MANCHESTER, N.H. — While St. Mary's Bank clearly understands the impact of the corporate assessment on the credit union, it does not currently plan to chart a new strategic course.
"We cannot control the impact on our year-end earnings, but we do control our strategic plan, and we plan to stick very closely to what we developed," said CFO Daryl Cady. "We continue to realize loan production that is exceeding plan and our core earnings are very strong."
Similarly, the $660-million CU is not changing its approach to ALCO meetings, either in frequency or focus. "We cannot ignore the impact of the assessment, but instead of focusing on it, we are focusing on our balance sheet and core objectives for 2009," Cady explained.
ST. Mary's Bank, which recently marked its 100th birthday, closed 2008 with 8.8% capital.
Cady said St. Mary's is also staying the course when it comes to preparing for any additional assessments from the NCUA. "It is difficult to plan for a surprise, but we would be remiss in not considering additional assessments, or surprises. We know there is a possibility, so it is on the table. However, it is not changing the way we manage our daily operations."
