appreciate each and every one of you, and I know our members do, too.
St. Mary’s Bank’s response to COVID-19 has included providing deferred loan payments, waiving many fees, processing hundreds of Paycheck Protection Program applications for businesses, and donating money and supplies to local groups. “We continue to support community organizations and just recently made a donation of 1,500 N95 masks to Catholic Medical Center,” said Covey.
In his review of St. Mary’s Bank’s 2019 financial performance, Covey noted that the credit union “closed the year on a high note,” achieving the following:
- $1.045 billion in assets
- $933.3 million in total deposits
- $902.7 in total loans
The biggest announcement of the night was the credit union’s plan to open a new branch office on Northwest Boulevard in Nashua this summer. The new branch, St. Mary’s Bank’s second in Nashua, will feature both interactive teller machines (ITMs) as well as ATMs.
“Through the ITM’s interactive video displays, representatives at our member contact center will offer members live assistance with transactions before, during, and after normal branch hours,” Covey said as he shared plans for the branch’s design and a video demonstrating how ITMs work. “I am confident that the two ITMs we’ll have at this location will greatly enhance member service.”
Covey’s presentation also covered new employee development initiatives, long-range plans for funding community outreach, and the impact of recent technology upgrades on online banking. “We’ve seen an impressive 18 percent increase in active users since we introduced the system,” said Covey.
Following Covey’s report, St. Mary’s Bank Corporate Secretary Anne Canty announced the results of the board of directors’ election.
- David Bellman, Guy Chapdelaine, and Daniel Healy were each elected to a three-year term on the board of directors.
- Craig Donais was elected to a one-year term on the board of directors.
- Jason Cole, Diane Fitzpatrick, and Donnalee Lozeau were each elected to a one-year term on the supervisory committee.
- Joseph Fremeau, Stephen Grzywacz, and Elizabeth Hitchcock were each elected to a one-year term on the credit committee.
Concluding the meeting, chairman Chapdelaine congratulated all reelected board and committee members and recognized new members. “We are pleased to welcome Craig Donais to the board as he concludes his 12-year tenure on the supervisory committee. And a warm welcome to Jason Cole, who joins the supervisory committee.”
The annual meeting’s venue change was due to COVID-19 public health concerns and government guidelines.
Photo caption: Craig S. Donais, Esq., has been elected to the St. Mary’s Bank board of directors, after having served on its Supervisory Committee for the past 12 years. He is an attorney with Wadleigh, Starr & Peters, PLCC, joining the firm in 2019. Prior to opening his own firm in 2009, he served as law clerk at the N.H. Supreme Court and as an assistant attorney general for N.H. Donais is a magna cum laude graduate of the University of Mass. at Amherst and cum laude graduate of Suffolk University Law School.
Photo caption: Jason E. Cole, Esq., CPA, has been elected to the St. Mary’s Bank supervisory committee. He is vice president and general counsel for Catholic Medical Center and GraniteOne Health System. Prior to joining CMC, he was a shareholder at Devine, Millimet & Branch, PA and also served as an auditor for PricewaterhouseCoopers, focusing on financial services and non-profit organizations. Cole is a graduate of Suffolk University Law School and earned an M.S. in Accountancy, an MBA from Northeastern University Graduate School of Professional Accounting, and a B.A. from Colgate University.
About St. Mary’s Bank
St. Mary’s Bank is a full-service, not-for-profit financial cooperative with branch locations in Manchester, Hudson, Londonderry, Milford, and Nashua and dedicated mortgage centers in Nashua, Concord, and Portsmouth. Founded as the nation’s first credit union in Manchester in 1908 and still headquartered there today, St. Mary’s Bank emphasizes a long tradition of service excellence, convenience, and value in its delivery of progressive banking products and services that help members save, invest, borrow, plan, insure, and retire. Forbes Magazine recently ranked St. Mary’s Bank the number one credit union in New Hampshire for overall recommendation, satisfaction, and trust.