Our proud history

“EVERY BIG castle started with a single block; despise no small beginnings. A little step taken every day builds up the hope of greater accomplishments. Do something every day!”

The quote above by Israelmore Ayivor aptly describes the history of First Regional Co-operative Credit Union Limited, Jamaica’s Mega Credit Union for 2015, 2016 and 2017. It’s a rich history forged from humble but significant beginnings.

First Regional has its head office at 14 Bravo Street, St Ann’s Bay and its corporate office at 8 Main Street, Ocho Rios, St Ann. It serves over 59,000 Jamaicans under the mandate of its bond that allows it to serve the people of St Ann and St Mary, their relatives, and workers in the hospitality industries and their families, wherever in Jamaica they are.

First Regional Co-operative Credit Union Limited had its genesis in the amalgamation of the St Ann and St Mary credit unions in January 2006. It operated as St Ann Co-operative credit union Limited until November 1, 2006, when the name was changed to First Regional Cooperative Credit Union Limited to accurately reflect the nature of the amalgamation.

History was created then as this was the first time in the 60-year history of the credit union movement in Jamaica that two parish-based credit unions had been merged. It was a merger unanimously supported by the members of the then St Ann Co-operative Credit Union in June 2005, when members at their annual general meeting (AGM) agreed to merge with other credit unions in order to foster growth and expansion and pave the way for a stronger credit union. At the AGM of St Mary Cooperative Credit Union Ltd. in August 2005, its members considered their options and decided that a merger would be in their best interest. They concluded that the St Ann Co-operative Credit Union Limited was the ideal partner. Reflecting on the merger, the Rev Dr Glenroy Lalor, then director of St Mary Cooperative Credit Union Ltd, said St Ann Co-operative Credit Union Limited was identified as the most suitable merger partner for several reasons, including that:

Both credit unions shared a similar culture in that they were parish-based.

The parishes were contiguous.

Both credit unions had cooperated by sharing large loans, and many persons from both parishes held membership in both credit unions.

The merged First Regional, which operated from nine locations in both parishes, had a strategy to pursue a culture of excellence and operational efficiency which would enable the credit union to improve the welfare of the less fortunate, transform the communities in which it operated, and create an ideal work environment for its employees. First Regional went on to record significant growth in those early days from a stronger and more solid financial platform. Its pursuit of operational efficiency and a culture of excellence led to recognition by the industry and others as in the ensuing years, it garnered numerous awards:

Credit Union with the Highest Return on Assets – 2006

Most Outstanding Parish Credit Union – 2006-2010

Mega Credit Union of the Year – 2006 and 2009

Most Improved Solvency – 2011

Parish Credit Union with the Highest Return on Assets – 2012.

Organic growth and growth by merger remained a focus of First Regional, and on July 1, 2013, it strategically merged with the Round Hill Hotel Staff Co-operative Credit Union and the Hospitality Industries Cooperative Credit Union. This saw First Regional expanding its scope of operations islandwide to serve workers in Jamaica’s hospitality industries and their families. It also provided First Regional the opportunity to expand its footprint and brand of products and services across the island when it opened a branch in Sunshine Village Plaza, Negril, Westmoreland, on September 29, 2014, to join the branch operated from the Round Hill location.

For its sterling performance during the years after those mergers, the credit union was recognised by the Jamaica Cooperative Credit League (JCCUL) as follows:

Highest Returns on Assets – 2015-2016.

Highest Net Loan Growth – 2015.

Most Outstanding Parish Credit Union – 2016-2017

Mega Credit Union of the Year for three consecutive years – 2015, 2016 and 2017.

On March 5, 2018, First Regional celebrated another milestone in its strategic objectives – that of creating value for its member through expansion and convenience – when it opened a branch to serve its members at Northside Plaza, 133-135 Old Hope Road, in the vicinity of the US Embassy.

The growth and expansion experienced by First Regional since its first merger in 2006 can be regarded as impactful and truly echoes the prophetic sentiments of then JCCUL president, Christopher L. Samuda, when he said, “For I know First Regional is destined to be influential in the financialservices sector.” First Regional has played a significant role in positively impacting and transforming the financial lives of its members, the communities in which it operates, and its employees and has taken its rightful place in the financial landscape of Jamaica.

OUR FOUNDING FATHERS

St Ann Co-operative Credit Union Limited was incorporated in on February 1, 1973, creating history by becoming the first parish credit union.

When the JCCUL in the 1960s promoted amalgamation as a growth strategy for Jamaica’s credit unions, visionary men such as Leyland Walker and the Rev Reynold Smith, among others of the XLCR Co-operative Society (established in 1952), the largest of the St Ann credit unions, bought into the vision with intention and an alignment to a higher purpose and spearheaded the first merger with the Discovery Bay Credit Union Society in 1962 to form a stronger credit union to serve its members.

In 1965, another merger with the Runaway Bay Cooperative Society took place, and years later, XLCR merged with the Reynolds, Bamboo, Brown’s Town, and Claremont credit unions to form the St Ann Co-operative Credit Union Limited.

THE MEN OF VISION ON WHOSE SHOULDERS WE STAND AND BUILD

Leyland Walker served as president of XLCR Cooperative Society from 1952 1968. He was also manager of the People’s Co-operative Bank and very involved in the work of the Methodist Church and the community. He was a lay preacher, class leader and a justice of the peace. His involvement in the Church and community reposed much trust and confidence in him by the people who became members of and transacted business with the credit union. One of the First Regional highschool scholarships is named in his honour.

Rev Reynold Smith was ordained in the Anglican Church in 1975 and served as the Anglican diocesan secretary between 1983 and 1994. He served as secretary and treasurer of XLCR Cooperative Society during the presidency of Leyland Walker from 1952 to 1968. He succeeded Walker as president in 1968 and became the first president of St Ann Credit Union in 1973, where he served until 1981. He also served on the board of the Jamaica Co-operative League from 1958 to 1964 and from 1972 to 1987. He served as its president between 1980 and 1983. It is instructive to note that Rev Smith and his wife, Minetta, who later became the general manager, did much of the work of the credit union in the living room of the manse. A First Regional scholarship is named in his honour.

Dr Herman Ming, for whom a First Regional scholarship is also named, was a mover of the movement in St Mary with our governor general, Sir Patrick Allen, then a distinguished educator in the parish of St Mary, by his side. From 1978 to 1989, he served as general manager of the St Mary Co-operative Credit Union Limited, itself a merger of smaller credit unions located in Belfield, Annotto Bay, Pembroke Hall and Islington. Under his stewardship, the credit union experienced phenomenal growth in assets, loans, savings and membership, and made history when it became the first credit union in Jamaica to produce audited financial statements. Ming’s vision for the credit union was to provide a viable alternative for the people of St Mary in the areas of savings and loans, use stateof-the-art technology to provide quality service to the members, and have active participation of the members in all aspects of the credit union. He also sought to improve the physical plant of that credit union.

STALWARTS OF ROUND HILL

Round Hill Hotel Staff Cooperative Credit Union Limited began in 1992 with the staff ’s combined profit share of $3 million. It was the vision of Cleveland Wright – the organisation’s first president – Roy Ten Fah, Derrick Foster, Michael Brown, Karen SangsterGrant, and employees of the hotel. Wright, environmental manager of the hotel, spearheaded the efforts to organise the credit union, which he thought would empower the workers financially and assist them in achieving a sustainable livelihood to support themselves and their families.

STALWARTS OF HOSPITALITY INDUSTRIES

Hospitality Industries Cooperative Credit Union started out as SuperClubs Cooperative Credit Union with the strong support of then manager of human resources, Errol Holmes, and hotel workers such as Howard Hinds, Patrick Bryan, Suzette Wilson, Lavern GreynonMyrie and Meisha Truman.

The credit union received a loan of $1 million from the SuperClubs Hotel Group to launch the organisation, and this was repaid within a year of receipt. Within six months of receiving the funding, small loans were disbursed for education and small appliance purchases.

When SuperClubs Hotel was being divested, to maintain membership in the credit union, a name change to Hospitality Industries Cooperative Credit Union Limited was effected to ensure that all members would be covered under a common bond. Hinds became its first president.

The St Ann Co-operative Credit Union Limited, St Mary Co-operative Credit Union Limited, Round Hill Hotel Staff Co-operative Credit Union Limited, and Hospitality Industries Cooperative Credit Union came together to serve the people of Jamaica, and even some of those in the diaspora.

CREDIT UNION QUICK FACTS

First Regional Co-operative Credit Union Limited

Data as of September 30, 2018

Headquarters: 14 Bravo Street, St Ann’s Bay, St Ann

Corporate Office: 8 Main Street, Ocho Rios, St Ann Assets: $6.293 billion Loans: $5.9 billion Members: Over 59,000 Branches: 12

CORPORATE SOCIAL RESPONSIBILITY

Through our corporate social responsibility programme, we support people and communities in meaningful ways.