MANCHESTER, N.H. -
The Credit Union Journal, with sponsorship from CUNA Mutual Group and CO-OP Financial Services, bussed a large group of credit unionists to America's Credit Union Museum here as part of the Journal's annual Business Development & SEG Conference in nearby Boston. The sold-out evening provided many with their first opportunity to visit the building that was home to the first credit union in the U.S., St. Mary's Bank, and today houses a first-class display of credit union history.
The evening included remarks from Ron Rioux, president of St. Mary's Bank, who explained the museum's beginnings were anything but auspicious. Having visited a museum dedicated to the Desjardins movement in Quebec, he returned home inspired and seeking to create not just a museum to St. Mary's Bank, but to record and present the proud history of America's credit union movement. But when he asked if anyone knew where St. Mary's had gotten its start, few had any idea. Rioux finally tracked down the owner of the decrepit building at the corner of Amory Street and Notre Dame Avenue, with a message that should he ever wish to sell, the credit union would be interested in buying. Amazingly, recalled Rioux a week later the owner called back to say he would donate it to the credit union.
After scrambling to form a foundation to take title to the building, which today is owned by the National Credit Union Foundation, Rioux shared with the Credit Union Journal crowd another fascinating piece of history. At the building's title closing, an unknown, elderly woman showed up for the proceedings. After all the documents had been signed, the woman introduced herself to Rioux: she was Gilberte Boivin, the daughter of Joseph Boivin, the lawyer who was St. Mary's Bank's first president. As a young girl Boivin had lived in the house and watched as her father accepted deposits and conducted the credit union's business from a small office near the front door. A resident of Quebec, she had coincidentally been visiting Manchester when she heard of the transaction.
Later, Gilberte Boivin visited her childhood home with Rioux and others and, with her memory still sharp, explained how the house and credit union had looked in its early days.
For attendees at the reception and dinner, who spend their days at multi-million-dollar credit unions and offering sophisticated products, Rioux shared stories of how the early mill workers in Manchester would stop by the credit union and save 10 cents per week just to have enough money for the $5 needed for membership. Many were children who worked in the mills for low wages and who would go on to be life-long members of St. Mary's living in the working class, multi-family homes in the neighborhoods above and across the Merrimack River. Many of them were also French speakers, having emigrated from Quebec, which is why St. Mary's is called a "Bank" (there is no equivalent words or phrase in French for "credit union").
Before closing his remarks, Rioux pointed to the headquarters of St. Mary's over his shoulder and down the hill a bit and noted the credit union, while proud of its history, has evolved to serve a city that has changed dramatically since the CU was founded (it remains the only credit union in the U.S. to have its charter granted by a legislature).
Today, said Rioux, more than 70 languages are spoken in Manchester due to an influx of immigrants; indeed, St. Mary's employees' speak 11 languages themselves. The credit union is now heavily involved in a $12-million neighborhood rebuilding/ home ownership program along with the city, and it budgets a minimum of $1 million per year in community outreach (it has spent as much as $9 million). "Our focus is still on reaching out," said Rioux.
