St. Mary’s Bank Inks Partnership with AKUVO to Automate Collections
  • St. Mary’s Bank, a credit union headquartered in New Hampshire, has teamed up with credit risk specialist AKUVO.
  • The nation’s first credit union, founded in 1908, St. Mary’s Bank will deploy AKUVO’s Aperture to automate and enhance its collection operations.
  • With $1.5 billion in assets, St. Mary’s Bank said goodbye to its eighth CEO in December, as CEO and President Ronald Covey announced his retirement after 14 years leading the firm.

New Hampshire-based St. Mary’s Bank has teamed up with AKUVO, a credit risk specialist headquartered in Pennsylvania. St. Mary’s Bank will deploy AKUVO’s Aperture platform to streamline and enhance its collections operations, including bankruptcy, repossession, and foreclosure.

“We are committed to providing state-of-the-art banking services,” St. Mary’s Bank EVP and Chief Lending Officer Jan Raymond said. “With the amount of automation and integration we plan to leverage in Aperture, our team will have more time and the right tools to offer a first-class member experience while also managing risk and lowering delinquency.”

AKUVO’s Aperture platform helps banks and credit unions move away from the traditionally reactive, tactical approach to managing collections. Instead of static workflows, inefficient workspaces, and little customer personalization, AKUVO’s Aperture leverages analytics and automation to give financial institutions a streamlined, cloud-based solution. Not only does Aperture make day-to-day operational tasks easier, the technology also predicts behavior and provides insights to help head off delinquencies before they occur. Aperture helps banks and credit unions manage a wide range of collection and loss mitigation operations ranging from credit disputes and debt settlement to bankruptcy, foreclosure, and repossession.

“I think all service providers feel a tremendous sense of pride when they are chosen by the nation’s first credit union, and that is certainly the case at AKUVO,” AKUVO Chief Revenue and Operating Officer Steve Castagna said. “We look forward to assisting St. Mary’s in leading the credit union movement with its superior service and commitment to innovation.”

With $1.5 billion in assets, St. Mary’s Bank has the distinction of being the nation’s first credit union. Founded in 1908 and headquartered in Manchester, New Hampshire, St. Mary’s Bank is a not-for-profit, member-owned institution that offers financial products and services to both consumers and businesses. St. Mary’s Bank has eleven branch locations in Manchester, Hudson, Londonderry, Milford, Nashua, and Portsmouth, and supports a mortgage center in Concord.

St. Mary’s Bank ended 2022 with an announcement that Ronald Covey, who had served as the credit union’s president and CEO for 14 years, was retiring. Under Covey’s tenure, St. Mary’s Bank grew in membership from 60,000 to 98,000 members. Assets grew from $652 million to nearly $1.5 billion. Covey was also credited for helping the institution adapt to the “rapid technological advances in the financial services industry,” according to St. Mary’s Bank board of directors chair Steve Grzywacz.

Founded in 2020 by CEO Jay Mossman, AKUVO finished last year with a series of new partnerships. These include new pacts with Florida-based credit union FAIRWINDS and Michigan-based Financial Plus Credit Union in December; Mountain America Credit Union in November, and both CapEd Credit Union and Tucson Federal Credit Union in October. The company has raised $1.7 million in funding and announced a pair of debt financing rounds in February and May of 2022.

Photo by Scott Webb