In keeping with its focus on new horizons and being future ready, First Heritage Co-operative Credit Union Limited (FHC) implemented several programmes and policies to both insulate the business from economic threats and prepare the member centered institution for future trends.
Speaking at the recently concluded hybrid Annual General Meeting held at the Jamaica Pegasus on Friday, September 8, 2023, Chairman Leodis Douglas, was quick to praise the Executive Management Team for spearheading the ongoing transformation. She advised that, “In this everchanging landscape, we recognize that adaptability is paramount. FHC will continue to evolve and diversify our services, always with the best interests of our members and communities in mind. Our vision is to create a financial institution that not only endures, but thrives, no matter the challenges that lie ahead.”
Chief Executive Officer Roxann Linton expanded further by offering a visionary report that outlined the Credit Union’s ambitious plans for the future. FHC, a stalwart in the financial industry, aims to raise the bar and solidify its commitment to empowering its members and communities; with particular attention given to the underbanked and underserved market.
In her presentation, Linton highlighted FHC’s unwavering dedication to providing exceptional financial services while fostering sustainable growth and development. She emphasized the Credit Union’s vital role in supporting its members’ financial well-being during challenging times and the importance of building resilience for the future.
Linton stated, “Our mission at FHC goes beyond financial transactions; it’s about improving the lives of our members and the communities we serve. We are committed to being a reliable partner on their journey to financial success.”
One of the key highlights from the presentation was FHC’s commitment to enhancing digital services to meet the evolving needs of its members and regulators. Linton noted, “We are investing heavily in technology and digital infrastructure to make banking more accessible and convenient for our members.”
Among the many initiatives, some were flagged for their significant impact on building resilience. In 2022, FHC successfully implemented the ‘Smart Universa’ Core Banking System; an upgrade bringing not only efficiencies and cost savings, but also improved security across the network. Tapping into the underserved market of the unbanked and young adult population, the introduction of the unprecedented Starter Membership Tier will provide young people and low income earners with an opportunity to join membership.
Though there is no definitive date for the pending Bank of Jamaica supervision of credit unions, FHC is already ready. Similarly, the institution is implementing the necessary policies to facilitate the mandatory introduction of the Data Protection Act (DPA).
Additionally, the Credit Union unveiled an array of initiatives aimed at strengthening financial literacy and education within its membership base. Linton emphasized the importance of empowering members with financial knowledge, stating, “We believe that education is the cornerstone of financial empowerment. Our goal is to provide resources and workshops that will enable our members to make informed financial decisions.”
FHC’s dedication to environmental sustainability was also underscored during the presentation. Linton announced plans for a greener future, saying, “We are taking active steps to reduce our carbon footprint and promote sustainable practices within our operations. We aim to set an example for responsible corporate citizenship.”
The combination of the initiatives and the support of the members enabled FHC to record a Net Surplus of $184.25 Million for the 2022 financial year.
In his presentation, Board Treasurer Cranston Ewan shared several financial highlights including a 7.83% increase in Total Revenues to $2.09 Billion, a record level of loan disbursements totaling $5.21 Billion showing a 24.94% increase and a 4.2% increase in Total Assets to $17.19 Billion over the prior year. “The remarkable growth in Net Interest Income saw positive growth of 138% to J$15.22 Million,” Ewan revealed.
Despite adverse economic conditions including a cooling investment climate wholly owned subsidiary FHC Investments Limited (FHCIL) remains resolute in regaining a profitable positon. This outlook is being fueled by a number of critical initiatives the company undertook throughout the last financial year including the acquisition of a Stock Brokerage Licence, giving rise to a more active investor base for the company. This was followed by the launch of a new company website that comprehensively outlines the company’s products and services in a way that is simple and easy for prospective clients to understand. FHCIL also launched its Brand Ambassador Programme which will see Dr. Sara Lawrence Lewis engaging clients, members and member of the public in a readily relatable manner concerning their investments and best approaches to good financial management.
In closing, Linton expressed her confidence in FHC’s ability to not only meet but exceed the expectations of its members and stakeholders. “The vision we’ve outlined today is ambitious, but it’s within our reach because we have a strong foundation of trust and a passionate team dedicated to our mission,” she declared.
First Heritage Co-operative Credit Union (FHC) CEO Roxann Linton (left) delivers a presentation at the FHC Annual General Meeting held at the Jamaica Pegasus Hotel on Friday, September 8, 2023. Chaired by Leodis Douglas (seated right), Chairman of the Credit Union, FHC posted a surplus of $184.25 Million for the 2022 financial year.
First Heritage Co-operative Credit Union (FHC) Chairman Leodis Douglas (right) converses with CEO Roxann Linton (centre) and a former Chairman Balvin Vanriel, immediately following the FHC Annual General Meeting held at the Jamaica Pegasus Hotel on Friday, September 8, 2023. At the event, the Credit Union announced a surplus of $184.25 Million for the 2022 financial year.
First Heritage Co-operative Credit Union (FHC) Chairman Leodis Douglas (right) and CEO Roxann Linton (centre) engage with Member Sonia Patterson immediately following the FHC Annual General Meeting held at the Jamaica Pegasus Hotel on Friday, September 8, 2023. At the event, the Credit Union announced a surplus of $184.25 Million for the 2022 financial year.
FHC Civil Servants of the Year 2022-2023, Oliver Morris, Simone Turton, and Lennox Wallace, have successfully completed their special project at the Jamaica National Children’s Home and held an official handover ceremony on Thursday, June 1, 2023. This endeavor, undertaken in partnership with FHC Credit Union, has transformed the facility and created a more nurturing and supportive environment for the children living at the home.
Through the annual FHC Civil Servants of the Year Awards, the Credit Union continues to be instrumental in giving back to communities by not only awarding a cash prize to the winners but also sponsoring the execution of a special project chosen by the awardees. Through sponsorship of the renovation project at the Jamaica National Children’s Home, FHC Credit Union has contributed to enhancing the living conditions and providing a renewed sense of hope for the children under state care.
The comprehensive renovation work included the retiling of the walls and floor of the shower, ensuring a clean and hygienic bathing area that promotes the well-being of the children. It also included changing of the shower handles and heads, providing the children with modern and functional shower facilities; replacement of a broken toilet, guaranteeing access to proper sanitation facilities for the children’s comfort and hygiene and upgrading of plumbing fixtures and drain pipes at two face basins, improving the efficiency and functionality of the bathroom facilities; repainting the bathroom, revitalizing the space with a fresh and vibrant appearance to create a welcoming environment; installation of two handrails, promoting safety and accessibility within the facility; and replacement of two doors, ensuring secure and functional entryways for the children.
This special project signifies the civil service and FHC Credit Union’s commitment to making a positive impact on the lives of vulnerable children in our society. Senior Marketing Officer, Carlene Coley, appealed to those in attendance at the handover ceremony to “open your hearts and lend a helping hand, as this is the philosophy of FHC Credit Union; we are ‘people helping people’. Through our foundation, we continue to work to create an environment where children feel valued and empowered through numerous initiatives, one of which is our annual bursary and scholarship distribution to students from the secondary to tertiary levels. We are a brand that takes great pride in investing in a brighter future for our country, and our children are the future.”
Over the years, FHC Civil Servant Awardees have completed many impactful projects, and last year’s awardees completed renovations of the Race Course Health Center, which is used to provide
health care to the people within that community. This renovation ultimately aided in improving the environment for both the employees and patients who visit the facility.
FHC Credit Union remains committed to its mission of serving and uplifting the communities in which we operate, while ably guiding our members on their financial wellness journey. Applications for the 2023–2024 FHC Civil Servants of the Year Awards are now open. For more information, visit our website at www.fhccu.com or call 876-929-5142.
FHC Investments Ltd. recently executed its Power Hour Instagram Live series aimed at raising awareness and empowering individuals to make informed financial decisions while preparing for a secure and prosperous future.
Hosted by Brand Ambassador for FHC Investments, Dr. Sara Lawrence Lewis, Power Hour is a captivating social media series that offers invaluable insights into wealth accumulation, retirement planning, and maximizing income during the golden years. With a focus on empowering individuals to achieve financial freedom, each episode is designed to equip participants with practical strategies and knowledge that can shape their financial future.
The inaugural episode of Power Hour delved into the topic of “Top 5 Ways to Retire Wealthy,” providing viewers with an invaluable roadmap to build a robust retirement nest egg. Dr. Sara Lawrence Lewis engaged Investment & Pension Advisor Keleen Osborne and FHC Credit Union, Branch Manager, Tania Oglesby who shared practical tips on investment strategies, savings, and retirement planning, empowering viewers to take proactive steps towards a financially secure future.
Building on the success of the first episode, the second instalment of Power Hour focused on “3 Ways to Maximize Your Retirement Income.” Dr. Sara Lawrence Lewis, along with FHC Investments Advisor Keleen Osborne and FHC Credit Union Branch Manager Trudian Stewart, delved deeper into retirement income sources, exploring effective strategies to optimize retirement benefits, pension plans, and investment income. The information-filled episode equipped participants with actionable knowledge that will enhance their retirement lifestyle and ensure financial stability.
“We are thrilled to present Power Hour as a platform to educate and empower individuals on their financial journey,” said Karlene Mullings, General Manager at FHC Investments. “Retirement planning is a crucial aspect of financial well-being, and our aim is to provide valuable insights and guidance that will help our audience make wise
financial decisions and achieve their retirement goals.”
Power Hour is open to the public and encourages active participation from viewers through live Q&A sessions.
Empower yourself with knowledge, make informed financial decisions, and pave the way for a prosperous future by tuning in to the series via the FHC Investments Instagram account @fhcinvestments or watch recordings of sessions.
Congratulations, you’ve just purchased your first home! It’s an exciting time, but now that the paperwork is signed and the keys are in your hand, you may be wondering how to manage your finances moving forward. After all, owning a home is a significant financial commitment that requires planning and budgeting. Here are some financial tips to keep in mind after buying your first home.
1. Create a Budget
One of the most important things you can do after buying a home is to create a budget. You’ll need to consider all the expenses associated with homeownership, such as mortgage payments, property taxes, utilities, and maintenance costs. It’s a good idea to create a budget that includes these expenses as well as your other monthly expenses such as groceries, transportation, and entertainment. Stick to your budget as closely as possible to avoid overspending.
2. Build an Emergency Fund
When you own a home, unexpected expenses can arise at any time. From a leaky roof to a broken appliance, you’ll need to be prepared for the unexpected. That’s why it’s a good idea to build an emergency fund as soon as possible. Aim to save three to six months worth of living expenses in an account that’s easily accessible in case of an emergency.
3. Make Extra Mortgage Payments
Making extra mortgage payments can save you thousands of dollars in interest over the life of your loan. Even an extra payment or two each year can make a big difference. If you can afford it, consider making extra payments or even paying off your mortgage early.
4. Keep Track of Home Improvements
If you plan to make improvements to your new home, it’s important to keep track of the costs. Some home improvements may be tax-deductible, so it’s a good idea to keep all your receipts and invoices in case you can deduct them on your taxes. Additionally, keeping track of your home improvement costs can help you determine your home’s value if you decide to sell in the future.
5. Save for Retirement
Owning a home can be a significant investment, but it’s important not to forget about saving for retirement. It’s never too early to start saving for retirement, and owning a home can be a great way to build equity over time. Consider setting up a retirement account and contributing regularly to ensure you’ll have a comfortable retirement.
Buying your first home is a significant financial milestone, and it’s important to take steps to manage your finances moving forward. By creating a budget, building an emergency fund, making extra mortgage payments, considering refinancing, keeping track of home improvements, and saving for retirement, you can ensure you stay on top of your financial wellness journey.
The Jamaica Co-operative Credit Union League (JCCUL) held its 82nd Annual General Meeting and Convention at the Ocean Coral Spring Hotel in Trelawny.
FHC Credit Union received the Runnerup in Property award from the Jamaica Co-operatives Insurance Agency (JCIA) during the Awards Ceremony on June 3, 2023, which was part of the weekendlong festivities.
For Labour Day 2023, team members of FHC Credit Union executed painting and tree planting activities at Old Harbour Primary School, Mineral Heights Primary School, Ferguson Primary School, Kingston Poor Relief, and in the Morant Bay Town. On the western side of the island, we joined forces with the St. James Municipal Corporation to execute their Labour Day activity with a monetary donation.
Team members of FHC Credit Union brought smiles and happy tears to some amazing moms with heart warming Pre-Mother’s Day gifts creating unforgettable moments of joy across our branches.
In celebration of Father’s Day, FHC Credit Union embarked on a heartwarming journey to acknowledge and celebrate the significant contributions of fathers by gifting them with a token of appreciation. This special occasion provided the perfect opportunity for the Credit Union to show gratitude and appreciation to our valued members, who play the role of strong, guiding pillars in their families’ lives.
In honour of Read Across Jamaica Day, FHC Credit Union team members visited schools across the island, including Greater Portmore, Waterford Primary, Granville Primary, St. Francis Infant & Primary, Hayles Primary & Infant, and Foundation Preparatory School to share the joy of reading with students.
