Devon Evans, Sunday Gleaner Writer

Ocho Rios, St. Ann:

After only one year in operation, First Regional Co-operative Credit Union is already on a successful growth path.

Created by the historic merger of the St. Ann and St. Mary credit unions in January 2006, First Regional has surpassed all financial targets set for the year.

The new entity now boasts total assets of $1,629.93 billion which reflects an 18.56 per cent growth over total assets for 2005. At the end of 2005 the St. Mary Credit Union had total assets of $340.56 million, and with the St. Ann Credit Union's total assets of $1.029 billion, the new entity was able to start 2006 with a combined total assets of $1.370.37 billion.

First Regional Credit Union combined loan portfolio grew from $818.42 million to $1,038.2 million or 63.35 per cent of total assets.

Share Capital growth

Share Capital continued to show consistent growth and moved from $642.77 million at the start of the merger to $819.17 million at the end of 2006.

President of First Regional Karl Fuller, who released the figures in his annual report, said the credit union has been encouraging members not just to borrow, but also to save in order to create wealth for themselves and improve their lives.

Mr. Fuller was also pleased to announce that First Regional achieved the highest rating in all the PEARLS - M Ratios test conducted at the end of the year which clearly indicates that the entity's performance is highly rated. The PEARLS - M Ratios is the international yardstick by which credit unions are judged.

Stronger

Pointing to other benefits of the merger, marketing manager of First Regional, Keron Morris said the credit union has been made stronger and is now better able to serve the needs of members.

"We can offer a wider array of goods and service including higher loans of up to ten million dollars", he said.

The merger also ensures increased insurance coverage on savings and loans at no direct cost to members, and greater convenience in terms of shared banking and free remittance in both parishes.

Since January 2006 there has also been a steady growth in members moving from a combined total of 74,434 (St. Ann 56,557 and St. Mary 17,877) to 78,175 at the end of December 2006. This is a 5.3 per cent increase.

Mr. Fuller said that during this year members can look forward to improvement in information technology at all branches, and the refurbishing of some branches. Work has already started in Guys Hill and is expected to start soon on the Highgate and Port Maria branches.