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St. Mary’s Bank Holds its 115th Annual Shareholder’s Meeting

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St. Mary’s Bank, the nation’s first credit union, held its 115th annual shareholder meeting on April 17, 2024, at its McGregor Street headquarters in Manchester.

 

The Board of Directors chairman, Steve Grzywacz, reaffirmed the credit union’s commitment to its core values, saying, “We continue to embrace the mission of our founders by making decisions with our members’ best interests in mind.” He then recognized current board members Gina Balkus, David Bellman, Guy Chapdelaine, Craig Donais, Diane Fitzpatrick, vice chair Liz Hitchcock, Donnalee Lozeau, and Bill Stevens.

 

Following Grzywacz, Ken Senus, President and CEO of St. Mary’s Bank, reviewed key accomplishments of the credit union’s 2023 performance and highlights of the strategic plans for the upcoming year. "2023 was another exceptionally good year for us,” said Senus. The credit union achieved record-level net income and completed several member-centric projects.

 

Financial Highlights:

  • Assets reached $1.5 billion — a notable increase from the previous year.
  • Total deposits grew to $1.3 billion.
  • The loan portfolio expanded to $1.3 billion.
  • Net income of $16.4 million, a 40% increase over 2022.

 

Senus announced plans to open St. Mary’s Bank’s twelfth full-service branch location in Concord, New Hampshire. “We anticipate breaking ground this fall and opening the branch office in 2025,” said Senus. “It’s a great location. Right behind our new location will be a new development of retail and office space, apartments, and progressive living,” said Senus.

 

Grzywacz shared the election results for the Board of Directors. Members elected veteran board members Craig Donais, Diane Fitzpatrick, and William Stevens to three-year terms, along with new board member Steve Baines. Caroline Owen was elected to a two-year term for the Supervisory Committee, while two new members, Sr. Paula Marie Buley and Peter Richard, were elected to one-year terms. Additionally, David Bellman, Craig Donais, Elizabeth Hitchcock, and William Stevens were each elected to serve one-year terms on the Credit Committee.