H.R.C.U. Sees Historic Turnout for 80th A.G.M.  

Holy Redeemer Credit Union saw a record turnout for its Eighth Annual General Meeting inside the Belize City Civic Center. In its eightieth year, the financial institution has hit a few milestones that were highlighted during the meeting, including breaking ground for its Belmopan headquarters which is scheduled to be completed in 2025. The building will be named after former H.R.C.U. President, Fred Smith.  H.R.C.U. was also connected to the National Payment System in June 2023. One of the major announcements that member owners look out for during these meetings has to do with their dividend and rebate. News Five’s Paul Lopez tells us more.

 

Paul Lopez, Reporting

Belize’s oldest and largest credit union, the Holy Redeemer Credit Union, held its Eightieth Annual General Meeting on Saturday inside the Belize City Civic Center.

 

Dr. Carol Babb, Director, H.R.C.U.

“I want to thank you for coming to this very important A.G.M. As Ms. Castillo mentioned we celebrated eighty years of stellar service to the people of Belize. Remember HRCU is a member only organization. We are the owners of this credit union and we are very proud because on the sixteenth of May 1944 we started and now we are celebrating eighty years. Let us say happy birthday H.R.C.U.”

 

 

More than two thousand, eight hundred member-owners were present at the AGM. Wendy Castillo, the President of the Board of Directors, noted that an institution which started with seventy-five cents has grown to more than seven hundred million dollars in assets.

 

Wendy Castillo, President, Board of Directors H.R.C.U.

“Today what started with seventy-five cents, today I can tell you as your president and a member of this board that today we are seven hundred and seventy-three point nine million in total asset. Look at that growth. Who would have thought that seventy-five cents eighty years later would translate into a million dollar institution. give yourselves a round of applause because you did that, the member owners.”

 

 

As it pertains to HRCU’s loan portfolio, that has also seen an increase over the last year. Marion Marsden, Chair of HRCU’s Credit Committee, announced that eighteen thousand and sixty-seven loans were issued over the past year. Loans issued went primarily to investments, house repairs and vehicle repairs.

 

Marion Marsden, Chairperson, Credit Committee, H.R.C.U.

“The credit committee is pleased to report that your credit union continues to have a strong loan portfolio. Credit union policies ensure that our loans are the highest quality and in the best interest of each member. From this activity our loans portfolio grew from two hundred and fifty-seven point eight million to two hundred and sixty-eight point eight million, or an increase of four-point two six percent. Major loan categories were investments, totaling twenty-six point seven million which is thirty one point nine seven percent with six hundred and sixty-seven loans. House repairs and renovations totaling twelve million with fourteen-point three five percent with one thousand seven hundred and eighty -four loans. And vehicle repairs totaling eight point one million and nine point seven percent, with one thousand four hundred and nineteen loans.”

 

At the A.G.M., close to three thousand members who were in attendance learned that the board of directors is recommending a four percent dividend and a rebate of ten percent.  Castillo made the announcement.

 

Wendy Castillo

“Dollar value of loans issues accounts to eighty-three point six million. The number of loan issues in 2024, is eighteen thousand and sixty-nine loans to member owners. The total gross profits is forty-two point three million. Total net profit of twenty-seven point nine million dollars. Give yourselves a round of applause. These are really good numbers considering coming out of the COVID pandemic. Your board is recommending a four percent dividend today and a rebate of ten percent. So that is what you the member owner will receive on your investment in H.R.C.U. this year. Give your board and members a round of applause.”

 

H.R.C.U. is celebrating eighty years of service to the nation of Belize. And this year’s AGM saw the most member-owners in attendance. Clement Usher, the Chief Financial Officer of the institution, sought to emphasize just how significant eighty years of service is.

 

Clement Usher, Chief Financial Officer, HRCU

“Today at this massive A.G.M., because honestly this is the most people I have ever seen at one of our A.G.M.s, I understand the count has now reached two thousand eight hundred. We celebrated our birthday on Wednesday May fifteenth, 2024. Just imagine, H.R.C.U. is now four scores, eight decades, eighty years, nine hundred and sixty months, twenty-nine thousand two hundred days, seven hundred thousand eight hundred hours and forty-two million forty-eight thousand minutes old. You guys deserve a round of applause for that. I say these numbers to empathize this milestone achievement for H.R.C.U.”

 

Reporting for News Five, I am Paul Lopez.