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FHC AWARDS $1.5M IN SCHOLARSHIPS AND BURSARIES
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CIVIL SERVICE AWARDS REVAMPS THROUGH FHC
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FHC HOSTS ITS 7TH ANNUAL GENERAL MEETING & REPORTS RECORD PERFORMANCE
FHC RE-LAUNCHES FINANCIAL LITERACY PROGRAMME FOR SCHOOLS
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FHC GIVES MEMBERS A CHANCE TO WIN A PART OF $800,000
FHC LAUNCHES ONE & MOVE MICRO TAXI LOAN
Fhc awards $1.5m in scholarships &
bursaries Nine Tertiary and ten Secondary level students are now the recipients of scholarships and bursaries from the FHC Foundation valued at approximately $1.5m. The Scholarship Awards ceremony took place on July 24, 2019 at the Knutsford Court Hotel with Awardees, their Parents & Guardians, and other guests in attendance with sentiments being expressed by FHC CEO, Ms. Roxann Linton, FHC Director, Mrs. Leodis Douglas, as well as the FHC Board Chairman, Mr. Balvin Vanriel. Students were encouraged from start to finish by the varying speakers.
Keynote speaker, Ms. Rene Gayle shares about her inspiring journey and encourages scholarship recipients to be bold as they push forward.
Keynote Speaker - Ms. Rene Gayle, Attorney-at-Law, Head of FHC’s Legal Advisory Unit, as well as the FHC Foundation’s Secretary recounted moments on her journey which were etched in her mind as defining moments in her life, and therefore, pivotal happenings that helped to propel her forward in life.
“I am also a living testament of being a young Jamaican who has been invested in whether through mentorship, financial assistance, or the like. I have been able to see the benefit of someone choosing to give substantially to assist with my development and so I believe it is important to encourage others to do the same…” The students were encouraged to dream big and work towards making their dreams a reality as they have the capacity to achieve what they set their minds to. In the same breath, Parents, Guardians and Teachers were also encouraged to ensure that they do not project fears and doubts unto children and thereby run the risk of pushing the students to shrink their dreams to suit their realities. FHC CEO, Ms. Roxann Linton, also used this opportunity to announce an increase in the pool of Scholarship Funds that will be available for the 2020 co-hort.
FHC CEO, Ms. Roxann Linton, addresses recipients and other specially invited guests.
Ms. Linton proudly stated that the pool will be increased by approximately $500,000.
This received a resounding applause as this means that the wherewithal for assisting students would be expanded.
Ms. Linton expressed that FHC continues to work towards being a significant player as it relates to the development of Jamaica, particularly through its youth. First Heritage Co-operative Credit Union (FHC), through its Foundation, offers a variety of Scholarship opportunities geared towards assisting students at the secondary and tertiary levels of education. The Scholarships available for tertiary students are the Oswald Thorbourne Scholarship as well as the Renald Mason Scholarship while PEP students receive the PEP Scholarships. The Scholarships are extended particularly to Members and children of Members entering their second or final year at a recognized Tertiary Institution.
FHC Director, Mrs. Leodis Douglas, brings greetings on behalf of the FHC Foundation and speaks of being a past recipient of the Renald Mason scholarship.
FHC Board Chairman, Mr. Balvin Vanriel, shares his remarks, encouraging the recipients to strive for excellence at all times.
These students are expected to be well-rounded and actively involved in their schools and communities. Applicants are required to have a minimum "B" average.
Ms. Linton and Mrs. Douglas congratulate two of the PEP recipients.
FHC Scholarship and Bursary recipients pause for a photo op as they celebrate the receipt of their awards. The awards ceremony was held on Wednesday, July 24, 2019 at the Knutsford Court Hotel.
CIVIL SERVICE AWARDS REVAMPS THROUGH FHC Nominations are now being accepted for Civil Servants of the Year. The awards programme is presented by the Civil Service Week Committee in association with First Heritage Co-operative (FHC) Credit Union, which now has ownership of the event. FHC has now revamped the programme to honour three civil servants versus one, now changing the format which has existed for almost two decades. The awards to be presented are the FHC Civil Servant of the Year Award for Management, Middle Management and Technical Services. The new groupings are designed to spur inclusiveness in the nominations and to offer the opportunity for recognition to a broader cohort of Government workers. Speaking at the opening of the nomination process, Minister in the Ministry of Energy Science and Technology, Hon. Fayval Williams, said that civil servants comprised one of the hardest-working, knowledgeable and dedicated professionals in the work force and continued to make an inestiMinister of Science, Energy and Technology, mable contribution Hon. Fayval Williams addresses audience members as she endorses the programme to the building of the nation. and speaks of her ministry’s plans.
"It is your hard work which turns the wheels of productivity in our ministries, departments and agencies," she said, adding that Government is committed, while recognizing the importance of the personnel in the sector, to enhance the service delivery through the use of appropriate technology. The FHC CEO noted that having improved its surplus, increased assets by 11.5 % and deposits by 13.8 % and erased the accumulated deficit of 189 million dollars in the 2018 financial year, the Credit Union chose to find ways to ‘pay forward’ its gains to its membership. The gathering was reminded the gathering that the FHC membership is comprised largely of civil servants as a result of the 2012 merger of the public sector credit union then known as GSB Co-operative Credit Union and the then Churches Co-operative Credit Union. Civil servants are the largest segment of the local workforce and are “seldom seen or heard while they provide the necessary and sometimes thankless, important and essential services for national life”, Ms. Linton said. FHC has not only broadened the number of civil servants to be honoured but has significantly increased the incentive for the award. Each of the three honourees will receive $200,000. As part of the Credit Union’s continued commitment to community and national development, the award winners will receive another $150,000 which will go toward a joint community venture of their choice. Head of the Civil Service Association O’Neil W. Grant spoke to the long shared history between the Civil Service and the credit union movement and with FHC in particular.
(l-r) Deputy Financial Secretary in the Ministry of Finance & Public Service, Wayne Jones, Ambassador Douglas Saunders, Minister in the Ministry of Energy Science and Technology, Hon. Fayval Williams, CEO of First Heritage Cooperative (FHC) Credit Union, Roxann Linton; Chairman of the Civil Service Week Steering Committee within the Ministry of Finance and the Public Service and President of the Jamaica Civil Service Association, O’Neil W. Grant at the launch of FHC Civil Servants of the Year Awards.
"Together we exemplify the best values of the sector, of people helping people and also helping to secure a better future for the hard-working professionals in the public service.� Kerry Ann Spaulding, overall winner for 2017, said in her remarks winning the award had been a life-changing experience. "I was reassured that hard work really pays off, and it encouraged me to not be weary in well-doing," she said. She encouraged her colleagues to continue to inspire and push each other, and themselves, toward doing their best job at all times.
Fhc hosts 7th annual General meeting & reports record performance Thursday, May 9, 2019 saw the staging of FHC’s 7th Annual General Meeting where it was announced that the Credit Union managed to completely erase the accumulated deficit it was carrying since 2015. When reporting on the performance of the Credit Union in 2018, FHC CEO, Ms. Roxann Linton reported that a record surplus was achieved while reaching new heights in member and team member engagement. $241 million was earned in surplus, and erased the accumulated deficit of $189.68 million and reduced the past due ratio from 10.45% to 8.42%. This accelerated the turnaround of the Credit Union, resulting in the key financial indicators being in good standing. The Credit Union maintained a strong capital position while prudently managing risk and expenses and continuing to make significant investments in leadership and talent to drive future growth. These outstanding results demonstrate the ability of all the key stakeholders in true co-operative spirit, to remain focused, committed and to trust and believe in ourselves and in each other.
Member Hannah Dixon shares in a happy moment with CEO Roxann Linton and members of the Board of Directors.
This performance was achieved by delivering on our Member at the Centre philosophy while growing our core business. The engagement with our Members saw the Credit Union increasing loan disbursement performance which totalled $4.76 billion for the year, and resulted in an increase in deposits of 13. 82% bringing total deposits to $9.60 billion.
FHC has a suite of products that cater to all stages of life. To view, please visit www.fhccu.com
FHC LABOUR DAY PROJECTS MAKE ISLAND-WIDE IMPACT On Labour Day 2019 in Jamaica, the First Heritage Co-operative Credit Union team headed out in their numbers to participate in not one, but six projects, island-wide! Focusing on the 2019 theme for Labour Day activities being ‘Child Safety’, the team chose to do what they could to work on helping to make schools a safer and more nurturing environment for students. With this in mind, 6 schools were chosen as beneficiaries for FHC’s Labour Day activations. Selected schools were: Kingston & St. Andrew’s Rollington Town Primary School, St. Catheine’s Bridgeport Primary School, Clarendon’s Green Park Primary & Junior High School, St. James’ Cornaldi Primary School, St. Thomas’ Penlyne Castle Primary School and M anchester’s Cheveley Basic School. The teams had a blast as activities included painting, washing walls, cleaning classrooms (windows, tables, floors, etc), gardening, sweeping, and more. Team members left the projects with a sense of satisfaction, knowing that they made a difference in the lives of the nation’s children.
Fhc reads with kids across jamaica Read Across Jamaica Day 2019 saw the First Heritage team buzzing with activity as Team Members shared with a number of schools to commemorate the day. Various schools around the island were visited to share with Basic & Primary School children reading either ‘How Do Dinosaurs Get Well When Sick’ or ‘Jojo’s Treasure Hunt’. The schools included in the day’s activities were: Friendship Primary School in Spanish Tow n, Greater Portmore Primary School in Portmore, Barracks Road Primary School in Montego Bay, Exelsior Primary School, Rollington Town Primary School, Allman Town Primary School, and St. Hugh’s Preparatory School in Kingston, as well as Morant Bay Primary School in St. Thomas, in Kingston, in Kingston, Mineral Heights Primary School in M ay P en.
First Heritage Credit Union Launches Financial Literacy ProgramME for Schools The First Heritage Cooperative (FHC) Credit Union launched its Junior Credit Union Programme in partnership with Junior Achievement Jamaica, at the Greater Portmore High School in St. Catherine on Friday, May 3, 2019. The launch featured the CEO of FHC Credit Union, Ms. Roxann Linton and President of Junior Achievement Jamaica, Mrs. Alphie Mullings-Aiken, addressing the Grades 7-9 students gathered about the objectives of the programme and what they stand to benefit from participating. Ms. Linton shared that “It helps you to get a better relationship with money…we have to understand how to manage money, because money in itself is not an evil… so that’s why it’s important to get an understanding about money from early.”
The programme features lessons in financial literacy from the Junior Achievement (JA) Personal Finance Curriculum, which will be conducted by FHC’s Branch Managers. JA Personal Finance focuses on earning money; spending money wisely through budgeting; saving and investing money; using credit cautiously; and protecting one’s personal finances. Additionally, the students will get the opportunity to tour their local FHC locations for a job shadow opportunity and then be tasked with setting up their very own Junior Credit Union in their respective schools. JA’s programs help to prepare young people for the real world by showing them how to generate wealth and effectively manage it, how to create jobs that make their communities more robust, and how to apply entrepreneurial thinking to the workplace.
Decades of service Members celebrate emancipendence At select points in the year, the FHC team arranges special tokens of celebration for Members who have been saving with the Credit Union for a considerable number of years. These Members are included in our Decades of Service Club which was launched in 2017. In association with Emancipendence celebrations which took place across the FHC branch network, Decades of Service Club Members were able to celebrate in branches with Team Members through the cutting of cakes which were shared with other Members.
Branch Manager for our May Pen branch, Mr. Norman Williams, awards Edna Bernard with a token. She has been a Member since 1978
Team Members from the Kingston Gardens branch pause to cut a celebratory Emancipendence Cake with Decades of Service Club Members as celebrations took place on August 5, 2019 across the FHC Branch network.
FHC director, mrs. Leodis douglas,
receives i-cude award 4 Jamaican Credit Union stalwarts are recipients of the highly coveted International Credit Union Development Educator (I-CUDE) Award at the recently concluded Caribbean and World Council of Credit Unions Conference in the Bahamas. We are especially proud of our very own, Mrs. Leodis Douglas, who based on her continued devotion to serving members of our Credit Union and the society at large, has been recognized for the launch of the FHC Decades of Service Club in 2017 where retired volunteers are recognized for their commitment and contributions to the Credit Union.
Branch Manager for our Portmore Branch, Ms. Trudyann Stewart cuts cake with Alphanso Jones, FHC Member since 2006.
Team Member from the Kingston Gardens branch, Mr. Aljay Cole celebrates with Delores Barthley who has been a Member since 2000.
Team Member at the St. Thomas Branch, awards Mrs. Eileen Hope Budhi with a token. She has been a Member since 1999.
FHC Credit Union encourages healthy saving habits through grow it rewards promotion! First Heritage Co-operative Credit Union (FHC) has introduced a new and unique savings promotion. Launched officially on May 6, 2019, the GROW IT promotion and Rewards programme is geared towards promoting a healthy savings culture in the Credit Union, and also rewarding persons for developing the habit.
To support efforts to change Members’ approach to saving, making it more of a natural occurrence rather than an afterthought, FHC decided to ‘sweeten the deal’ for those who decide to participate and the ‘Grow It Rewards’ programme was also introduced as the incentive arm of the promotion. This incorporates the focus on two of FHC’s popular deposit products; the Golden Harvest and Hand to Hand Partner Plan, with complying entrants being eligible to win a part of $800,000. Members are able to generally benefit from the 4.5% p.a. interest rate on the Golden Harvest account, and/or a bonus hand from their Hand to Hand Partner Plan. However, during the promotional period, members will be required to save consistently to become eligible to win through the Grow It Rewards programme. This would allow persons to compete for the grand prize of $300,000 every 6 months for one year or $25,000 every quarter for one year.
First two consolation prize winners selected (May—July, 2019)
To enter, Members can open a Golden Harvest account with $6,000, with the agreement to save the same amount consistently on a monthly basis for the period of one year or they may open a Hand to Hand Partner Plan with a minimum of $1,500, with the agreement that they will save the same amount weekly for the period of 48 weeks. When asked to provide the overall concept for the promotion and rewards programme, FHC’s AGM of Marketing, Communication and Member Experience, Juven Montague-Anderson, expressed that, “In examining trends in the financial industry, it can be observed that while persons are acquiring more assets through financial institutions, we believe it is equally important to foster the understanding and appreciation for saving.” The Grow It Rewards promotion was developed in conjunction with the Credit Union movement’s overall intent on assisting with the promotion of financial literacy and thrifty habits. Mrs. Montague-Anderson expressed that FHC “sought to design a promotion that would create lasting effects, and strengthen the saving culture.”
FHC launches micro taxi loan encouraging members to be their own boss FHC has launched an exciting new Micro Loan facility called ‘One & Move’ and it is creating waves in the market! The team is interested in empowering persons who are interested in entering the transportation industry as a Taxi Operator. Here is a breakdown of the features:
For Owner Drivers Only. First Heritage is deeply interested in assisting persons in their dream of being their own boss. More often than not, taxi men are not recognized as Entrepreneurs, and they tend to have to go through a bit of red tape at varying financial institutions to be able to get a car on the road. Insurance for the first year Included. I n providing a variety of loans to our members, we are aware that sometimes it is difficult to find the fees, plus pay the insurance. Therefore our loan package is designed to include the insurance in making it easier and more comfortable for our members to become their own boss.
Accessible Savings for Car Maintenance. This is a big deal. As a part of us having a vested interest in the cars, as well as the empowerment of our Entrepreneurs, we are intent on helping them to maintain the asset as best as possible. So, this is separate from the idea of compulsory savings, as our Members will be able to access these funds to service their car, buy parts, fix a bumper — you name it. As long as the funds have been accumulated and are available for use. Cap of $1.5m, 100% Financing with 5 years to repay. We’re prepared to help you put the taxi on the road. Once a Member qualifies for the loan, we’re ready to get you moving. With a cap of $1.5, it does not mean that we will not finance the vehicle if the vehicle costs more, what it means is that if the vehicle is for example $2mil we will lend you the $1.5mil and you will come up with the difference of $500,000.00. However, bear in mind our package involves, additionally the insurance, built in maintenance funds, up to 3 months moratorium and a compulsory savings. Weekly Payment Method – with our One N’ Move, it is designed to let our taxi operators honour their obligations weekly, as this also encourages, timely payments based on income earnings and better money management of their finances. The loan product proves to be quite beneficial all-round. With that knowledge, the FHC team is gearing up to tour the island with a few surprises along the way. Look out for more our team in a city near you!
Images from the recently held One & Move Promo Event held near Portmore Mall in Portmore, Saint Catherine on August 10, 2019.