FOR IMMEDIATE RELEASE
(St. Mary’s Credit Union (SMCU)) OFFERS ASSISTANCE TO HOMEBUYERS THROUGH FHLBANK BOSTON PROGRAMS
Marlborough, MA (April, 1, 2026) — (SMCU) has been approved to participate in Federal Home Loan Bank of Boston’s homeownership assistance programs, Equity Builder Program, Housing Our Workforce, and Lift Up Homeownership. All three programs help income-eligible homebuyers who are purchasing one- to four family homes that will serve as their primary residence.
Equity Builder Program (EBP) provides grants to financial institutions to help local first-time homebuyers with down payments and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80% of the area median income are eligible to receive up to $32,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling.
Housing Our Workforce (HOW) enables financial institutions to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments and closing costs. Borrowers can receive up to $25,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling if they are a first-time homebuyer.
Lift Up Homeownership provides grant funding to financial institutions to assist first-generation homebuyers with incomes up to 120% of the area median income who are purchasing homes in New England. Income eligible homebuyers may receive up to $40,000 for down payments and closing costs.
“These grant programs are designed to ease some challenges associated with a home purchase, particularly at a time when home prices have risen sharply and are beyond the reach of many individuals and families. We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities,” said (John Hendrikse), (SVP, Chief Lending Officer), (SMCU).
(SMCU) is eligible to reserve up to $320,000 through the EBP, up to $250,0000 through HOW, and up to $400,000 for Lift Up Homeownership depending on availability of funds in 2026.
To learn more about applying for assistance through these programs, please contact (John Hendrikse) [email protected].
About (SMCU) Founded in 1913, St. Mary's Credit Union is a full-service, not-for-profit financial cooperative with 7 branches and more than 55,850 members across MetroWest, Massachusetts. The Credit Union has assets exceeding $1 billion and has been named the #1 Credit Union SBA lender in Massachusetts for 11 consecutive years. St. Mary’s was also recently voted the #1 credit union in MetroWest and ranked second best of more than 140 credit unions in Massachusetts on Forbes’ eighth annual Best-In-State Credit Unions list. As a member-owned institution, St. Mary's Credit Union is dedicated to enhancing the financial well-being of its members and supporting the communities it serves. For more information, visit stmaryscu.org.
About FHLBank Boston The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.
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February 2, 2026
SMCU Awarded #1 SBA Credit Union Lender for the 11th Year In A Row by the Small Business Administration Boston Offices
We’re proud to share that SMCU was once again recognized at the SBA Awards, earning U.S. Small Business Administration (SBA) Credit Union of the Year for the 11th consecutive year!
We are especially proud to extend our heartfelt congratulations to our SVP of Small Business Lending, Armand Fernandez, and his team, whose leadership, expertise, and dedication made this achievement possible. Their continued commitment to supporting small businesses and delivering impactful lending solutions is what sets SMCU apart year after year.
Through our partnership with the SBA, SMCU helps provide small business owners with access to flexible financing options that support growth, job creation, and long-term success within our communities. This recognition reflects not only strong performance, but a deep-rooted commitment to helping local entrepreneurs thrive.
Thank you to our small business members and partners for trusting SMCU, and congratulations again to Armand and the entire Small Business Lending team on this incredible milestone.
FOR IMMEDIATE RELEASE
Contact:
Maura Navin
774-249-5582
[email protected]
ST. MARY'S CREDIT UNION NAMES GRACE LEE AS NEW PRESIDENT AND CEO
Former M&T Regional President Brings Public and Private Sector Experience to Build on Local Credit Union Legacy
Marlborough, MA - August 19, 2025 — St. Mary’s Credit Union (SMCU) announces the appointment of Grace Lee as its new President and Chief Executive Officer.
Grace Lee brings a deep and diverse background in finance, banking, as well as private and public sector service to St. Mary's Credit Union and will officially assume the role on Monday, August 18, 2025.
A Proven Leader with Deep Roots in Public and Community Service
Lee joins St. Mary's Credit Union after serving as Eastern Massachusetts Regional President and Group Lead of New England Government Banking at M&T Bank, where she was responsible for the overall strategic development and growth of the MA market. In addition, Lee championed the M&T Charitable Foundation's efforts, which contributed $3.3 million to Massachusetts nonprofits and oversaw 12,600 hours of employee volunteer work in 2023.
She has held leadership roles in both the private and public sectors, including positions with People's United, Eckert Seamans Cherin & Mellott LLC, and the State of Massachusetts Office of the State Treasurer and Receiver General. Lee also served as a civil rights attorney for the United States Department of Education, Office for Civil Rights, and as chief of the civil rights division for the Norfolk County District Attorney's Office.
“Grace brings a rare blend of executive leadership, government insight, community passion, and deep operational expertise,” said Jerry Richer, Chair of the St. Mary's Credit Union Board of Directors. “Her understanding of both systems and people will be an asset leading St. Mary's Credit Union into its next chapter.”
Lee is deeply involved in the community, serving on boards and advisory committees, including the Roxbury Community College Foundation, the Asian Task Force Against Domestic Violence, the New England Council, and the New England Legal Foundation. She also serves on the Boards of Directors for the Mass High Tech Council and the South Shore Hospital, and is an active leader in the Greater Boston Chamber of Commerce.
Lee’s background and commitment to community impact will serve as a powerful asset in St. Mary's Credit Union’s work across MetroWest’s growing communities. Her community-driven values align with St. Mary’s mission and culture, and she looks forward to immersing herself in and building upon the credit union’s legacy.
“St. Mary’s is a best-in-class institution,” said Lee. “I am incredibly humbled by the opportunity to lead an organization with such an outstanding reputation, which has outperformed its peers by prioritizing its members.”
A graduate of California State University of Northridge, CA, Lee also holds a Juris Doctor from New England Law in Boston, MA.
Honoring the Stewardship of Jim Petkewich
As St. Mary's Credit Union welcomes a new leader, the organization also extends its deepest gratitude to Jim Petkewich, who has served as Interim President and CEO since July 2024 with exceptional dedication during a time of transition.
“We are very grateful to Jim for his steady leadership during this transition period,” said Richer. “He is and will continue to be a valued leader on our team.”
“Jim has been an anchor for St. Mary's Credit Union and the community,” said Lee. “His stewardship has not only sustained the organization—it has strengthened it. I’m honored that Jim will continue to be part of our leadership team as our Chief Operating Officer. Working in lockstep, our complementary strengths will make St. Mary’s a powerhouse for the communities we serve.”
About St. Mary's Credit Union
Founded in 1913, St. Mary's Credit Union is a full-service, not-for-profit financial cooperative with 7 branches and more than 55,850 members across MetroWest, Massachusetts. The Credit Union has assets in excess of $1 billion and has been named the #1 Credit Union SBA lender in Massachusetts for 10 consecutive years. St. Mary’s was also recently voted the #1 credit union in MetroWest and ranked second best of more than 140 credit unions in Massachusetts on Forbes’ eighth annual Best-In-State Credit Unions list. As a member-owned institution, St. Mary's Credit Union is dedicated to enhancing the financial well-being of its members and supporting the communities it serves. For more information, visit stmaryscu.org.
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FOR IMMEDIATE RELEASE
Contact:
Maura Navin
774-249-5582
[email protected]
ST. MARY’S CREDIT UNION AND METROWEST COMMUNITY FEDERAL CREDIT UNION ANNOUNCE INTENT TO MERGE
Expanding Member Access and Strengthening Community Commitment
Marlborough, MA — August 14, 2025 — St. Mary's Credit Union (Marlborough, MA) and MetroWest Community Federal Credit Union (Framingham, MA) are excited to announce their plans to merge, pending regulatory and member approval. This strategic partnership will unite two mission-driven credit unions with shared values and a commitment to exceptional member service, community investment, and financial wellness.
The combined organization, with assets totalling $1.152 billion, will operate under the St. Mary's Credit Union name and retain St. Mary's Credit Union’s charter. Together, the credit union will serve more than 62,850 members with 8 branch locations, a broader ATM network, and enhanced digital banking tools—while continuing to prioritize people over profits.
“We are excited to welcome members of MetroWest Community Federal Credit Union and expand our presence in Framingham,” said Jim Petkewich, Interim President of St. Mary's Credit Union. “This year, St. Mary’s Credit Union and MetroWest Community Federal Credit Union were named the number 1 and 2 credit unions in MetroWest. Together we will be able to serve our members even better, with more robust products, expanded access, and continued personalized service.”
Members can expect to benefit from:
- An expanded branch and ATM footprint
- Continued commitment to personalized, member-first service
- Greater operational efficiencies that support long-term financial strength
In addition, members of MetroWest will benefit from broader product and service offerings and enhanced digital banking tools and support as part of the St. Mary’s Credit Union family. The friendly faces members have come to know, like, and trust from both organizations will remain.
“We’re proud of our legacy at MetroWest Community Federal Credit Union and confident this next step will strengthen our ability to serve our members and communities for years to come,” said Michael Forman, Chairman of the Board of MetroWest Community Federal Credit Union. “It is getting increasingly difficult for smaller Credit Unions to remain independent. We knew it was time to find a merger partner to continue to best serve our members. We found the perfect partner in St. Mary’s Credit Union.”
“Both organizations have a long-standing history of community engagement and financial advocacy,” noted Jerry Richer, Chairman of the Board of Directors at St. Mary’s Credit Union. “This merger will preserve that legacy while increasing capacity to offer financial education, member outreach, and innovative services tailored to meet the evolving needs of our members.”
Pending final regulatory approval, the merger is expected to be completed by early 2026. Updates and additional member information will be shared throughout the process on each credit union’s website.
About St. Mary's Credit Union
Founded in 1913, St. Mary's Credit Union is a full-service, not-for-profit financial cooperative with 7 branches and more than 55,850 members across MetroWest, Massachusetts. The Credit Union has assets in excess of $1 billion and has been named the #1 Credit Union SBA lender in Massachusetts for 10 consecutive years. St. Mary’s was also recently voted the #1 credit union in MetroWest and ranked second best of more than 140 credit unions in Massachusetts on Forbes’ eighth annual Best-In-State Credit Unions list. As a member-owned institution, St. Mary's Credit Union is dedicated to enhancing the financial well-being of its members and supporting the communities it serves.
About MetroWest Community Federal Credit Union
Since 1941, MetroWest Community Federal Credit Union has provided trusted financial services to individuals and families throughout Framingham and Natick. With a focus on personal service, financial empowerment, and community values, MetroWest Community Federal Credit Union has been a fixture in the lives of generations of members.
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