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.