MEGA CREDIT UNION OF THE YEAR 2015
FIRST REGIONAL WINS MEGA CREDIT UNION OF THE YEAR AWARD FOR THE 3rd TIME
June 7, 2016
First Regional Co-operative Credit Union Ltd. has won Mega Credit Union of the Year for 2015, topping a field of eleven (11) Mega Credit unions island-wide.
The announcement was made at the just-concluded Convention of the Jamaica Co-operative Credit Union League (JCCUL), the umbrella organisation for credit unions in Jamaica.
Credit Unions in Jamaica are divided into four categories - small, medium, large and mega. To be considered in the Mega category, a credit union must have an asset base of more than J$3.5 Billion. First Regional's Total Assets stood at J$4.504 Billion as at December 31, 2015, representing a healthy growth of 17%.
Other factors taken into consideration to determine Mega Credit Union of the Year include Return on Assets and the performance of the loan portfolio. In this regard, First Regional also copped the award for Highest Return on Assets for 2015, as well as Highest Net Loan Growth for 2015.
The Credit Union's President Donald Mason reported on First Regional's impressive performance at its Annual General Meeting (AGM) held at Jewel Runaway Bay on the week-end (June 4). He described the accomplishment of Mega Credit Union of the Year as a significant achievement, given First Regional's performance against the background of Jamaica's continued challenging economic environment.
First Regional's CEO Ms. Patricia Smith commended the staff for their dedication and performance which generated the results. She also thanked the Credit Union's members for their steadfast support and loyalty.
First Regional Co-operative Credit Union serves its over 53-thousand members from eleven (11) branches located in St. Ann, St. Mary and in the Hospitality Sector in Round Hill, Hanover and Negril.
This is the third time that First Regional has earned the Mega Credit Union of the Year Award, having turned out top performance among Credit Unions of its peers in 2006 and 2009. Additionally, First Regional earned the Most Outstanding Parish Credit Union Award for six (6) consecutive years from 2005 to 2010, based on its performance.