Postal Co-op Credit Union executives stand proudly displaying their 'goodies' - awards won by that credit union at the recent annual general meeting (AGM) of the Jamaica Co-operative Credit Union League Limited and the National Association of Credit Unions from May 17 to 20. In photo are (from left) Astley Harding, treasurer, holding the plaque awarded for the credit union with the highest asset growth for 2006; Joereen McLean, general manager, holding the Credit Union of the Year trophy ('Small Credit Unions' category) for 2006; and Denham Whilby, president. The AGM was held aboard the Carnival Cruise Lines ship, 'Imagination'. - Photos by Gordon Brown

The Jamaica Co-operative Credit Union League Limited and the National Association of Credit Unions held their 66th annual general meeting (AGM) of the 47-member Jamaican credit union movement from May 17 to 20.

The Postal Co-op Credit Union emerged the winner in the 'Small Credit Unions' category for the John Peter Sullivan trophy for 2006. Additionally, Postal Co-op also won the sectional prize for the credit union with the most impressive asset growth for that year.

Four Credit Union of the Year awards are presented annually and the selections are based on the asset size of each cooperative.

Postal Co-op is part of the 'small' category, consisting of co-operatives having an asset base of less than $150 million. The selection criteria consist of factors determining the performance of each credit union in various financial and operational ratios including capital and liquidity adequacy, delinquency ratios, operational expenses containment and asset growth.

As if that was enough cause to celebrate and jump for joy, the Postal Co-op staff also deserve a shout of triumph, as Postal Credit Union's staff won the 'Jump Start' prize in their 'small credit union' category for 2006.

Each year Cuna Mutual Life insurance company runs a competition called 'Jump Start' in which the same size-based categorisation is applied. The staff of each credit union (by category) with the highest enrolment for the Family Indemnity Plan (FIP) during the period January to March is given an award.

This is a competition for credit union staff and, therefore, based on the fantastic sales results, the Postal Co-op staff complement received $30,000 and a round trip for one staff member to attend the Cuna Mutual conference in Nashville in the U.S.A.

The Postal Co-op Credit Union wholeheartedly thanks its board of directors, supervisory committees, its management and staff, as well as the members (who, by the way, are actually the owners) for this remarkable achievement.

The AGM was held aboard the Carnival Cruise Lines ship, Imagination, which sailed from Miami on May 17, stopping at Key West, Florida, and Calica, Mexico. The AGM was convened during the 'boat ride' with many seminars while sailing and the AGM being assembled on the last day. This approach is similar to that of the most recent Caribbean Conference of Credit Unions which was also held on a cruise ship.