MANCHESTER, N.H.–The CEO of the oldest credit union in the U.S. has announced plans to retire.
Ronald Covey, Jr., CEO of the $1.4-billion St. Mary’s Bank, which was founded in 1909, announced during the credit union’s recent Annual Shareholders’ Meeting that this year will be his final year as CEO.
Covey has served as CEO since 2008.
On Jan. 1, 2023, Ken Senus, current executive vice president and chief operating officer, will become the ninth CEO of St. Mary’s Bank.
“In their wisdom, our board of directors started planning for this transition several years ago,” stated Covey during the meeting. “It was my honor and privilege to announce Ken’s name at the annual meeting. He and I have been working very closely over the past five years.”
Covey added it is not “goodbye just yet.”
“I will continue to serve every day with the same energy, enthusiasm, and passion I’ve had since joining this amazing institution,” he said.
St. Mary’s Bank has more than 115,000 members.