Shareholder Center

Valuable information on our Shares, Dividends, and Annual Reports

Annual Reports

See reports below and gain insight into our progress, performance and innovation.

2023 Annual Report

Annual Report 2023

The 2023 Annual Report highlights a year of strategic adaptation, financial growth, and renewed focus on member services amidst economic challenges. Key achievements include increased assets, new digital initiatives, and community engagement, all under the theme “Navigating Change Together: Adapting to a Dynamic World.”

View 2023 Annual Report

Annual Report 2022

Annual Report 2021

Annual Report 2020

Annual General Meetings

As a Credit Union member, it is your responsibility to attend Annual General Meetings. According to the Co-operative Societies Act (2 of 2011) subsection 42. (1) “A co-operative society shall hold an Annual General Meeting (AGM) in each year not later than four (4) months after the end of the financial year of the co-operative society.”

The end of our financial year is 31st December and our AGM is held near April.

According to the By-Laws, the function of the AGM shall be:

Confirm the minutes of the previous Annual General Meeting and of any intervening Special General Meeting.
Receive, consider and if approved, adopt the Annual Report of the Board for the year ended.
Receive, consider and if approved, adopt the financial statements, together with comparative statements presented by the Board for the year ended.
Consider the Report of the Auditor.
Receive, consider and approve the Auditor's Report or, if accounts are not approved, to cause the Directors to forthwith notify the Auditor of any error or mis-statement.
Allocate the surplus from the preceding year.
Amend, modify or amplify, if necessary, the By-Laws of the Society provided that due notice as here under provided for shall have been given. How much
Elect Directors, Credit Committee and Supervisory and Compliance Committee members for the ensuing term.
Appoint an auditor for the ensuing year.
Hear and decide upon any complaints brought by members aggrieved by a decision of the Society, provided that notice of such complaint to be brought before the meeting has been given to the Secretary in writing within thirty (30) days from the date of notification of the decision.
Transact any other appropriate business of the Society.

Share Information

The Co-operative Societies Act 2 of 2011 requires that the institutional capital of the Credit Union be at least 10% of Total Assets.

NOTE: Irrespective of the number of possessed shares, when applying for a loan, additional shares must be purchased.

1 Share

Loans $1,000 – $2,999
2 Shares

Loans $ 3,000 – $9,999
3 Shares

Loans $ 10,000 – $14,999
4 Shares

Loans $15,000 – $24,999
5 Shares

Loans $25,000 – $34,999
6 Shares

Loans $35,000 – $49,999

7 Shares

Loans $50,000 – $64,999
8 Shares

Loans $65,000 – $79,999
9 Shares

Loans $80,000 – $99,999
10 Shares

Loans $100,000 – $124,999
11 Shares

Loans $125,000 – $149,999
12 Shares

Loans Over $150,000

Frequently Asked Questions - Shares

What is a Permanent Share?

A Permanent Share represents a member’s ownership of, or member’s equity in the Credit Union.

What do I do with these Permanent shares?

Permanent Shares cannot be used as collateral. Permanent Shares cannot be withdrawn and can only be transferred when the member decides to give up membership or dies. Permanent Shares are necessary in order to retain membership in the Credit Union.

How will I as a member benefit from having Permanent Shares?

Permanent Shares represent the members’ part ownership or equity in the Credit Union. Permanent Shares are used for the growth and development of your Credit Union. You will receive dividends on your permanent shares

How will the Credit Union benefit?

Permanent Shares increases the Capital of the Credit Union and allow it to undertake expansion and enhancement of services to the members. Increasing the permanent shares will help the Credit Union meet the requirements of the Cooperative Societies Act 2 of 2011

What is the cost of a Permanent Share?

Each person is required to purchase at least one Permanent Share in order to become a member. The cost is only $50.00 per share

Will dividends be paid on Permanent Shares?

Subject to the profitability of the Credit Union dividends may be paid on permanent shares if recommended by the Regulating body which is the Financial Services Unit

Can Permanent Shares ever be withdrawn?

No, they can be sold to another member when the member discontinues his/her membership or it may be transferred to his/her beneficiaries when he/she dies but members must have permanent shares for as long as they are members.

Is the Implementation of Permanent Shares necessary?

Permanent Shares are necessary as they give the Credit Union another option for raising capital. It is also in keeping with the International Financial Reporting (Accounting) Standards that require equity to be treated in a certain way.

Dividends

Dividends on shares are recognized in equity in the period in which they are declared.

Section 5 of the Regulations of the Co-operative Societies Act authorizes the Society to pay a dividend on its shares at a rate which is not greater than three percent above the savings rate set by the Easter Caribbean Central Bank (ECCB). As of December 31, 2020 the ECCB savings rate was two percent. Fair value gains on the investment securities available-for-sale are not considered in determining income for the distribution of dividends.

View Annual Report