SECU declares $3m surplus

SECU Credit Union Co-operative has made great strides in key areas of its operations and has a declared a surplus of $3 million for the financial year ending December 31, 2003, an increase of 35 percent over the previous year. Its base asset stood at $58 million, shares grew by 26 percent and fixed deposits by 85 percent. Membership grew by an astounding 32 percent over the last year, with 6,000 active members. A dividend of eight percent was paid on shares held by members as at December 31, 2003.

SECU regards its performance over the year as clear indicators of members’ confidence in the organization as one of the most well-managed and financially sound credit unions in the country. At its 22nd annual general meeting recently, the feature address was given by Minister of Public Utilities Pennelope Beckles, who spoke in glowing terms of the success of SECU. Beckles said: “SECU credit union stands out as a shining example, not just within the credit union movement, but in the wider financial sector.” Pascall Martin was re-elected president for another term. He said: “While we celebrate the past achievements, the Board has set its sights on higher levels of performance for 2004.”

Other members of the Board are Ingrid Carpette, vice-president; Kenneth Medina, secretary; Juliet Huggins, assistant secretary and Robert Murray, treasurer. Directors are Peter Walter Bostic; Hayden Wilson, Andrew Lambkin, Lois Carmino; Premnath Jaipaul (first alternate) and Ray Moolchan, (second alternate). SECU plans to open its second branch before the end of this year.