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St. John’s Credit Union holds 73 AGM

On Saturday, St. John’s Credit Union held its 73 Annual General Meeting at the St. Catherine’s Auditorium in Belize City.  At the meeting, the credit union reported to its members the activities and financial performance of the previous year. Daisy Dawson, the General Manager, told Love News that they recently implemented a new banking system.

Daisy Dawson – General Manager of St. John’s Credit Union: “Basically what we do during the annual general meeting is that you have all the Board of Directors, the Supervisory Committee, the Credit Committee and of course the Treasurer of the Board who gave their report and those reports have to be accepted by the members. The membership also had an opportunity in terms of making comments, asking questions, giving their concerns and their feedback in general as to how they feel about the services that we are offering so it was indeed a very good day for us. We were able to declare a 5 % dividend on mandatory shares, 3% on the involuntary shares and 5% rebate. The rebate is the interest that you paid that you will get back a percentage of.”

Alvan Haynes, President of the Board of Directors of St. John’s Credit Union, spoke specifically about the resolution passed at the AGM.

Alvan Haynes – the President of the Board of Directors of St. John’s Credit Union: “We pass one resolution to allow appointing alternate members to the Credit Committee. The Credit Committee is the committee that approves loans to members but the Credit Union Act currently restricts it to just three people and we are finding with the growth in membership it creates a backlog when members aren’t available so what we have done is allowed for alternate people to step in when the elected members can’t make it which will help to facilitate the loan approvement process. St. John’s Credit Union has been growing tremendously. As we pointed out in our annual report, since 2012 when we started our new strategic plan we have grown in membership by 50 ad %, in assets over 150%. The profits of each year have increased tremendously so the organization basically has almost tripled in size in the last eight years.”

The members had an opportunity to share how they felt about the services the credit union provides. Members from across the country were bussed in to the old capital to attend the AGM.