Without a shadow of a doubt the Choiseul Cooperative Credit Union has been growing financially since the appointment of Silvanus Fontenard to the post of general manager. This growth has been due to the explosive and aggressive bargaining strategy of the GM.
According to the last AGM financial statements deposits moved up by 19% and fixed deposits by 40%. Speaking on behalf of the Board of Directors the president said, "It is clear therefore that in spite of the economic meltdown which is currectly affecting the global financial market our members are deeping their faith in our credit union."
The Soufriere Branch netted over $2m in savings during the last financial year.
Permanent shares stand at $832,000 while members deposits are just nearing $4m, members regular savings are at about $26m.
Almost 2000 members had to be disqualified from the union because they did not meet the criteria to be a member. This new criteria mandates that to be a member one must have at least 20 permanent shares at $5 per share. According to the manager these members had less than $100 and some of them had just cents on their accounts in the union.
Loans totalling appoximately $16m was approved with vehicle purchases amounting to $2.5m, project loans in second place with $2.2m and home improvement $1.4m in third position.
Delinquency which has been a sore point for the union has been reduced from $4.5m to $2.8m
The credit union's net surplus for the year was $1.3m almost $400,000.00 less than the previous financial year. This drop in the net surplus may have been due to the increase in operating expenses.
Lawrence Constantine's tenure has ended on the credit committee and he is being replaced by Elmira Joseph.
Dedan C. G. Baptiste