VOL 2022SEPTEMBERISSUE#3#3 NEWSLETTER
FOCUSED ON RAISING THE BAR FOCUSED
Labour Day ProjectsCompleting Contents VOL #3 ISSUE#3, SEPTEMBER 2022 0718Blast Off 2022 FHC Credit Union focused on raising the bar FHC Unveils 10th anniversary logo at staff Blast Off event FHC Investments acquires stockbrokerage license Member’s Corner with Ashleigh PictorialOnfroy Highlights - FHC Easter Giving - Labour Day 2022 Understanding your financial terms 2 7 9 13 17 22
MISSIONOUR
ON RAISING THE FOCUSEDBAR
TIERFHC CREDITUNION
During the event, CEO Roxann Linton in her address used the word ‘bar’ as an acronym to capture the commitment of the leadership team in refining strategies to serve their members, while planning for an enhanced tomorrow. The acronym B.A.R. represents ‘Being Aware’ of member’s needs, maintaining an ‘Attitude for Success’ by being flexible and embracing openness
Our Place Newsletter Our Place Newsletter REPORTS NET SURPLUS OF $234.35 MILLION FOR 2021 AND ESTABLISHES HISTORIC STARTER MEMBERSHIP
With a great desire to continue growing the success of their business and advance their services to better serve their members, FHC Credit Union signaled its commitment to focus on raising the bar at their 10th Annual General Meeting held at the Jamaica Pegasus Hotel on Thursday, May 19, 2022.
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to change, and ‘Reimagining the Possibilities’ for the Credit Union, by visioning the future.
While the impact of the pandemic remained evident, the Credit Union’s overall performance in 2021 was commendable and highlights the company’s resilience through a complex and uncertain environment. Its capital and liquidity positions remained adequate and above benchmark ratios with $234.35 Million in net surplus against 106.2 Million the previous year and loan disbursements totaling $4.17 Billion for the period.
During the heights of the COVID-19 pandemic in the 2021 financial year, the Credit Union used the
To offer superior value to our members by providing innovative products and services, through effective and efficient service delivery, while creating opportunities that will motivate team members, and enhance the communities in which we operate.
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opportunity to place great effort behind driving automation and digital transformation while encouraging financial prudence amongst their member base, and capitalizing on unique relationship building strategies.
registering in the registration area at FHC Credit Union’s 10th Annual General Meeting held at the Jamaica Pegasus Hotel on Thursday, May 19, 2022.
“….This year we continued to provide understanding and support to our membership’s unique circumstances. We listened to their needs and it became a neverending flow of useful information,” said Linton. She emphasized that the Member Assistance Programme is still available to members and encouraged those who might be facing
meeting concluded with the historic passing of a special resolution for the creation of a new ‘Starter Membership’ tier that will facilitate access to the services of the Credit Union for young adult students aged 18 – 24 years and the unemployed or low incomeearners without the financial capabilities to afford the full membership fee.
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Though face to face interaction remained limited, the FHC team developed creative ways to stay connected and engaged with stakeholders, one of the key undertakings being the monthly ‘Feeling the Joy’ webinar series which enabled the FHC to retain constant contact with its members.
difficulties with meeting their obligations to seek dialogue with the Credit Union.
(Left to right) Chairman FHC Credit Union and President of the Jamaica Civil Service Association, Oneil W. Grant; CEO FHC Credit Union, Roxann Linton; Deputy Financial Secretary, Wayne Jones and Registrar of the Department of Co-operatives and Friendly Societies, Errol Gallimore engaged in discussion following FHC Credit Union’s 10th Annual General meeting.
Ms. Linton also reported in the meeting that in the company’s effort to continue raising the bar by enhancing its member experience, construction is underway to establish a permanent branch in Morant Bay, St. Thomas which is expected to be completed in late The2022.hybrid
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CEO Roxann Linton addressing FHC’s team members about the strategic vision for 2022 and beyond.
Blast2022Off
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FHC Credit Union hosted -Blast Off- its annual kick off motivational session, on Thursday, February 17, 2022 at the Jamaica Pegasus Hotel, and it was high energy all around as team members virtually experienced a truly memorable and inspirational event.
ANNIVERSARY
10 TH ANNIVERSARY
FHC unveils logo at Blast Off 2022
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ANNIVERSARY
FHC celebrates ten (10) years of operation this year and used the occasion to reveal its 10th Anniversary logo. The event also featured guest speaker and CEO 876 Solutions, Trevor Forrest who shared on digital transformation and its impact on the member experience.
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Guest Speaker and CEO 876 Solutions, Trevor Forrest engaging staff members during his presentation at the FHC Credit Union Blast Off event on February 17, 2022.
Themed ‘Power Up! … Raising the Bar,’ CEO Roxann Linton inspired and motivated team members to set new standards, agitate for greater and be the best version of themselves that they can possibly be, while retaining their commitment to the mission and vision of the Credit Union.
09FHC Investments Limited Acquires STOCKBROKERAGELICENCE
FHC Investments Limited (FHCIL), has obtained a stockbrokerage licence from the Jamaica Stock Exchange (JSE). The company, a subsidiary of First Heritage Co-operative Credit Union Limited (FHCCU), is the first individual credit union affiliated company to accomplish this feat.
The new service complements the existing suite of financial services currently offered by FHCIL and its parent company, FHC Credit Union. Members across the eleven First Heritage Co-operative Credit Union branches island wide will stand to benefit from the additional offering.
FHCIL was granted a Member-dealer Licence to commence operations in March 2022 and commenced trading on Monday, March 28. The company now offers stockbrokerage services which allows members, as well as new and existing clients to purchase and sell securities listed on the bond market, US$ Denominated Market and the Private Markets of the Jamaica Stock Exchange. With this new service offering, our clients will be better able to diversify their portfolios through access to a wider range of investment assets. FHCIL is better positioned to support our clients on their financial journey and to attract new clients seeking to build their wealth.
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The JSE Managing Director, Dr. Marlene Street Forrest in welcoming FHC Investments Ltd. said “It is definitely a pleasure to have FHC Investments as the JSE’s newest member-dealer. We have noted the enthusiasm and effectiveness of the team during the application and onboarding
process and commend them. We anticipate that this high level of professionalism which was evident will redound to their success as a member-dealer on the Exchange. Through their plans, we expect that the market will be well served as they seek to provide their customers with additional investment opportunities.”
Credit Unions remain an important facility for Jamaicans to accomplish life goals.
FHCILadded.
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Karlene Mullings General Manager,
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FHCCU Chief Executive Officer, Roxann Linton shared the motive behind expanding the business to include stockbrokerage. “The strategic intent was for us to be able to serve our members throughout their financial lifecycle. A member typically starts out with transactional accounts, but they also want investment products. So, what we are seeing happening here now is just that build out of a more expansive and comprehensive suite of products so that our members will be able to benefit,” Linton explained.
Excited to have the opportunity to share in the occasion was client of FHC Investments Limited and 34-year credit union member, Lieutenant Colonel (Rtd) Stacey Thompson. “The credit union has grown tremendously over the years, and it is really fitting for them to provide investment opportunities and a range of options for members to manage their money,” Thompson remarked.
FHC Investments Limited’s General Manager Karlene Mullings shared that for FHCCU members the ability to trade assets via the JSE was long awaited. “We are a credit union movement and our strategic goals have been focused on enriching the service experience for our members. We have seen over the years where members’ financial needs have evolved. In addition to establishing secure savings accounts or obtaining a loan, our members have become even more sophisticated and
are also demanding investment products and it was with this in mind that FHC Investments Limited was started,” Mullings
celebrated the first day of stock trading in an intimate gathering with staff and specially invited long standing members on March 28. At the end of the first day a number of trades were completed, indicative of the positive outlook of FHCIL’s clients on this new service.
HOW
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DO YOU BENEFIT FROM THIS UPGRADE? With our members’ best interest remaining at the Centre, this upgrade allows YOU to feel the joy through: • Continued tailored products and services at your fingertips. • Convenient and easy management of your finances with 24/7 access through iTransact. • Enhanced security measures.
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CORE BANKING SYSTEM
UPGRADE
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1. Tell us about Ashleigh Onfroy.
Youth Parliamentarian for St. Andrew East Central, and a 2022 Rhodes Scholarship Finalist for Jamaica and the Commonwealth Caribbean. I am now serving as the Board Member (Communication and Information) of the Caribbean Regional Youth Council for 20222024.
I recently concluded my undergraduate studies and was awarded a Bachelor of Arts in History and Archaeology (major) and Social Anthropology (minor) with First Class Honours. Hopefully, I will commence studies for an MSc. Sociology
Member’s CORNER
WITH ASHLEIGH ONFROY
I am a 21-year-old history enthusiast, who enjoys listening to old music hits of any era, watching documentaries, reading, and browsing through Pinterest. I also really enjoy volunteering, especially with other youth to do community outreach and offer free tutoring. I am a proud graduate of my beloved alma mater St. Andrew High School for Girls, where I served as Head Girl, National Executive Public Relations Officer for the Jamaica Prefects’ Association, and
was the second highest ranking regional CSEC Caribbean History candidate. I then went on to study at the University of the West Indies, Mona after being the recipient of the Government of Jamaica Emancipation Scholarship in 2019. There, with God’s help, I served as Vice President of CARICOM Relations for the UWI STAT Vice Chancellor’s Ambassadors Corps, Guild Librarian and CoSecretary and remained on the Dean’s List for all three years of my undergraduate study. I am also a former National (Social Anthropology) this Professionally,September.I intend to continue to contribute to the development of Jamaica through social intervention and educational reform in the capacities of AnthropologistandHistorianDiplomat,Social in the future.
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I have a personal mantra that motivates me when things become a little difficult which is “cyaa dead inah di show”; in other words, regardless of the situation or circumstances, you can’t afford to stop trying or give up, always push on. Additionally, I’m very patriotic and when I think about all the hardships, sacrifices, and even unfathomable obstacles that my ancestors overcame, whether from prior to their arrival in the region as enslaved persons or later in the nation’s history where they struggled to establish themselves as free and worthy citizens, when I consider how extraordinary our nation is, and the multiple feats we have accomplished, I feel as though I owe it to my country to be the best version of myself in all areas of life. It’s not just for myself, but to establish a good foundation for those who will come after me, tomorrow. Afterall, we are only able to do all that we can today because our predecessors persisted and overcame yesterday.
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with my grandmother, Joyce Mighty, who has always been there for me at every step of my journey thus far and was able to be physically present with me at the ceremony. The joy in her voice and the smile on her face on seeing me receive the award is eternally etched in my memory.
5. What motivates you to keep going?
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3. How does it feel to be recognized by the Governor-General of Jamaica for excellence both in academics and through volunteerism?
4. What inspired your spirit of volunteerism?
2. When did you become a member of FHC Credit Union and Why?
I became a member of the FHC Credit Union in August 2019 in following the example of my mother who opened her savings account here at the same age and has been a member for over three decades. I believe that saving towards short and long-term goals is very important for youth because it helps us to learn accountability and the rewards of deferred gratification and from personal experience, First Heritage Co-Operative Credit Union provides a very warm, amicable, family-oriented atmosphere, that is perfect for this and generally fosters ideals that resonate with me as a young professional.
Truly, it is a great honour. I never thought that I would have ever been able to be recognized in this way, and alongside many of our country’s stellar achievers. I am eternally grateful to my parish custodians and to the Governor General himself. For this to be a reality is testament to resilience and dedication and affirms not only for me but for everyone, that hard work does pay off. Most of my joy in receiving this award is caused by the opportunity it created for me to share this achievement and awe-inspiring moment
Ashleigh Onfroy being awarded.
Volunteering is something that comes naturally for me, and I have been doing it from a very early age. It was a principle that I learnt when I was a young pupil at Kingsway Preparatory school. I genuinely enjoy helping people with anything and everything where possible because no man is an island, and no man stands alone. On this journey in life, I think we each have a duty to be kind to each other. I have benefitted from kindness and acts of service and want others to experience the same.
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As part of our 10th anniversary activities 10 members from each branch were gifted with bun and cheese for the Easter holidays. Here are the highlights.
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First Heritage staff spent Labour day completing projects at Charles Gordon Market, Windsor School of Special Needs, Sun Rays Educational Centre and St Thomas Infirmary.
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Do not access your bank or financial services information at Internet cafes or other public spaces.
Limit financial information on your laptop or hand-held Neverdevice.leave
Report suspicious activity on your accounts immediately to your financial institution.
Do not share your login access codes for Online Services with any third party.
your computer unattended while using online Dobanking.notrespond
to emails appearing to be from your bank or other entity that request personal information such as User IDs, Passwords, Personal Identification Number (PIN), Taxpayer Registration Number (TRN), etc.
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Delete email messages that appear to be spam or contain suspicious attachments.
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1. Stocks: A stock is a share of ownership in a public or private company. When you buy stock in a company, you become a shareholder and can receiv e dividends—the company’s profits—if and when they are distributed.
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5. Depreciation: Depreciation represents the decrease in an asset’ s value.
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2. Cash and Cash Equivalents: This refers to any asset in the form of cash, or which can be converted to cash easily in the event it’s necessary.
3. Assets: Assets are items you own that can provide future benefi t to your business, such as cash, inventory, real estate, office equipment, or acco unts receivable, which are payments due to a company by its customers.
4. Compound Interest: This refers to “interest on interest.” Rathe r, when you’re investing or saving, compound interest is earned on the amount you deposited, plus any interest you’ve accumulated over time. While it can grow your savings, i t can also increase your debt; compound interest is charged on the initial amount you we re loaned, as well as the expenses added to your outstanding balance over time.
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