St. Mary’s Credit Union Names First Woman President & CEO

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MARLBOROUGH – The Board of Directors of St. Mary’s Credit Union, a $975 million credit union serving members from all walks of life, today, April 27, announced the appointment of Larissa C. Thurston as its new President and Chief Executive Officer, effective October 1, 2021.

She succeeds James C. Garvey, who announced his retirement following eight years serving as President and CEO of the credit union and 40 years in the financial services industry.

Thurston brings a wealth of experience to this role and is the first woman to lead St. Mary’s Credit Union as President and CEO since the organization’s founding in 1913.

Thurston joined St. Mary’s Credit Union as Chief Financial Officer in 2014 and has more than twenty years of progressive banking experience with a strong background in banking strategy, finance, and operations.

Most recently, she served as Chief Operating Officer and Chief Financial Officer where she provided vision, leadership, planning and management for technology, marketing, human resources, deposit operations, compliance, and finance plans and programs.

Before joining St. Mary’s Credit Union, Thurston served as Vice President and Controller for Bank of New England where she developed Contingency Funding Plans, implemented risk management programs and policies, managed an acquisition, and oversaw the development of five new branch locations.

“Larissa has demonstrated extraordinary leadership over the years and the Board is impressed with her dedication to our mission of being here for our members,” said Gerard P. Richer, Esq., Chair, Board of Directors. “Her years of experience in financial services and her commitment to make our communities a better place for all will serve St. Mary’s Credit Union well in the years ahead.”

As the credit union transitions to welcoming Thurston as its new President and CEO, Richer added, “We also express our deepest gratitude to Jim Garvey for his years of exemplary service and dedication to the credit union. Under his outstanding leadership, St. Mary’s Credit Union experienced extraordinary growth, achieved its highest member satisfaction survey results, reinvigorated our brand in the marketplace, and oversaw the development of several new branches in our service area. We wish Jim the best in his well-deserved

“It is truly an honor to lead St. Mary’s Credit Union as we continue to grow our products and technology while maintaining the friendly, reliable service our members have come to know and trust for more than 100 years,” said Thurston. “I thank the board for the opportunity to lead St. Mary’s Credit Union and to Jim Garvey for his support and mentorship. I am looking forward to maintaining our strong commitment to our members and to our communities.”

A resident of Bolton, Thurston serves as Member-at-Large on the Board of Directors Executive Committee at the United Way of Tri-County and as Treasurer on the Board of Directors at the Boys & Girls Club of MetroWest. She also serves on the Member Advisory Panel of the Federal Home Loan Bank of Boston and is a Read to a Child student mentor at the Richer Elementary School in Marlborough.

Thurston graduated magna cum laude with a master’s degree in business administration and a bachelor’s degree in Accounting from Southern New Hampshire University. She is also a graduate of the ABA Stonier Graduate School of Banking and the Wharton
Leadership Program.

St. Mary’s Credit Union was founded in 1913 to promote savings and provide a source of credit for the city’s mostly blue-collar French Canadians employed in shoe factories. Today, St. Mary’s Credit Union is a $975 million credit union serving members from all walks of life, including newly-arriving immigrants coming to the United States in search of their American dream. Until recently, St. Mary’s Credit Union primarily served the residents of Marlborough and surrounding towns. Utilizing the benefits of technology and electronic delivery channels, St. Mary’s now offers membership benefits to a much broader geographic region that includes all of Middlesex, Worcester, Norfolk, and Suffolk counties. There is a St. Mary’s Credit Union on Route 9 in Framingham.

Editor’s Note: Press release and photos submitted to SOURCE media.

James Garvey

Larissa C. Thurston


email: call or text at 508-315-7176

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