Devon Evans, Gleaner Writer
OCHO RIOS, St. Ann:
THE ST. ANN Co-operative Credit Union has earned the distinction of being named the Top Credit Union in Jamaica for the year 2005.
The announcement was made at the recent awards dinner of the Jamaica Co-op Credit Union League, held at Sunset Jamaica Grande Resort in Ocho Rios. The St. Ann Credit Union was declared the best of the credit unions with no less than three of the prizes including that of Credit Union of the Year among the top category credit union.
The parish took home the Renford Douglas Trophy ahead of the Petroleum Industry Employees' Credit Union which was last year's winner.
In addition to taking home the major prize, the St. Ann Credit Union took two of the sectional prizes. These were "The Credit Union with the Highest Return on Assets" and for being the "Most Outstanding Credit Union".
The St. Ann Credit Union has been enjoying phenomenal growth in recent years and, at the end of 2005 it boasted a membership of 56,000 and total assets of over $1 billion. Savings in the credit union grew by ten per cent last year to approximately $730 million while there was a 19 per cent growth in the loan portfolio which now amounts to more than $650 million.
Two other Credit Union of the Year awards were made for credit unions in the lower category, below $500 million in assets. They were Grace Employees Credit Union, which won the Paul Thompson Trophy ahead of NCB Employees, and the Bank of Jamaica Staff Credit Union, which took home the John Peter Sutherland Trophy for Credit Union of the Year.
