Annual General Meeting 2010
Annual General Meeting For Year Ended 31 December, 2010

The Annual General Meeting of the First Regional Co-operative Credit Union Limited was held at the Sunset Jamaica Grande Resort, Ocho Rios, St. Ann, on Saturday May 14, 2011. The purpose of the meeting was to examine the operations of the Credit Union for the Year 2010 and to pass Resolutions to Amend Rules 6 and 7 and to Effect Share transfer to qualify for membership.

 According to the Board of Directors Report, the Credit Union earned from the Jamaica Co-operative Credit Union League, the awards of Mega Credit Union for the year and Most Outstanding Parish Credit Union. The awards were based on the Credit Union's sterling performance in the Year 2009 despite the Global recession.  However, the directors continued to pursue the objectives of :-

  • Creating and building wealth for our members
  • Continuing to build and maintain the capital base of the Credit Union
  • Seeking to identify and favorably manage the risks faced by the Credit Union
  • Offering a suite of products and services to match our members’ needs and demands.
  • Maintaining the Credit Union as a viable business

Companies face, always, a series of challenges born out of interactions among finance, marketing, operations management and accounting interaction.  Your directors sought to manage those challenges in 2010 in such a way that the Total Assets of the Credit Union and your wealth, would grow in 2010 and beyond. Finance deals with decision making so this area took on major importance in our oversight of the Credit Union.
Whilst we recognize that income maximization rests on the efficient use of resources, we know that we cannot ignore the interplay between Risk and Expected Return which bear a definite relationship to each other.
We have, therefore focused on:

  • Making good investment decisions
  • Inventory management and cost containment
  • Financing decisions
  • Marketing strategies
  • The development of our people who execute the decisions.

In this challenging economic environment the goal is to“do more with less”. We have had to focus on the little things because we have found that small changes can bring gigantic results. We have also found that members do not run to the Credit Union because we are the same as others and we have therefore sought to introduce new products, based on your expressed need for them. Consequently, we introduced during the year five new products, viz:

  • Wealth Master Gold Savings Account
  • Pay Day Advance Loan “PDA”
  • Home Owners Insurance Loan
  • The 13.5% Mortgage Busta
  • Auto Insurance Loan

 

We invite members to visit our website at www.firstregionalcreditunion.com and to follow us on twitter and Facebook in order to stay attuned with what is happening at your credit union during the course of the year.