St. Mary’s Bank in Manchester, N.H., America’s first credit union, recorded net income of about $8 million in 2018, an 88.5% surge over the prior year.
Michelle Chergey, community relations coordinator for St. Mary’s Bank, told CU Journal the “dramatic increase” in net income was the result of several factors: the rate environment, expense control, a substantial reduction in loan losses, strong non-interest income, and a
In a Wednesday press release, the CU noted that it wrapped up 2018 with assets of more than $1 billion, versus $989 million at the end of 2017. Deposits rose $40 million to $897 million, and loans were up slightly to $854.4 million. Among the lending highlights for the year were $149 million in residential mortgage loans, almost $24 million in commercial loans and $215 million in new consumer loans.
Ron Covey, the credit union's president and CEO, said in the release, “We upgraded our online banking services, enhanced mobile banking, introduced new products to help members and remodeled and modernized facilities.”
St. Mary’s also introduced a new product last year, the Rainy Day Savings account, which pays 5% interest on the first $499 in savings and 3% on the next $500.
