MANCHESTER, N.H. (3/11/14)--Last week, the New Hampshire Credit Union League (NHCUL) hosted its annual legislative reception with state legislative and regulatory delegates.
St. Mary's Bank CU President/CEO Ronald Covey, left, and Business Development Officer and Director of Community Outreach Thomas Champagne speak with State. Sen. David Boutin (R-Hooksett) during the New Hampshire legislative reception. (Daily CU Scan photo)
Thirty credit union representatives met with members of New Hampshire Senate, House Commerce and Consumer Affairs Committee, and the New Hampshire Banking Department (Daily CU Scan
Paul Gentile, NHCUL president/CEO, gave a status update on the state's credit unions, which experienced 10.39% loan growth and an increase in membership of 4.7%. He also noted that New Hampshire's credit unions have excellent credit quality with a delinquency rate of 0.5%.
State Sen. Lou D'Allesandro (D-Concord) praised the credit unions for playing a vital role in the economic viability of the state. D'Allesandro, who currently is board chair for $141 million-asset Members First CU of NH, told the group about his personal experience buying a home. The help he received from Manchester-based Telephone Workers' CU (now Bellwether Community CU) is an example of the personal touch that credit unions need to maintain, he said.
During the two-hour event, Senate President Chuck Morse (R-Salem) told the group that "New Hampshire's credit unions are great and important to the state of New Hampshire in helping the local economy grow."
He added, "Small businesses also need help, and credit unions play a significant role in assisting them."