AGM 2014

More than 400 members attended First Regional's 36th Annual General Meeting (AGM) held at the Jewel Runaway Bay Hotel on Saturday June 7, 2014.

Reviewing the performance of the Credit Union for the year 2013, President Donald Mason noted that Total Assets had grown by 13% to $3.356 Billion - passing the $3-billion dollar mark for the first time. He said the loan portfolio had grown exceptionally, "by an impressive $519 Million (29%) from $1.793 Billion at the end of 2012 to $2.313 Billion at the end of 2013." Of this amount, $81 Million resulted from loans added through mergers, Mr. Mason noted.

Turning to Voluntary Shares, the First Regional President said these had increased by $333 Million, from $1.186Billion in 2009 to $1.519 Billion in 2013. Over the same period, Deposits increased by $313 Million from $55 Million in 2009, to $872 Million in 2012, he told the AGM.

The President said First Regional's Capital Base which stood at 15.79% at the end of 2013, remained strong and was significantly higher than the 8% required by the Jamaica Co-operative Credit Union League and the 6% mandated by the Bank of Jamaica.

Treasurer Leroy Williams, in his presentation pointed out that First Regional's 2013 performance and capital adequacy indicated that the Credit Union is well capitalized to take advantage of opportunities for future growth.