At the end of 2022, Ronald H. Covey Jr. will retire after 14 years as president and CEO of St. Mary’s Bank in Manchester, the nation’s first credit union. Serving as the eighth CEO in the credit union’s 114 year history, Covey oversaw unprecedented growth during his tenure.
In 2011, Covey expanded St. Mary’s Bank’s presence with the construction of its Perimeter Road operations center, a project followed by the construction of its West Side headquarters in 2013, and other branch construction projects including Northwest Boulevard Nashua in 2020, and Milford and Portsmouth in 2021. Under Covey’s leadership, St. Mary’s Bank’s membership increased from 60,000 to 98,000 members, while it grew from $652 million in assets to approaching $1.5 billion in assets and an additional $600 million loan servicing portfolio.
According to Steve Grzywacz, chairman of the St. Mary’s Bank board of directors, Covey helped St. Mary’s Bank not only grow, but also successfully adjust to “rapid technological advances in the financial services industry. In addition, there are multiple new branch offices, and St. Mary’s Bank now has a mortgage lending footprint crossing over state lines.”
Inducted into the national Credit Union House Hall of Leaders earlier this year, Covey was named the Manchester Chamber Citizen of the Year for 2021. Additionally, in 2019 and 2021, Covey was named one of the state’s 200 most influential leaders by New Hampshire Business Review.
In 2019, he received the President’s Award from the Manchester Historic Association for his fund raising achievements and efforts to preserve historically-significant artwork, including the mural from St. Mary’s Bank’s McGregor Street lobby. And in 2015, he was awarded the Daniel Webster Council Boy Scouts of America Distinguished Citizen of the Year.
During his tenure, Covey was equally committed to the community, exemplified by St. Mary’s Bank’s organizational-wide emphasis on philanthropy. In 2017, Covey introduced the 1908 Fund to assist area nonprofit organizations, and he spearheaded the establishment of the St. Mary’s Bank Charitable Foundation in 2019 with an initial $1.5 million in funding. Reflecting his commitment to the credit union philosophy of “people helping people,” Covey established the Volunteer Paid Time Off policy for employees to allow them to perform volunteer service during business hours.
Covey’s commitment to Manchester and surrounding communities—he grew up on the West Side of Manchester—was instilled in him by his grandfather and father, both of whom were leaders in Boy Scouts with decades of volunteer service and were honored for their contributions to Scouting with a commemorative bench and plaque at Camp Carpenter in Manchester. An Eagle Scout himself, their examples helped inspire Covey to a life of service dedicated to the community.
Covey’s community service included his personal involvement with numerous nonprofit organizations and professional groups in various governance and advisory capacities. Organizations he currently shares his skills and expertise with include Palace Theatre Trust, University of NH at Manchester, Daniel Webster Council Boy Scouts of America, and America’s Credit Union Museum Foundation. Service to prior associations includes the Cooperative Credit Union Association, the New Hampshire Institute of Art, the Greater Manchester Chamber of Commerce, the Manchester Boys & Girls Club, and the Bishop’s Charitable Assistance Fund.
Prior to joining St. Mary’s Bank as president and CEO in 2008, Covey held various positions managing commercial, consumer, and mortgage lending as well as branches, commercial loan operations, collections, and special assets groups. A graduate of Leadership NH (2007) and Leadership Greater Manchester (1994) programs, he holds an MBA in Finance from Southern New Hampshire University and a BS in business administration from the University of New Hampshire in Durham.
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