St Thomas Co-operative Credit Union merges into FHC
ST THOMAS, Jamaica – First Heritage Co-operative Credit Union Limited (FHCCU) has merged its operation with the St Thomas Co-operative Credit Union (STCCU).
The partnership, which took effect on March 1, has strengthened the asset base of the FHCCU to some $10 billion and membership of approximately 190,000. St Thomas Credit Union Limited is now the newest unit of the FHCCU, following the merger of the Churches Co-operative Credit Union and the GSBCCU in 2012 to form the First Heritage brand.
The initiative has increased the number of FHCCU branches to 11 across the island and strengthened its hold as the second largest credit union in Jamaica, according to chief executive officer Basil Naar.
“We are confident that this new relationship will have a positive impact on you as you will be able to avail yourself of the offerings of an expanded suite of products and services that are designed to suit every stage of your life,” Naar stated in a public advisory.
He told the Jamaica Observer that FHCCU’s inclination to get involved in entrepreneurial lending and investment in small and micro entrepreneurs led to the merger with the STCCU.
In fact, the FHCCU had planned on starting its own operation in St Thomas, but decided otherwise because of the relations STCCU had with the community, according to Naar.
“We believe that our entrepreneurial arm should start to invest in the farming communities, and the St Thomas Credit Union had done a very good job of investing and lending to the farming community,” he said.
