St. Mary's Bank
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| Non-profit organization | |
| Industry | Financial services |
| Genre | Credit union |
| Founded | 1908 |
| Headquarters | Manchester, New Hampshire, United States |
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Number of locations
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12 |
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Key people
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Ronald H. Covey, Jr., CEO |
| Products | Savings; checking; consumer loans; mortgages; credit cards; online banking; mobile banking; business banking |
| Total assets | $890 million |
| Owner | Member-owned |
| Website | stmarysbank |
St. Mary's Bank, the first credit union in the United States, was founded in 1908.
Credit unions are not-for-profit, cooperative financial institutions owned by each member. While the St. Mary's service area is primarily Manchester, New Hampshire, it is one of the few credit unions that allow membership throughout the entire United States, with valid residence.
St. Mary's has six branches in Manchester, as well as one branch each in Nashua, Hudson, and Milford, New Hampshire.
The credit union offers personal banking, business banking, savings, checking, investment, mortgages, home equity, auto loans, online banking, and debit and credit cards.
In 1908, Monseigneur Pierre Hevey, pastor of Sainte-Marie's parish in Manchester, organized what was soon to be known as the first credit union. The goal was to help the primarily Franco-American mill workers save and borrow money. On November 24, 1908, the business officially opened its doors in Manchester as "La Caisse Populaire, Ste-Marie" (The People’s Bank) and became the first credit union in the nation. In April 1909, the New Hampshire Senate and House of Representatives approved a charter to incorporate under the name of St. Mary's Cooperative Credit Association. Transactions were conducted at the home of Joseph Boivin, the credit union's first president, on Notre Dame Avenue. An all-volunteer staff assisted with daily activities. The safe was a used metal box purchased from Manchester's French daily newspaper, L'Avenir National. Operating conditions were basic, but it was the mission that mattered.
St. Mary's Bank made it possible for Manchester's immigrants to achieve the better quality of life they had envisioned. For just $5, the price of one share of capital stock, anyone in the community could become a member. Savings were accepted from workers, families, and children. The accumulated savings were, in turn, lent to members to purchase and build homes, establish neighborhood businesses, and meet the personal financial needs of the community.
St. Mary's Bank prospered. The credit union moved into its own offices in 1913 and hired its first paid, full-time manager in 1916. In 1917, the state legislature approved a bill changing the name from "St. Mary's Cooperative Credit Association" to "La Caisse Populaire, Ste-Marie". By 1923, the credit union's assets exceeded $1 million. In 1925, an amended charter allowed the institution to be called either "La Caisse Populaire, Ste-Marie", or "St. Mary's Bank".
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Wikipedia