1st Annual FND Enterprise Co-operative Credit Union Annual General Meeting
Guest Speaker Melvin Edwards
ZIZ News…Oct. 6, 2010 – On Saturday October 2nd 2010, the FND Enterprise Co-operative Credit Union hosted its first Annual General Meeting at Ocean Terrace Inn.
Guest Speaker Mr. Melvin Edwards made a twenty (20) minute presentation on the importance of a credit union and the important role the FND Credit Union plays in the economy and community. He stated that while many other financial institutions were governed by a few select members/ shareholders, being a member of a credit union essentially means that you are part owner of the credit union. Mr. Edwards highlighted the fact that the member to share ratio at FND Credit Union was the highest in the Caribbean, with an average Shareholder value of approximately $540. He encouraged persons to take pride in the credit union and to encourage their family members and friends to support the Credit Union. He ended by stating that while these were tough economic times it is times like these when it is best to support an institution like the FND Credit Union – one that support its members and is financially viable.
Following the opening remarks, the various reports including the Statement Of Financial Position, for the five months of the Institution were read. The total revenue for the period amounted to $875,691 resulting in a net profit value of $262,023 and retained earnings of $191,378. It was determined that dividends would be paid at five (5) percent per share, to those who were shareholders at the end of the financial year ended December, 2009.
The President Mr. Ernest Pistana also reported that at the end of December 2009, there were approximately 280 shareholders and that by September 30, 2010 that number grew to 640 members with savings of over $1.5 million. This he said shows the confidence that members have in the institution.
New Board and Committee members were chosen unopposed to replace those retiring. Representing the Board of Directors are Mr. Ernest Pistana; Mr. Auckland Hector; Mr. Faron Lawrence; Mr. Earl Thomas; Mr. Spencer Howell; Mrs. Diana Bowrin-Powell; Rev. Joseph Edmeade; Mr. Gary Moving and Mr. Dwight Warde. The Credit Committee members are Mr. Esrick Lanns; Mr. Howard Richardson; Mrs. Cynthia Morton; Mr. Dennis Phillip and Mr. Valdermar Warner, while the Supervisory Committee comprises of Mr. David Fox; Ms. Judith Rawlins; Mr. Howard Mc. Eachrane; Mr. Ashford Franks and Mr. Randolph Taylor.
The night was capped off with a surprise raffle where members were able to win several gift items. The vote of thanks was given by Mrs. Vera Manchester who extended gratitude to all who contributed to the successful hosting of the event.