St. Mary’s Co-operative Credit Union shows strong performance; declares dividends

The St. Mary’s Co-operative Credit Union Ltd. (SMCCUL) held its 63^rd Annual General Meeting on September 27th, 2020 at the Eggleston Pavillion. Despite unfavourable weather conditions, members turned out in sound numbers. Also, among the attendees were staff from the Dominica Cooperative Societies League Ltd, the External Auditors, Board of Directors and other Committee Volunteers, Management and Staff of SMCCU.

The SMCCUreleased a very positive 2019 year-end report. The total number of accounts grew by1.7% being 1,594 as at Dec 31, 2019 and membership by1.8%; a total of  629. This growth complemented the increases in savings and deposits; 4.03% and 14.21% respectively.The Figures showed that the demand for loans increased steadily, with a 6.33% increase from 2018 to 2019. Delinquency for 2019 was at a rate of 2.54%, well below the prudential guideline of 5%.

The Society was able to report growth in assets by 5.42% over that of the previous year. Total income amounted to $551,856, an increase of $75,342 over the previous year figure. The Society was also able to achieve a return onmember’s equity by an increase of 2.84%. Operating cost increased by 10.94% from that of 2018. Liabilities also increased by 5.80%. The net surplus for the year was $ 33,737. Mr. Oliver Henderson, Treasurer of the society informed that “during the year 2019, we reviewed and approved our strategic plan for the next three (3) years, which we believe will enhance the quality of service provided to you the members…” 

St. Mary’s continues to provide assistance, impact the communities and by extension Dominica, through scholarships and cash donations. For the year 2019 there were 6 scholarship holders and another two students were assisted with a one-time cash contribution of $500.00 each. Cash donationswere made to the Giraudel Primary School to assist with the construction of a school Library, The Dominica Association of Persons with Disability, The Bahamas Credit Union through the League, The Giraudel Village Council, The Heritage Committee, Sports Club and Individual Members.

In its continued efforts to educate and enhance staff members and volunteers in the stewardship of the Credit Union, the following training sessions were made available in partnership with the Dominica Cooperative Societies League Ltd (DCSLL): Anti-money Laundering, Ethics at work, Roles and responsibilities of various Committees, Enhanced Debt Collection Techniques, Disaster preparedness and Mitigation, CCCU Convention, Polymer presentation.

Condolences were expressed to the families of the deceased five(5) members and one (1) depositor of SMCCU for the year 2019.

The President Mr. Nathaniel Alexander in his report, encouraged young men and women to buy shares and invest in their future by saving. From all reports and all aspects the credit union performed satisfactorily.  The board and management has taken a lot of precautions concerning the management of the Society’s finances to ensure that the Credit Union remains viable and stable. In combatting delinquency, he encouraged members to come into the office to share their concerns, so that the society becomes better able to come up with appropriate solutions.

The Treasurer, Mr. Hendersonexplained that the fact that St. Mary’s is not bounded by any financial commitments to any other institution but depends solely on the savings of its members, it reduces financial burden on the society and allows the credit union a level of buoyancy. He explained. St. Mary’s has performed extremely well” and that St. Mary’s delinquency rate is much lower than the standard of 5%, which reflects the commitment of members in paying their loans.

Ms. Shelise Bell, being the youngest member elected to serve on a Committeealso shared that her grandfather was one of the founding pioneers of the St. Mary’s Co-op Credit Union and that she was happy to give back to the community through service and volunteerism. She encouraged other young members to not be afraid to volunteer “it’s a good experience” she explained“and it is something good to have on your resume.”

League General Manager Mr. Phoenix Belfield praised the Board, Management and staff for the stewardship of the credit union and appealed to the membership to continue to support the society, by savings and loans. He stated “the League will continue to provide requisite support to its Affiliates to ensure that they can survive and strive during this period of uncertainty. He further explained that the society was the true embodiment of a community credit union and its members faithfully supported and saved with the Cooperative.