Granite State Credit Union Founder: John Edward Grace

Granite State Credit Union Founder:
John Edward Grace

by Patricia Lynne Grace Cummings, his youngest daughter

John Edward Grace (1911-1974) founded "Utility Workers Credit Union," an organization known today as "Granite State Credit Union." The first passbook, which was issued to himself, recorded his initial deposit of just $15.00. For almost three decades, Grace served as Treasurer/Manager of UWCU, while founding a total of seventeen credit unions throughout the state of New Hampshire, including St. Joseph's Cathedral Credit Union, and Goffstown Credit Union. Many of the credit unions he helped to institute have disbanded or have been incorporated into other credit union entities, so records are scanty.

John Edward Grace

This book was the basis for a museum exhibit to honor the life of John E. Grace at America's Credit Union Museum in Manchester, NH.

Patriotic and Civic-Minded

Grace was a very patriotic and civic-minded individual whose life was dedicated to family, church, and community both in Manchester and Deerfield, New Hampshire, the two municipalities where he lived most of his life. (For a time, he went to school in Boston).

He and his wife, Elizabeth (1913-2005), more often called "Betty," raised four children: Barbara, John M. (1943-1996), Stephen (1944-1994), and Patricia, listed in descending birth order. Betty helped out in the office for many years, serving as bookkeeper. In the days before computers, she worked, using a manual bookkeeping machine that left her arm and wrist aching unmercifully. Shortly before the Graces left Credit Union employment, all of the accounting was outsourced to a new computerized system. By the way, John's last typewriter now has been donated to Granite State Credit Union.

Betty F.

Elizabeth ("Betty") Grace before her marriage to John E. Grace. The couple, who dated for nine years before marrying, met while working in the office at the International Shoe Company (located in the Amoskeag Mills, Manchester, New Hampshire).

Charter Expanded

In the early 1970s, Grace was forced to resign his post, due to illness. Under new management, the UWCU's charter was expanded to offer membership to anyone in New Hampshire. At the time that the Utility Workers Credit Union was set up, it was intended only for workers at the Manchester Transit Authority and the Public Service Company of New Hampshire (PSNH). Grace's dream was to facilitate a better life for the working man, through teaching the practice of sound financial decision-making.

The guiding principle was that of "a hand up, not a hand out."The group now has thousands of members and many convenient branch locations throughout New Hampshire. The "not-for-profit, not for charity, but for service" organization conducts in excess of $220 million dollars worth of business, annually. Remember, all this was generated from a $15.00 start-up amount by a man of vision!

Grace's Life and Work Has Had a Lasting Impact

John Grace had a refreshing outlook on life and was guided by the principles of faith in the way that he conducted himself. A man of supreme integrity, he set a fine example that has had a lasting impact.

He traveled throughout New Hampshire to teach others how to protect their financial well-being by fiscal responsibility, the purchase of life insurance, and by saving for a rainy day, and paying careful attention to money management.

Written Tribute

The book, Profile of the Life and Times of John Edward Grace, Credit Union Founder and Organizer, is a very personal look at his life and includes memories of the family as written by Patricia Lynne Grace Cummings. This book is now available on CD. If you would like a copy, please send an inquiry as to availability by writing to Patricia Cummings: pat@quiltersmuse.com

Manchester was, and is, a melting pot of ethnicity, especially in the mills. Descended from Irish immigrants, himself, and his wife from a first generation Austrian immigrant, life as experienced by both John and Betty's families of origin was a hardscrabble struggle of trying to make ends meet. The book offers a glimpse of life in Manchester, assisted by old photos that help to illustrate the book and infuse it with additional interest.

Patricia L. Cummings speaking to the Granite State Credit Union

Patricia Grace Cummings, daughter of John E. Grace, addressed the annual meeting of the Granite State Credit Union on March 29, 2006, as Denise Caristi, CEO, and Credit Union Board of Directors and Supervisory Committee looked on.

Patricia Cummings Presents Talk, Book, and Photo

A copy of the book about her father's life was presented by Patricia Cummings to Granite State Credit Union's CEO, Denise Caristi, at the organization's annual meeting in March 2006 where she was invited to speak almost thirty-two years after her father's death. A framed photo, presented at the same time, now hangs in the lobby of the main office building on Hanover St. in Manchester. That photo reveals a pleasant-looking man, and the book's biographical data attest to his character, wit, and intelligence.

America's Credit Union Museum Exhibit

In 2006, America's Credit Union Museum on Notre Dame Ave. in Manchester, was the site of a gathering of friends, family, and Granite State Credit Union members and employees to pay tribute to John E. Grace. Images from old photos were used to create a special display panel by professionals. A display case highlighted personal artifacts related to John E. Grace's life, as well as Credit Union memorabilia from his own collection. The long, skinny photo that is seen hanging on the wall represents Manchester bus drivers, a former profession of Grace.

Descendants of John E. Grace at exhibit dedication at America's Credit Union Museum, Manchester, NH

Gala Opening of John E. Grace Exhibit at America's Credit Union Museum.

Left to right: John E. Grace's daughter-in-law: Loretta Grace holding her granddaughter, Jenna Van Dyke; Amy W. DeNoble, granddaughter; Patricia Cummings, daughter and book author; her son, John Grace's grandson, James Gorham; John Grace's granddaughter, Sandra Grace Van Dyke, holding her son, Garrett; and Audrey W. Chavez, John Grace's granddaughter, with her son, George Chavez.