St. Mary's Bank
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St. Mary's Bank, the first
credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...
in the United States, was founded in 1908.


Membership

Credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...
s are not-for-profit, cooperative financial institutions owned by each member. While the St. Mary's service area is primarily
Manchester, New Hampshire Manchester is a city in Hillsborough County, New Hampshire, United States. It is the most populous city in New Hampshire. At the 2020 census, the city had a population of 115,644. Manchester is, along with Nashua, one of two seats of New Hamp ...
, it is one of the few credit unions that allow membership throughout the entire United States, with valid residence.


Finance and services


Assets


Services

St. Mary's has five branches in Manchester, as well as one branch each in
Nashua Nashua may refer to: * Nashaway people, Native American tribe living in 17th-century New England Places In Australia: * Nashua, New South Wales In the United States: * Nashua, California * Nashua, Iowa * Nashua, Minnesota * Nashua, Kansas City ...
,
Hudson Hudson may refer to: People * Hudson (given name) * Hudson (surname) * Henry Hudson, English explorer * Hudson (footballer, born 1986), Hudson Fernando Tobias de Carvalho, Brazilian football right-back * Hudson (footballer, born 1988), Hudso ...
,
Milford Milford may refer to: Place names Canada * Milford (Annapolis), Nova Scotia * Milford (Halifax), Nova Scotia * Milford, Ontario England * Milford, Derbyshire * Milford, Devon, a place in Devon * Milford on Sea, Hampshire * Milford, Shro ...
and
Londonderry, New Hampshire Londonderry is a town in western Rockingham County, New Hampshire, United States. It sits between Manchester and Derry, the largest and fourth-largest communities in the state. The population was 25,826 at the 2020 census. Londonderry is known f ...
."Branch Locations"
/ref> The credit union offers personal banking, business banking, savings, checking, investment, mortgages, home equity, auto loans, online banking, and debit and credit cards.


History

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". In 1930, St. Mary's Bank moved into "The Marble Building", a landmark in the center of what was then the commercial heart of Manchester's
West Side West Side or Westside may refer to: Places Canada * West Side, a neighbourhood of Windsor, Ontario * West Side, a neighbourhood of Vancouver, British Columbia United Kingdom * West Side, Lewis, Outer Hebrides, Scotland * Westside, Birmingham E ...
. As the credit union expanded, so did its menu of traditional products and services. Checking accounts, Christmas Club accounts,
safe deposit box A safe deposit box, also known as a safety deposit box, is an individually secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions. Safe deposit ...
es and a wider variety of loans became available. By the mid 1950s, St. Mary's was serving several thousand members and had $6 million in assets. In 1970, St. Mary's Bank built and moved into its present main office at McGregor Street in Manchester. Over the years, St. Mary's Bank has helped members through difficult times, including the
Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
and the bankruptcy of the
Amoskeag Manufacturing Company The Amoskeag Manufacturing Company was a textile industry, textile manufacturer which founded Manchester, New Hampshire, United States. From modest beginnings it grew throughout the 19th century into the largest cotton textile plant in the world. ...
in 1935. When thousands of banks failed during the Great Depression, St. Mary's Bank remained open, even during the "Bank Holiday" of 1933, when President Roosevelt closed all banks nationwide. St. Mary's Bank also survived the economic disruptions of the early 1990s, which saw the failure of many familiar Manchester banks. In 2008, St. Mary's Bank celebrated 100 years of service to the people of New Hampshire. Today, the credit union is a full-service financial institution serving a diverse population. It is as welcoming to new immigrants today as it was to the
French Canadian French Canadians (referred to as Canadiens mainly before the twentieth century; french: Canadiens français, ; feminine form: , ), or Franco-Canadians (french: Franco-Canadiens), refers to either an ethnic group who trace their ancestry to Fren ...
population at the turn of the last century. It costs no more to belong to St. Mary's Bank now than it did in 1908. For just $5, anyone can become a member, by purchasing one share of capital stock. The building where Attorney Boivin first managed the business of the credit union became
America's Credit Union Museum America's Credit Union Museum is located in Manchester, New Hampshire, on the site of the first credit union founded in the United States. The museum is housed at the original location for St. Mary's Cooperative Credit Association, renamed in 192 ...
in 2002 and is listed on the
National Register of Historic Places The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic v ...
. The building serves as a historical and educational site for the credit union movement. The public can visit the original office and imagine being there when the first deposits were made. The building was donated by owners Armand and Joanne Lemire to a non-profit foundation in 1994. Mr. Lemire served on the Board of Directors at St. Mary's Bank from 1994 until his death in 2003. America's Credit Union Museum is located at 418-420 Notre Dame Avenue, Manchester, New Hampshire.


See also

*
History of credit unions Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations must rely on risky and expensive informal financial services from sources like money l ...


References


External links


Official website
{{Coord, 42, 59, 35, N, 71, 28, 25, W, type:landmark, display=title Credit unions based in New Hampshire Banks established in 1908 Companies based in Manchester, New Hampshire