FALL RIVER – Fiscal 2007 was a successful one for St. Anne’s Credit Union of Fall River, with assets climbing 4.5 percent to $707.6 million and membership rising to more than 65,000, helping St. Anne’s to remain the largest financial institution based in Fall River, the credit union said today.

“We have continued to do well in an interesting and challenging economy, and despite recent disturbances in the housing market,” Albert E. Mercier, the chairman of the board, told the more than 400 members who attended the institution’s recent 72nd annual meeting, held last week at the Venus de Milo Restaurant in Swansea.

“St. Anne’s Credit Union was never among those institutions that fostered subprime mortgage lending activity,” Mercier noted. “And we traditionally service – rather than sell – the majority of mortgages we write. This combination of prudent underwriting standards and determination to remain close to our members served us well.”

In 2007, the credit union generated about $155 million in real estate-related loans, helping it keep its first-place ranking among credit-union mortgage lenders in Bristol County. Mercier credited a “buyer’s market,” interest rates that are still historically low, and a high trust factor with local homeowners.

“The popularity of St. Anne’s Credit Union allows us to help strengthen the fabric of the neighborhoods we serve,” John R. Ledwidge told the annual meeting, where he also announced his retirement as president and CEO, though he continues to serve on the board of directors. (READ MORE)

“As is our tradition, we continued to play an active role in the community in 2007, involved in events such as the Fall River Celebrates America Parade, the Somerset Musictown Festival Parade the Fall River Symphony Orchestra’s Holiday Pops Concert and … the Summer Concert on the Waterfront at Heritage State Park.”

Mercier praised the outgoing president for his role in the credit union’s success during his 11-year tenure. “During Jack [Ledwidge]’s presidency,” he said, “St. Anne’s has grown consistently and considerably, in both membership and asset size, and has extended its geographic footprint in order to offer the St. Anne’s brand of financial services to more and more people in Bristol, Plymouth and Barnstable counties.”

Ross R. Upton, executive vice president and chief financial officer of St. Anne’s since 1993, was elected the new president and CEO. “He has the vision and leadership qualities to take us to new heights,” Mercier said.

William R. Bouchard, Anthony G. D’Adamo and Joseph V. Benevides Jr. all were re-elected to three-year terms on the board of directors, while special recognition for their unwavering commitment was extended to Bernard G. Theroux, a director for the past five decades and now the board’s clerk and treasurer; Arhtor L. Miranda, a 30-year board member; and Joseph R.J. Castonguay, a member for the past quarter-century.

Industry guest at the March 30 meeting was Daniel F. Eagan Jr., president of the Massachusetts Credit Union League Inc., who praised the credit union’s management, staff and members for another successful year. Eagan also offered congratulations to Upton in his new post and best wishes to Ledwidge in his retirement.

Also attending were the winners of St. Anne’s 2008 Scholarships, who received awards of $1,000 apiece: Cassandra Lowney of BMC Durfee High School; Brent Medeiros, Bishop Connolly High School; Kaitlin Walsh, Bishop Stang High School; Stacy Neronha, Dighton-Rehoboth High School; Rebecca Malenfant, Diman Regional High School; Kelly Costa, Fairhaven High School; Gabriella Brum and Stacy Bywell, both of Joseph Case High School; Jillian DeMedeiros, New Bedford High School; Brienne Dufresne, Somerset High School; Russell Helger, Tiverton High School; and Andrew Weaver, Westport High School.

St. Anne’s Credit Union of Fall River, established in 1936, has full-service offices in Fall River, Dartmouth, Fairhaven, Somerset and Swansea, plus loan centers in New Bedford and Seekonk, and also offers online financial services through www.stannes.com. Deposits at the credit union are insured by the National Credit Union Administration (NCUA) and the Mass. Credit Union Share Insurance Corporation. To learn more, visit www.StAnnes.com.