Grown from strength to strength
THE DEPARTMENT Of Cooperatives and Friendly Societies congratulates the First Regional Co-operative Credit Union Limited (FRCCUL) on the opening of its newest location at 133-135 Old Hope Road Kingston 6 as you continue on your path of growth.
Since registration on February 1, 1973 as the St. Ann Co-operative Credit Union you have grown from strength to strength weathering the varied challenges and changes with the financial landscape; strategically seeking merger partners and building the membership base.
You have also sought to capture the imaginations and attention of your Constituents through rebranding and repositioning the Credit Union as a financial organization to be reckoned within the thrust and parry of the financial landscape with a name change that embraced the County that is you became the ‘First Regional Co-operative Credit Union Limited (FRCCUL )’. This change facilitated the acceptance of Credit Unions from a strategic geographic locale as you forecast the impact of the pending Bank of Jamaica/Credit Union Regulations to the Credit union Sector.
As the industry expanded and rebranded the Credit Union’s membership and financial status grew under the leadership of a competent Board of Directors and committed management team and staff; the, Credit Union bolstered its governance practices and positioned itself as a force to be reckoned with.
The Department of Co-operatives and Friendly Societies congratulates the FRCCUL on being accorded Mega Credit Union status by your peers through way of Total Assets $5.682,655B as at December 31st 2017. This phenomenal achievement shows exceptional leadership and skills in achieving growth and stability; through innovation and diversification you have transformed the lives of thousands of Jamaicans, thus impacting positively on the Credit Union Movement and by extension the Jamaican economy. On this occasio,n as you celebrate this historic milestone, the Department of Co-operatives and Friendly Societies once again extends heartiest congratulation to the volunteers, management and staff. As the Regulator, we have and will continue to provide technical guidance to ensure compliance to statutes and good governance, threby safeguarding the members’ investments.
Errol Gallimore
Registrar of Co-operative Societies and Friendly Societies