FND ENTERPRISE CO-OPERATIVE CREDIT UNION
December 11th, 2017

The FND Enterprise Cooperative Credit Union (FNDECCU) held another successful Annual General Meeting at Ocean Terrace Inn on Thursday 19th, October 2017.

The eighth annual general meeting was historic on several fronts.  The FNDECCU declared a 7.5% dividend based on its financial performance in 2016.   It was the highest in its history and the highest of any credit union locally.The audited financial statements reflected unprecedented assets growth of 25.34% or $5,435,746 from $21,453,947 to $26,889,693   due mainly to the growth in the loans portfolio.

Members’  deposits  increased  from  $11,401,930   to  $13,538,338,   a  movement  of  18.7% or $2,136,408.According to the President, Peter Jenkins, This is a positive movement as it demonstrates confidence in our Credit Union and members are becoming increasingly at ease with our financial performance and stability.

The organization also recorded a 331 % increase in non-current liabilities attributed to fixed deposits which grew from $761,922 to $2,520,371. The FND Enterprise Credit Union boasts the most competitive deposit rates in the Federation.

With respect to the capital position, equity moved from $1,576,020   to $2,583,835,   an increase of 63.9% or $1,007,815.    Retained earnings increased from $2,748,818 to $3,183,077 representing growth of 15.8% or $434,259.  Total equity grew from $8,883,461 to $10,317,691  or 16.1 %.

Total income exhibited overall growth of 14% or $391,539  from $2,811,404 to $3,202,942.  The main contributors to this positive movement were the increases in interest income which grew from $2,350,284  to $2,754,295  and fees and other charges which also moved from $306,949  to $343,326.

President Jenkins implored the members to honor their obligations to the institution as he pointed out that the one area that continued to impede the growth of the organization was bad debt.

There was an emotional farewell for outgoing President Mr. Peter Jenkins who retired after serving as a Director for the past six years.  Also retiring from the Board was Vice President, Trevor Cornelius who had also served with distinction over the last six years.  Resigning from the Board were Mr. Steve Wrensford and Mr. Dennis Phillip.

Joining  the remaining  members  of the Board  of Directors  were  Ms. Dawne  Williams,  Mr.  Glen Quinlan,  Dr. Jeffrey  Hanley  and Mrs. Chenelle  Myers.

The newly  elected  Board  of Directors  subsequently  elected  the following  persons  to serve for the upcoming   year.    Mr.  Terrence   Crossman   –  President   (former  Treasurer);   Mrs.   Malvie  James (former  Asst.  Secretary);    Mr.  Trevor  Phipps,  (returning   as  Secretary);   Ms.   Chenelle  Myers  – Treasurer   (newly  elected);   Mr.  Jamir  Claxton,   Asst.  Secretary   (former   Director);   Ms.  Dawn Williams,   (newly  elected).    The other  members  of the Executive  are Ms.  Maretta  Manners,  Mr. Glen Quinlan  and Dr. Jeffrey  Hanley.

Retiring  from  the  Supervisory   Committee   were  Ms.  Tonya  Lawrence   and  Mr.  Dennis  Johnson who both served their  full terms.   The newly  elected  members  of the Supervisory   Committee  are Mrs. Evadney  Morris-Liburd   and Ms. Brontie  Duncan  who are joining  the existing  members  Mr. Carl Osbourne,  Ms.   Shermel  Jeffers  and Mrs. Velda  Irish Browne.

The Credit  Committee  saw retiring  Mr. Wendell  Huggins  who most recently  served  as Chairman and  completed   his  full  terms.   Dr.  Lincoln  Carty  had  resigned  earlier  from  the  Committee.    A decision  was  made  to  increase  the  number  of members   on the  Credit  Committee   from  five  to seven.    Ms.  Amoy  Heyliger,   Mr.  Demick   Connor,  Ms.  Camilia  Williams   and  Pastor  Cyprian Williams  will be joining  existing  members  Mr. Osbert  De Souza,  Mr. Cremoy  Agard,  Mr.  Sean Lawrence.

General  Manager,   James  Wehbe,  stated  that  he  expects  that  the  FNDECCU   would  grow  from strength  to strength  and is looking  forward  to bigger  things  for the future.


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