Central Cooperative Credit Union AGM
Despite economic challenges the Central Cooperative Credit Union (CCCU) – an amalgamation of the St. Alphonsus and Portsmouth credit unions has recorded significant growth for the year 2013.
According to the Board Report read by Murphy Wallace, President of CCCU Board of Directors, during the 7th annual General Meeting on June 11th, the Credit Union experienced a year end surplus of over $5 million growth in total assets and $3.7 million growth in total savings and fixed deposits.
In 2013 membership grew by 433, bringing the total membership to 10,964 while central assets grew by 6.6 percent.
This Wallace said is an indication of members placing their confidence in the Central Cooperative Credit Union and an endorsement for the services Credit Union provides.
The CCCU, formed on July 2nd 2007 also plays a major role in promotion, enhancement and the social development of Dominica.
During the year 2013, Central contributed seven thousand, eight hundred and fifty five dollars ($7, 855) to the development of its members and by extension the community.
At its last general meeting, Central presented donations to schools and other organizations totalling ten thousand, five hundred dollars ($10, 500).
Additionally, Wallace reported that CCCU continues to support education through scholarships, noting that the Credit Union has spent in excess of $18,000 on scholars and to secondary schools on the island.
Although the institution has had to re-examine operational policies they will continue to focus primarily on rebuilding equity and profitability.