April 29, 2013
Shop Talk
Q&A With Jim Garvey of St. Mary's Credit Union
Matt Volpini
Garvey
By Rick Saia
Jim Garvey is proof that many New Englanders don't like to stray too far from the nest for long periods of time. Earlier this year, the ex-president and CEO of Flagship Bank returned to Central Massachusetts after nearly four years in the Pacific Northwest to take over as CEO at St. Mary's Credit Union. The Marlborough-based institution is the fifth largest credit union in Central Massachusetts, with assets of $601.3 million and a membership base of nearly 48,000 as of September 2012. It's currently building a new branch in Westborough.
The big banks have really been taking it on the chin over the last few years, and it has sent many people toward credit unions as a place to deposit their money. Was that part of the reason you took this job?
I'd like to say yes, but no; that really isn't the reason. Personally, I liked being CEO of a community bank. And so I was specifically looking for a credit union or a mutual thrift in New England.
The credit union serves 12 communities and you’re building a new branch. How important is that branch to the credit union’s strategy?
We serve all of Worcester County and Middlesex County. So, our field of membership encompasses all of those communities. And the Westborough decision was made prior to my joining the organization, so I can't take credit for that. But I think it's a great move for us as we continue to expand in the “Boroughs.” We have three branches in Marlborough, one in Hudson, and we have a lot of members already in Westborough and Southborough. So it's a normal extension for our branch system.
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