MANCHESTER, NH (April 18, 2022) — On Wednesday, April 13, St. Mary’s Bank hosted its Annual Shareholders’ Meeting to review 2021, a year highlighted by strong financial performance.
In 2021, St. Mary’s Bank generated a record-setting $373 million in residential mortgage loans, $70 million in Payroll Protection Program and commercial loans, and $281 million in new consumer loans. St. Mary’s Bank also concluded 2021 with $10.920 million in net income.
“Strong net income like this is key to our continued growth,” said president and CEO Ron Covey. “As a not-for-profit financial cooperative, retained earnings is our only source of capital.”
Strong financial performance in 2021 reflects longer-term positive trends in several key categories. In the past years, deposits have increased more than 51%, assets have climbed more than 46%, and membership has increased nearly 12%.
Covey credited St. Mary’s Bank’s employees as instrumental to this continued growth, especially over the course of the pandemic. “They have stepped up to help our members in so many new ways,” he said. “Their flexibility and resilience allowed us to keep our doors open and fulfill our duties as an essential business.”
2021 also marked a renewed commitment to philanthropy at St. Mary’s Bank, as the Board of Directors approved a contribution of $1.5 million to the St. Mary’s Bank Charitable Foundation.
“This contribution significantly shores up the Foundation’s ability to support future giving objectives,” noted Guy Chapdelaine, chairman of the board of St. Mary’s Bank.
In 2022, the Foundation will fund St. Mary’s Bank’s scholarship program and 1908 Fund in addition to fulfilling multi-year commitments to Catholic Medical Center’s Pregnancy Care Center and sponsorship of The Palace Theatre’s Performing Arts Series.
At the Annual Shareholders’ Meeting, Covey also shared the news that 2022 will be his final year as CEO, a role in which he has served since 2008. On January 1, 2023, the Board will appoint Ken Senus, current executive vice president and chief operating officer, as the ninth CEO of St. Mary’s Bank.
“In their wisdom, our Board of Directors started planning for this transition several years ago,” noted Covey. “It was my honor and privilege to announce Ken’s name at the annual meeting. He and I have been working very closely over the past five years.”
While acknowledging he has attended St. Mary’s Bank annual meeting for the final time as CEO, Covey said it is not “goodbye just yet.”
“I will continue to serve every day with the same energy, enthusiasm, and passion I’ve had since joining this amazing institution,” he said.
To learn more St. Mary’s Bank, visit stmarysbank.com.
Caption: Ronald H. Covey Jr. President and CEO of St. Mary’s Bank presents his report at the annual meeting.
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.