Ariza Credit Union held its Annual General Meeting on Thursday 27th June 2019, at the Spice Basket, Beaulieu St. George’s.
Ariza has continued to demonstrate signs of significant growth in the areas of loans, 16.8%, total assets 13.8%, deposits of 12.9% and membership of 15.7%. This growth is evident in the number of loans granted over the last financial year, and as indicated by the CEO, Mrs. Lucia Livingston Andall, in the number of members that Ariza was able to assist.
It is with this growth in mind, that the Credit Union continues to pave the way forward for its members through innovative solutions to their financial needs. As expressed by Ariza’s President, Mr. Javan Williams: “the goal is to grow and improve in the way we do business, so that you can always remain proud of your credit union.”
This year’s theme was “Save. Invest. Progress”, and will be used as a clarion call to members in the future to actively save, as a vehicle to investment and ultimately social mobility and financial freedom. To this end, the Credit Union has various savings and investment options available for members, which can be used for these purposes.
The meeting was held, not only to report on the activities of the past year, but also to make decisions for the future. To this end the following persons were elected to serve on the Board of Directors: Bro. Otis Gay, Sis. Peterlyn Cooper and Sis. Michelle Sayers-Griffith. Bro. Javan Williams was elected for a 2nd term of three years.
Bro. Alan Francis, Bro. Terrence Victor and Bro. Adrian Strachan were elected to the Supervisory and Compliance Committee, which has an oversight management function.
Resolutions were moved and approved for the following:
- Increase in Qualifying Share requirement to 25
- Increase of the maximum Liability Limit of the Credit Union to be $1B; maximum deposit per depositor $15M; and maximum borrowing of the Credit Union of $55M
- Approval of 2019/2020 budget
- Allocation of surplus of 5% on Equity Shares in addition to a loan interest rebate of 2% which was previously paid
- Appointment of BDO as Auditors for 2019
President Williams, in his message pointed out some areas which the credit union had identified for improvement and indicated that those will be the areas of focus in the upcoming year. He also expressed his pleasure with the Credit Union’s progress and congratulated the Management and staff for a job well done.
Over $1.2M was paid out to members as dividends on their shares held with Ariza and interest rebate on loan payments on Friday 28th June 2019.