St Marys Bank
- Assets
- $1.4b
- Revenue
- $59.2m
- Investments
- $6.3m
- Employees
- 353
- Location
- Manchester, NH
- Founding
- 11/1976
- Data as of
- 12/2021
- EIN
- 02-0187390
Organization Overview
St Marys Bank is located in Manchester, NH. The organization was established in 1976. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, St Marys Bank employed 353 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. St Marys Bank is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, St Marys Bank generated $59.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $48.5m during the year ending 12/2021. While expenses have increased by 4.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, St Marys Bank has awarded 26 individual grants totaling $2,840,810. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE MEMBERS WITH DEPOSITS, LOANS, AND OTHER RELATED FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS 115,303 MEMBERS AS OF DECEMBER 31, 2021, MEMBERS HAVE ACCESS TO A WIDE VARIETY OF LOW-COST, HIGH-QUALITY SERVICES.
ST. MARY'S BANK GIVES BACK TO THE COMMUNITY BY SUPPORTING, PROMOTING AND FURTHERING CHARITABLE, AND EDUCATIONAL PURPOSES, ACTIVITIES AND CAUSES IN NEW HAMPSHIRE, PRIMARILY IN THE CREDIT UNION'S PRIMARY SERVICE AREA. IN 2021, THE CREDIT UNION PROVIDED SUPPORTED NUMEROUS COMMUNITY ORGANIZATIONS AND ALSO CONTRIBUTED $1.5 MILLION TO THE ST. MARY'S BANK CHARITABLE FOUNDATION.ST. MARY'S BANK'S CHARITABLE GIVING THEME, CHILDREN, FAMILIES, AND INDIVIDUALS IN NEED, IS OUR WAY OF FOCUSING AVAILABLE RESOURCES ON ACTIVITIES MOST RELEVANT TO OUR MISSION OF SERVICE TO CREDIT UNION MEMBERS AND THE COMMUNITY. IN 2021, OVER 100 ORGANIZATIONS WERE SUPPORTED THROUGH DONATIONS AND EVENT SPONSORSHIPS, TOTALING $175,962. CAUSES INCLUDE, BUT ARE NOT LIMITED TO, CHILDREN AND FAMILY, CULTURAL, FINANCIAL LITERACY, FINANCIAL INDEPENDENCE, AND HEALTH AND WELLNESS. IN 2021, WE AWARDED $11,000 IN SCHOLARSHIPS TO 11 OUTSTANDING APPLICANTS PURSUING DEGREES AT NEW HAMPSHIRE INSTITUTIONS AND BEYOND.ST. MARY'S BANK EMPLOYEES VOLUNTEERED 3,155 HOURS OF TIME, DURING WORKTIME AND ON THEIR OWN TIME IN 2021 TO A RANGE OF NON-PROFIT ORGANIZATIONS.
ST. MARY'S BANK PARTICIPATES WITH A NUMBER OF LENDER ORGANIZATIONS OFFERING HOMEOWNERSHIP PROGRAMS THAT ASSISTS THE UNDER-SERVED INCLUDING; NEW HAMPSHIRE HOUSING- FLEX AND PREFERRED PROGRAMS ALONG WITH FHA, USDA-RD, INCLUDING CASH ASSISTANCE PROGRAMS, AND FNMA, HOME READY. ST. MARY'S BANK ALSO OFFERS PORTFOLIO FINANCING OPTIONS AND CONTINUES ITS "WELCOME HOME FIRST-TIME HOMEBUYER PROGRAM AND LOW TO NO DOWN PAYMENT OPTIONS.ST. MARY'S WELCOME HOME PROGRAM IS DESIGNED TO HELP BORROWERS BETTER UNDERSTAND THEIR OVERALL CREDIT, DETERMINE HOW MUCH HOUSE THEY CAN AFFORD, CHOOSE THE RIGHT MORTGAGE AND AVOID POTENTIAL PITFALLS. AS IMPORTANT, THE PROGRAM OFFERS REAL MONETARY BENEFITS INCLUDING:-REDUCED INTERIM RATE CAP -MORTGAGE INSURANCE PREMIUM REDUCTION-ACCESS TO A FULL-RANGE OF ONLINE RESEARCH TOOLS-ACCESS TO FREE HOMEBUYER EDUCATIONIN ADDITION TO IDENTIFYING LENDING OPPORTUNITIES FOR FIRST-TIME HOMEBUYERS, WE WILL ALSO CONTINUE TO FOCUS ON LENDING TO INCOME-ELIGIBLE FAMILIES. MORE SPECIFICALLY, LENDING TO FAMILIES WHOSE HOUSEHOLD INCOME IS AT OR BELOW 115% OF THE AREA MEDIAN FAMILY INCOME (DEFINED AND PUBLISHED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT).
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Covey Jr CEO | Officer | 50 | $1,604,111 |
Kenneth Senus Chief Operating Officer | Officer | 50 | $368,980 |
Richard Haney Sr. Residential Loan Officer | 50 | $310,991 | |
Judy Leclerc Sr. Residential Loan Officer | 50 | $306,950 | |
Janet Raymond Chief Lending Officer | Officer | 50 | $295,999 |
Sunshine Voisine Residential Loan Officer | 50 | $244,156 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Harvey Construction Corp New Construction/renovations | 12/30/21 | $1,388,957 |
Jack Henry & Associates Inc Various Core Platform Servives | 12/30/21 | $1,149,018 |
Cu Cooperative Systems Inc Atm Network | 12/30/21 | $1,022,725 |
Synergent Statement Services And Postage | 12/30/21 | $501,348 |
Alkami Ach Alert Inc On-line Banking Platform And Ach Alert S | 12/30/21 | $667,835 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $51,793,360 |
| Investment income | $1,070,617 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,353,151 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,217,128 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,675,962 |
| Grants and other assistance to domestic individuals. | $11,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,545,377 |
| Compensation of current officers, directors, key employees. | $2,998,913 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,935,577 |
| Pension plan accruals and contributions | $1,136,245 |
| Other employee benefits | $2,164,220 |
| Payroll taxes | $1,347,262 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $83,283 |
| Fees for services: Accounting | $559,911 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $763,709 |
| Advertising and promotion | $803,350 |
| Office expenses | $1,145,864 |
| Information technology | $100,726 |
| Royalties | $0 |
| Occupancy | $1,756,907 |
| Travel | $85,751 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $48,268 |
| Interest | $320,419 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,741,223 |
| Insurance | $173,081 |
| All other expenses | $3,137,955 |
| Total functional expenses | $48,495,092 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,795,488 |
| Savings and temporary cash investments | $208,980,618 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,579,821 |
| Loans from Officers, Directors, or Controlling Persons | $2,421,781 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,084,608,196 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,319,166 |
| Net Land, buildings, and equipment | $24,045,426 |
| Investments—publicly traded securities | $6,226,372 |
| Investments—other securities | $6,259,890 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $61,880,152 |
| Total assets | $1,405,116,910 |
| Accounts payable and accrued expenses | $114,782 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $699,074 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $250,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,296,203,810 |
| Total liabilities | $1,297,267,666 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $107,849,244 |
| Total liabilities and net assets/fund balances | $1,405,116,910 |
Grants Awarded
Over the last fiscal year, St Marys Bank has awarded $1,518,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Manchester, NH PURPOSE: CHARITABLE SUPPORT | $1,500,000 |
Manchester, NH PURPOSE: CHARITABLE SUPPORT | $18,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Marys Bank Manchester, NH | $1,405,116,910 | $59,217,128 |
Granite State Management and Resources Concord, NH | $0 | $15,096,637 |
Tremont Credit Union Milton, MA | $244,401,139 | $9,907,662 |
One Credit Union Springfield, VT | $231,054,967 | $9,424,805 |
Melmac Education Foundation Augusta, ME | $52,278,105 | $8,545,235 |
New Hampshire Higher Education Assistance Foundation Concord, NH | $24,303,150 | $1,466,909 |
Quaboag Valley Business Assistance Corporation Ware, MA | $1,911,936 | $80,140 |