St. Anne’s Credit Union reports outstanding results at 72nd Annual Meeting
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| Albert E. Mercier, Chairman of St. Anne’s Credit Union Board of Directors, welcomed more than 400 members who attended the Credit Union’s Annual Meeting on March 30. |
Board Chairman Albert E. Mercier reported that Fiscal 2007 was a successful one, and that St. Anne’s Credit Union continues to enjoy a sound financial position. Assets in 2007 climbed to $707.6 million, a 4.5% increase over year-end 2007. Membership now stands at over 65,000, and St. Anne’s remains the largest financial institution headquartered in Fall River.
“We have continued to do well in an interesting and challenging economy, and despite recent disturbances in the housing market,” Mercier said.
“St. Anne’s Credit Union was never among those institutions that fostered sub-prime mortgage lending activity, and we traditionally service — rather than sell — the majority of mortgages we write. This combination of prudent underwriting standards and determination to remain close to our members served us well.”
St. Anne’s Credit Union has continued to be the Number One credit union mortgage lender in Bristol County. Mercier stated that potential homeowners are taking advantage of a “buyer’s market,” rates that are still historically low, and the high trust factor that is the Credit Union’s trademark.
The Credit Union generated some $155 million in real estate-related loans throughout the year.
Good Neighbor
John R. Ledwidge, president and CEO, highlighted the Credit Union’s commitment to the community during the past year.
“The popularity of St. Anne’s Credit Union allows us to help strengthen the fabric of the neighborhoods we serve,” Ledwidge said. “As is our tradition, we continued to play an active role in the community in 2007, involved in events such as the Fall River Celebrates America Parade, the Somerset Musictown Festival Parade the Fall River Symphony Orchestra’s Holiday Pops Concert, and our sponsorship of the Summer Concert on the Waterfront at Heritage State Park.”
Ledwidge told members they could be proud of being part of an organization that upholds the true spirit of “community.”
Ross R. Upton, executive vice president and chief financial officer, offered financial highlights that included asset growth, loan growth and the Credit Union’s capital position. Reports were also heard from the chairpersons of the audit, credit and nominating committees.
Retiring
At the meeting, John Ledwidge announced his retirement after 11 years as president and CEO of St. Anne’s Credit Union. He will continue to serve on the Board of Directors.
Chairman Mercier praised the retiring president for the role he has played in the ongoing success of St. Anne’s Credit Union.
“During Jack’s presidency, St. Anne’s has grown consistently and considerably, in both membership and asset size, and has extended its geographic footprint in order to offer the St. Anne’s brand of financial services to more and more people in Bristol, Plymouth and Barnstable counties.
Upton is New President
Ross Upton, executive vice president and CFO, was selected by the Board to succeed Ledwidge, and was elected to the office at a special meeting of the Board that followed the Annual Meeting.
“Ross has served the Credit Union well during his 15-year tenure here,” said Mercier. “He has the vision and leadership qualities to take us to new heights in the future.”
Upton joined St. Anne’s Credit Union in 1993 as chief financial officer after serving for more than two decades as senior vice president and treasurer of a state-chartered Massachusetts savings bank.
A native of Dartmouth, Upton holds a bachelor’s degree from the University of Massachusetts/Dartmouth, an MBA from Bryant College, and an MST degree in taxation from Bryant College.
He is a corporator of the Battleship Massachusetts at Battleship Cove and a member of the finance committee of the organization. He is a frequent lecturer and teacher at Credit Union Association seminars and schools, and a frequent panelist at industry workshops. He will be teaching a course in Asset Liability Management and Investments at Babson College’s Center for Executive Education.
Upton and his wife, Kathleen, reside in Mattapoisett. They are the parents of four grown children.
Industry Guest
Daniel F. Eagan, Jr., president of the Massachusetts Credit Union League, Inc., was among the guests at the Annual Meeting. He praised the management, staff, employees and members of St. Anne’s Credit Union for another successful year. Egan also offered his personal best wishes to Ledwidge on his retirement, and congratulations to Upton on his new position as president.
Elections and Special Honors
William R. Bouchard, Anthony G. D’Adamo, and Joseph V. Benevides, Jr. were re-elected for three-year terms on the Board of Directors, and special recognition was extended to three directors who, collectively, have devoted over a century of service to St. Anne’s Credit Union.
Bernard G. Theroux, clerk/treasurer, has served on the Board for five decades, and has been a part of the St. Anne’s family for nearly 52 years. Director Arthur L. Miranda has been a Board member for 30 years, and Joseph R.J. Castonguay has served as a director for a quarter of a century.
All three were offered profound thanks for their longstanding and unwavering commitment to St. Anne’s Credit Union and its members.
Scholarship Winners
Among those attending the Annual Meeting were St. Anne’s 2008 Scholarships winners. The recipients of the $1,000 awards included: Cassandra Lowney, B.M.C. Durfee High School; Brent Medeiros, Bishop Connolly High School; Kaitlin Walsh, Bishop Stang High School; Stacy Neronha, Dighton-Rehoboth High School; and Rebecca Malenfant, Diman Regional High School.
Also, Kelly Costa, Fairhaven High School; Gabriella Brum, Joseph Case High School; Stacy Bywell, Joseph Case High School; Jillian DeMedeiros, New Bedford High School; Brienne Dufresne, Somerset High School; Russell Helger, Tiverton High School; and Andrew Weaver, Westport High School
St. Anne’s Credit Union has granted nearly $200,000 in scholarship awards since the program began in 1993.
St. Anne’s Credit Union, established in 1936, has full-service offices in Dartmouth, Fairhaven, Fall River, Somerset and Swansea and Loan Centers in New Bedford and Seekonk. The Credit Union also offers online banking services at www.stannes.com.
Deposits are federally insured by the National Credit Union Administration and also by the Massachusetts Credit Union Share Insurance Corporation.