H.R.C.U. AGM; 4% Dividend and 10% Rebate for Member-Owners

Over the weekend, Holy Redeemer Credit Union held its annual general meeting. The meeting with the member-owners of H.R.C.U. follows the cancelation of the 2020 and 2021 A.G.M. Aside from the completion of the Jane Usher Building, which was inaugurated back in May 2021; the credit union will now have a presence in Belmopan. There was also a lot of great news coming out at the AGM and News Five’s Duane Moody has the highlights.

Duane Moody, Reporting

After a two-year hiatus due to the COVID-19 pandemic, hundreds of member-owners of the Holy Redeemer Credit Union gathered at Belize Civic Center on Saturday for its AGM. The credit union has sixty-one thousand, one hundred and ninety-four member-owners.  In its financial highlights, the president of the credit union announced a dividend of four percent and a rebate of ten percent for loans that qualify.

Oscar Riveroll

Oscar Riveroll, President, Board of Directors, H.R.C.U.

“Dollar value of loans issued to member-owners: eighty-five million dollars; number of loans issued to member-owners: fourteen thousand eight hundred and twenty-two loans; total gross profits: thirty-nine point six million dollars; total net profits: twenty-six point one million dollars; dollar growth in total assets: twenty-five point seven million; result in total assets: six hundred and eighty-four point two million; growth in membership: two thousand eight hundred and one new member-owners. Based on the above figures, your board is recommending a dividend of four percent and a rebate of ten percent for those loans that qualify.”

Wendy Castillo

Wendy Castillo, Vice President, Board of Directors, H.R.C.U.

“As the VP, during the pandemic, we recognized the hardship that the entire country and the world were facing. But as a member of the board and our management team, we were very considerate to our membership. During those two years of the pandemic, you all received your dividend and your rebate. Of course, we would always want to give more, but we also have to plan and take into consideration that this credit union must always have a safety net so we have to save and protect your money all the time. The pandemic has had an effect on member-owners servicing their loans with the financial institution. During the presentation on its loan portfolio,

The credit union says that it has been working with its member-owners to achieve financial independence.

Marion Marsden, Chairperson of Credit Committee, H.R.C.U.

“Personnel in our delinquency department and our credit manager have been working overtime with our borrowers who run into difficulties to keep our numbers down. Whilst there can never be complete certainty whether or not the loan approved will be repaid, the credit union provides training for its staff and offers support and help to member-owners in order for them to make good and sound decisions. The credit union also helps member-owners achieve financial independence through their build up of savings. Saving money can have profound benefits that can empower you today and in the future.”

Outside of the new Jane Usher Building which was officially launched last year, the Lawrence Nicholas Building in Belmopan will be converted into a branch of the credit union and named after former president, Fred C. Smith. But infrastructure aside, Chief Financial Officer Clement Usher spoke of Evangel Credit Union, which has about eight hundred members, becoming a part of H.R.C.U.

Clement Usher

Clement Usher, Chief Financial Officer, H.R.C.U.

“Today, we will be putting to a vote to member owners the transfer of engagement for Evangel Credit Union to become a part of H.R.C.U.  The due diligence has been done by your board, committee’s management and working group comprise of key staff members. We all feel that it is in both Evangel and H.R.C.U.’s best interest for this to happen.”

Oscar Riveroll

“Our Education Director Doctor Carol Babb has been promoting financial literacy as you will note on page forty-five of this booklet. Our Eagle JEM Estate affordable housing project in Sand Hill Village has now allowed for forty-six of our member-owners to become new homeowners. The project has been on hold, but following negotiations with the developer, construction has commenced on the remaining twenty-one houses in phase one of the project. The credit union is working on its own correspondent banking relationship and will soon see a Belize American Credit Union registered in Florida.”

 Duane Moody for News Five.