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Notice is hereby given that all branches of PROGRESSIVE CREDIT UNION will be CLOSED on MONDAY 24TH and MONDAY 31ST DECEMBER 2018.

Please be assured that usual business hours will RESUME on THURSDAY 27TH DECEMBER 2018 and WEDNESDAY 2nd JANUARY 2019 respectively.

We apologize for any inconvenience caused.

BY ORDER OF MANAGEMENT

The Nominations process has begun and nominees are invited from eligible members of the PROGRESSIVE CREDIT UNION who are willing to serve on the following Committees for the 2019/2020 term:

  • Board of Directors
  • Supervisory Committee
  • Credit Committee 

Nomination forms are available from:

  • Head Office, #50 Chacon Street, Vistabella, San Fernando 601111
  • North Office, #80 Second Street, Barataria
  • Tobago Office, Unit #3, Sangster’s Hill Mall, Sangster’s Hill, Scarborough

Completed Nomination Forms should be submitted no later than FRIDAY 1st FEBRUARY 2019

Incomplete & late nomination forms will not be accepted

Dear Member

Notice is hereby given that a Special General Meeting of the PROGRESSIVE CREDIT UNION CO-OPERATIVE SOCIETY LIMITED will be held on Tuesday 13th November 2018 at the PROGRESSIVE CREDIT UNION HEAD OFFICE, located at 48 & 50 CHACON STREET, SAN FERNANDO commencing at 5:00 p.m.

For the following purposes:

  1. To review Bye Law nos. 1 to 34
  2. Resolution to Repeal and Replace Bye Law nos. 1 to 34

By order of the Board

Candice Haynes

ASSISTANT SECRETARY

 

 

Date: 30/10/2018

 

Notes:

  • Registration begins at 4:00 p.m.
  • Members are asked to walk with one form of picture identification for registration

We are pleased to advise that your Credit Union is once more offering the Christmas Box Loan facility. Kindly note that this year, with this facility, MASSY STORES vouchers ONLY will be distributed for the value of the loan.  The following conditions will apply to the Christmas Box facility this year:

Eligibility

  • The Christmas Box Loan facility is open to all members in good standing.
  • The Christmas Box Loan facility is an annual one which must be repaid within one year. As a result, members’ eligibility will be affected where outstanding balances exist.

Value & Amount

The Christmas Box Loans will be Two Thousand Dollars ($2,000.00) each and carries a Fifty Dollars ($50.00) loan fee.  The Installment will be $110.00 per fortnight.

Registration

  • Members accessing this facility must complete an application form during the period Friday 21st September, 2018 to Friday November 3rd, 2018.
  • Pay slips, as well as a recent utility bill and I.D. must also be supplied when completing the application form for the Christmas Box Loan to be processed.  All utility bills must be in  the members name or alternatively, authorization to use the bill must be presented

Distribution

Vouchers will be distributed from December 3th, 2018 to December 7th, 2018.

Closure of Loans

Members kindly note also that all loans will be closed for the period from Thursday December 13th, 2018 to Friday, January 11th, 2019.  As such, please complete all applications no later than Wednesday 12th December, 2018.   Loans will re-open on Monday, January 14th, 2019.

Dear Valued Member
Notice is hereby given that the 31 st Annual General Meeting of the PROGRESSIVE CREDIT UNION CO-OPERATIVE SOCIETY LIMITED will be held on Saturday 24th March 2018 at the CENTRAL BANK AUDITORIUM, ERIC WILLIAMS PLAZA, INDEPENDENCE SQUARE, PORT-OF- SPAIN commencing at 10:00 a.m.

For the following purposes:

1. To present the Audited Accounts for 2017
2. To receive the reports of the Board of Directors and Committees for
the year ended 31 st December 2017
3. To read and confirm the minutes of the 30 th Annual General Meeting
and Matters Arising
4. To elect Officers:
 Board of Directors
 Supervisory Committee
 Credit Committee
5. To approve the Budget for the year ending 31 st December 2018
6. To appoint Auditors for the ensuing year
7. To approve resolutions
8. To transact any other business that may properly be brought before
the meeting

By order of the Board

Samuel Peters
SECRETARY

Notes:
 Registration begins at 9.00 a.m.
 Members are asked to walk with one form of identification for registration

02/01/2018

The Nominations process has begun and nominees are invited from eligible members of the PROGRESSIVE CREDIT UNION who are willing to serve on the following Committees for the 2018/2019 term:

  • Board of Directors
  • Supervisory Committee
  • Credit Committee 

 

Nomination forms are available from:

  • Head Office, 48 & 50 Chacon Street, San Fernando
  • North Office, #80 Second Street, Barataria
  • Tobago Office, Unit #3, Sangster’s Hill Mall, Sangster’s Hill, Scarborough

 

OR DOWNLOAD FORM AND PRINT: Nomination Application Form

Completed Nomination Forms should be submitted no later than 

FRIDAY 2nd FEBRUARY 2018

Incomplete & late nomination forms will not be accepted

A strategic planning retreat was held on July 22nd to 24th, 2016 at the Playa del Este in Salybia for the purpose of preparing a plan for the Society for the period 2016 to 2019.

It was attended by members of the Board of Directors, chairpersons of the Statutory Committees as well as members of the management team.

The session was facilitated by Marcia Goodridge-Constantine of Goodridge and Associates, who was responsible for guiding the assembled team in formulating the plans for the future.

In preparation for this event, surveys were administered to a sample of our membership as well as to our staff, to gain feedback on what ideas they wanted the team to consider and expectations they wanted filled.

As part of the sessions teams were created by the board and assigned the themes to be their guiding principles throughout the session as follows:

  • Purpose
  • Trust
  • Resources
  • Governance
  • Passion

Core Operating Values were later developed and finalised as follows:

  • Integrity
  • Loyalty
  • Trust
  • Confidentially
  • Commitment
  • Honesty
  • Transparent
  • Shared values
  • Quality
  • Respect

Critical Success Factors (CSF) by business was identified as follows:

  • Competitive rate of return – strategy
  • Delivery time of cheques – system
  • Drive for new members – strategy
  • Types of products – strategy
  • Best fit person – skills, staff (org, staff, committees, board members)
  • Effective communication – skills and shared value
  • Performance management system – system
  • Motivated teams
  • Brand awareness
  • Customer retention & loyalty
·To eliminate transaction delays when system fails as a result of electrical outages ·Generators will be sourced and installed.
·Create mergers and strategic alliances ·Alliances will be revisited and reestablished

·Research will be launched to identify any further alliances

·Policy will be established

·Establish a vibrant youth arm. ·Embark on youth arm membership drive.

·Review and update the youth arm policy.

 

·Introduce ATMs ·Conduct a feasibility study.

·IT Personnel

·Delinquency reduction – ·Delinquency Training
·membership  initiative ·Target THA sector

·Target primary secondary & tertiary Schools

·Drive for new members

·Review and improve on the existing products

·Introduce new Products

·To conduct market survey

·Audit of existing products

·Rebranding and advertising

·Create new product

·develop product to capture a new and existing market

·Mortgage loans

 

·Diversification of Investments ·house building and flipping
·Improve Brand awareness ·Following up with feedback and questions.

·Engaging staff, members and union.

·Effective communications

·B.O.D and committee members are visible at the frontline to gather data and listen to the staff and members.

·Best fit person (BOD committee members) ·Identify the responsibilities for each position and develop the job description

·develop a job description to fit the needs of the C.U

·Create a Succession Plan

·Training will be imported to the membership.

·Members will be identified/ recruited for leadership roles

Financial Objectives

  • Higher dividends
  • Increase growth in asset base by $20 m over the three years
  • Increase Income by 10%  annually
  • Increase Surplus by 5% annually

OVERVIEW

Delinquency is a problem that the Society has been encountering for quite some time. Members at times access the services of the Credit Union and fail to honour their obligations as agreed to under the terms and conditions of their respective loans.

  • Over the past few years, additional initiatives were implemented. These initiatives include:
  • Additional support for the full time recoveries Officer
  • A more stringent lending process
  • A Delinquency Committee with the responsibility to oversee the entire process.
  • Working with the Commissioner for Cooperatives Arbitration Department to receive judgments on delinquent accounts

PAST INITIATIVES

—Over the past few years, additional initiatives were implemented.  These initiatives include:

  • —Additional support for the  full time recoveries Officer
  • —A more stringent lending process
  • —A Delinquency Committee with the responsibility to oversee the entire process.
  • —Working with  the Commissioner for Cooperatives Arbitration Department to receive judgments on delinquent accounts

PORTFOLIO AS AT 31/12/2015

LOAN CATEGORYLOAN BALANCESSHARES/JUDGEMENTSNET DELINQUENCY
Ordinary Loans8,194,111.63
(4,696.543.28)
3,497,568.35
Other Loans2,131.268.99(927,688.50)
1,203,580.49
Grand Total10,325,380.62
(5,624,231.78)
4,701.148.84
TOTAL LOANS88,816,221.00
RATIO 5.30%

PORTFOLIO AS AT 30/09/2016

AGEPRINCIPALINTEREST
1 Year and Under
$4,605.734.86
$115, 240.49
Over 1 year to 4 years
$1,000,832.49
Over 4 years to 7 years
$2,230,817.50
Over 7 years
$ 881,625.13
TOTAL
$8,719,009.98
$115,240.49

ANALYSIS OF PORTFOLIO

  • —A little over half or 53% of the total portfolio relates to debts less than 1 year old.
  • —The value of loans 7 years and over total $881,625.13 account for 10% of the portfolio, and this has been the most problematic to recover.
  • —This is due to its age and also to the fact that it is statue barred; these factors significantly reduce the probability or likelihood of recovery.
  • —Non performing loans misrepresent the true value of the loan portfolio by their continued inclusion. Hence the decision to write off or remove them from the books completely.
  • —While this will mean that the debts will no longer be on the books per se, they will be listed on the external debt collectors’ book of bad debtors in the event the member tries to access financing elsewhere.

CONCLUSION

  • —Further the Society remains committed to continuing pursuing these debtors with the intention to recover these debts.—
  • — In the event funds are recovered following the debt being written off, it will be recorded as income.

Conclusion

  • —Notwithstanding the reality that a write-off is necessary for all debts over 4 years old, because of the quantum or value of these debts, only those debts over seven years old will be written off.—
  • — In the financial year 2016, the sum of $800,000 of debts over 7 years will be written off.

Notice is hereby given that all branches of PROGRESSIVE CREDIT UNION will be CLOSED on
WEDNESDAY 5TH and WEDNESDAY 12TH OCTOBER 2016 for staff training.

Please be assured that usual business hours will RESUME on THURSDAY 6th and THURSDAY 13TH OCTOBER 2016 respectively.

We apologize for any inconvenience caused.

BY ORDER OF MANAGEMENT

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