St. Mary’s Bank CU’s $1 Million Annual Committment

Should CUs accept the matricula consular as a form of ID?

St. Mary’s Bank CU’s $1 Million Annual Committment

St. Mary’s has appropriated $1 million a year for community outreach since 1997. The credit union recently agreed to extend its annual $1 million commitment another 15 years until 2018.

The credit union provides funding for a variety of programs:

St. Mary’s allocates $150,000 annually for loans and other support for low-income rental housing in Manchester. One such loan went to Odyssey House, an organization that works with troubled youth expelled from school. The aim is to help the youth get a high school general equivalency degree and get into trade apprenticeship programs.
Unsecured loans up to $30,000 at 9.9% for low-income rental units under a lead-paint abatement program. This program hasn’t been as successful as hoped because it requires owners to admit they have lead-paint problems, Croteau explains. The clean-up procedures are bureaucratic and complicated.
Economic and community development loans. So far, the credit union has committed $280,000 to fund store-front improvement and help fund a community skating rink. The credit union also financed a Zamboni machine.
Auto loans for a “Wheels to Work” program in partnership with the Rockingham Community Action Council. The council gets auto dealers either to donate or discount prices on older used cars in exchange for tax credits. The credit union provides 100% loans up to $5,000 for four years. St. Mary’s did 13 of the loans last year.
Grants to community organizations. St. Mary’s has donated $74,000 to a wide range of programs, including a farmer’s market, college volunteers, Red Cross relief, and child and family services. Of the $1 million the credit union contributes each year for community outreach, it donates 1% ($10,000) in grants to such causes.
Matching funds (up to $500) for individual development accounts (IDAs). It was the first financial institution in New Hampshire to provide IDAs.
Partnership with the New Hampshire Jump$tart Coalition, whose mission is to teach financial literacy in schools.


Should CUs accept the matricula consular as a form of ID? Yes No	St. Mary’s Bank CU’s $1 Million Annual Committment St. Mary’s has appropriated $1 million a year for community outreach since 1997. The credit union recently agreed to extend its annual $1 million commitment another 15 years until 2018. The credit union provides funding for a variety of programs: St. Mary’s allocates $150,000 annually for loans and other support for low-income rental housing in Manchester. One such loan went to Odyssey House, an organization that works with troubled youth expelled from school. The aim is to help the youth get a high school general equivalency degree and get into trade apprenticeship programs. Unsecured loans up to $30,000 at 9.9% for low-income rental units under a lead-paint abatement program. This program hasn’t been as successful as hoped because it requires owners to admit they have lead-paint problems, Croteau explains. The clean-up procedures are bureaucratic and complicated. Economic and community development loans. So far, the credit union has committed $280,000 to fund store-front improvement and help fund a community skating rink. The credit union also financed a Zamboni machine. Auto loans for a “Wheels to Work” program in partnership with the Rockingham Community Action Council. The council gets auto dealers either to donate or discount prices on older used cars in exchange for tax credits. The credit union provides 100% loans up to $5,000 for four years. St. Mary’s did 13 of the loans last year. Grants to community organizations. St. Mary’s has donated $74,000 to a wide range of programs, including a farmer’s market, college volunteers, Red Cross relief, and child and family services. Of the $1 million the credit union contributes each year for community outreach, it donates 1% ($10,000) in grants to such causes. Matching funds (up to $500) for individual development accounts (IDAs). It was the first financial institution in New Hampshire to provide IDAs. Partnership with the New Hampshire Jump$tart Coalition, whose mission is to teach financial literacy in schools.
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