Giving meaning to ‘why’

FIRST REGIONAL Cooperative Credit Union Limited, Jamaica’s Mega Credit Union for 2015, 2016 and 2017, has been a success story. A success forged through mergers, vision, organic growth and the dedication and perseverance of many who had a vision of building a credit union that is responsive to the financial needs of its members, employees and the communities it serves.

I am indeed humbled, yet honoured, as its chief executive officer since December 1999, for all that we have achieved and give thanks to Almighty God for His many blessings and guidance over the years. I also thank the many volunteers and staff who contributed to First Regional as we sought to build a credit union that was:

Strong, safe and sound.

Dedicated to providing members with world-class products and services to address their needs in provident and productive ways.

In sync with the cooperative values of credit unions.

A great place to work. Our members have delighted in our successes – mergers successfully consummated, financial targets met and exceeded, tangible support for our communities, and products and services that met their value expectations.

Over the years, with the support of the board and staff, I have sought to maintain a strong vision of growth for the credit union – a growth that has been derived through mergers or organically and growth that has, in the main, been consistent with our targets. We have always sought to grow the organisation by staying true to our culture of excellence while demonstrating the cooperative principles in practice in meeting the needs of our people. I have always appreciated and kept in focus that the business model of First Regional as a financial co-operative at its core was created to align with the best interests of our members and is probably the best differentiator we have as a credit union. As an organisation, we have sought to remain relevant in an industry prone to constant change.

DRIVING PURPOSE

I have been motivated and have always operated from the point of view of purpose. Sufficient time and effort is always spent to clarify the ‘whys’, our driving purpose or belief because when there is clarity in the why, our purpose will resonate with those whom we serve and attract others who will want to participate and help to bring it to life.

To be successful does not just refer to the good financial results posted over the years or the awards won, but importantly, it is seeing our members succeed. It is to see a member being able to lease or purchase a plot of land and build a house, starting with just a basic structure, and, over time, expanding it into a fourbedroom house. Success is to paint the picture of possibility to a young man of not just owning one vehicle, but purchasing a second vehicle and employing someone to operate it. It is about saying to a member, “Let’s look at how you can convert your hard-earned money into a million dollars by the end of the year ,” and seeing it happen. It is to see a member who initially feels hopeless borrow to fund a daughter’s university education and then to hear years later: “My daughter is now a judge.”

These are the success stories that impress and motivate us most at First Regional and give truth and life to our ‘whys’. They are the kinds of success stories that put meaning to a credit union – people helping people to achieve – and why we believe that First Regional is ‘where you get interest on your money and interest in you’. We see our mandate as improving the social wellbeing of all our members, so taking interest in the people we serve gives meaning to why we create and promote the products we design. We create them to add value for members as we believe that a product successfully utilised will transform the lives of a family, build a community’s economy, contribute to the credit union’s return, and thereby improve Jamaica’s economy.

Success is creating the product or service of value, communicating it and delivering it to the member successfully, and thereby building a relationship that will redound to our ability to sustain ourselves to remain safe, solid and secure so that people continue to trust us. Trust comes when our members believe that we are actively and consciously concerned about their welfare. It is important to our longevity and brings life to why we do what we do. We strategise to bring life to the future; it is not just about the bottom line today but about building that firm and enduring foundation to last a lifetime. That trust, which is reciprocal, allows us to confidently build our financial strength by having adequate reserves and controls that will keep us solid and strong. We build to serve not just our members today, but the generations to come.

Our employees are our greatest asset and are integral to our success as an organisation. Our support, coaching and training programmes for them are designed to make them feel involved, committed, passionate and empowered and to demonstrate feelings in the work that they perform daily as they serve each other and the members. We also endeavour to create for them an environment of trust in which performance and development goals are set, ongoing feedback is provided, and recognition is given.

APART OF THE BIGGER COMMUNITY

As a social institution, we see ourselves as part of the bigger community and are proud of the countless ways in which we positively impact through our corporate social responsibility programme. We spent more than $4 million in 2017 in the areas of education and development by way of scholarships and bursaries and through school breakfast-feeding and beautification programmes. We also made contribution to the health sector by purchasing equipment and supplies and providing training and recognition for workers.

Accessibility and convenience are also part of our success story, as well as our endurance. Since 2015, our footprint and brand have been extended through our bond expansion to new geographical locations at Round Hill in Hanover, Negril in Westmoreland, and our newest location at 133135 Old Hope Road. It is important that we serve our members wherever they are and recruit the people who we are bonded to serve in these new areas and deliver to them the First Regional suite of products and brand of service.

The strength of First Regional is built on the combined contributions of men and women who took their responsibility to society seriously, and to them we owe gratitude for creating an organisation built to serve. We recognise their sterling contribution and thank them. We are currently supported in our efforts by an independent and selfless board of directors committed to the mandate given by the members and ably supported by credit and supervisory committees that are dedicated and involved. The staff that help to make First Regional great by bringing to life its strategies for growth are deserving of gratitude and commendation for their selfless efforts. I acknowledge the work of our partners, such as the Jamaica Cooperative Credit Union League, CUNA Caribbean Insurance Jamaica Ltd., and our auditors and regulators, who have contributed to our development over the years, as without their support, we would have been weak. Above all, we thank Almighty God for guidance and publicly acknowledge His importance in all that we do.

First Regional Co-operative Credit Union Limited,‘ where you get interest on your money and interest in you’, remains committed to the success of our members, staff and communities, as well as the credit union movement and Jamaica. I have, through this credit union and my participation in the credit union movement ,found my passion, the ‘why’ that motivates me daily to get to the table and make my contribution to a purpose bigger than me, and for this, I am truly thankful. I exhort all Jamaicans to likewise find the ‘why’ that gives life a deeper meaning and a strong reason for being.

Patricia Smith

Chief Executive Officer

First Regional Co-operative Credit

Union Limited