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Saint Martin’s Credit Union holds Annual General Meeting in Cayo Print E-mail
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Written by Administrator   
Thursday, 30 May 2013 00:00


In his Board of Directors report, Doctor John Morris stated that the Saint Martin’s Credit Union assets now stand at $16,375,000.00 dollars, an increase of over a million dollars from the preceding year’s figure. Dr. Morris also reported that while there was a 7% growth in assets there was a 10% increase in shares, growing from 12.14 million to over 13.3 million.

“These increases indicate the strength of our credit union and the faith our members have in us managing their funds despite the fact that interest rates on deposits are low. We certainly need to continue this trend of saving generously as it provides for funds to be lent out and also increases our liquidity,” stated Morris.

The SMCU is now in keeping with the loan loss reserve legal requirement at the Central bank, an instrument that ensures the existence of adequate collateral and is a safeguard against delinquency.

Members of the SMCU consider a good education as a prerequisite to successful living. Figures just released by the SMCU show that the majority of loan application at the Credit Institution is for educational purposes, with personal loans coming a close second. Total loans disbursed by the SMCU for education was $1,116,679.00

Members at the SMCU can now pay their water, electricity, phone and cable at one service point at their main office at the corner of Eve and Church Street in San Ignacio Town. Members can also now access ‘Zitro’ (Western Union) services at the SMCU.