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Whatever Your Goals, Start Here, Start Now.

03 Aug 2012



Change is always constant and must be welcomed for the opportunities they hold. In these harsh
economic times, it has become a staple for financial entities to fold under the demands of a changing
global climate and a difficult economic reality. Few financial agencies have been able to survive
the brutish environment without rethinking how they can deliver services to their customers cost
effectively. It was as a result of an effort to strengthen market position that a merger was undertaken
between two of Jamaica’s most renowned and viable credit unions. The product of two years of
negotiation between the boards and members of the Churches Co-operative Credit Union (CCCU) and
GSB Co-operative Credit Union, the newly created First Heritage Co-operative Credit Union Limited
(FHC), will officially launch on Wednesday, August 1st, 2012. The successor of two longstanding and
trusted entities, FHC will aim to exemplify a new, modern definition of credit unions to the Jamaican
public and stand as the largest open bond credit union in the country’s financial sector.

Established in 1971, CCCU boasts one of the largest credit union memberships in the island,
approximately 145,000 persons, and provides a wide range of products to its clientele including basic
savings options, pension funds and business loans. GSB Clerks Co-operative Credit Union was formed in
1944 and originally offered its financial services exclusively to government employees. Since then, GSB
has increased its membership to 28,000 and has broadened its banking portfolio to include a variety of
loans, family indemnity plans as well as health insurance coverage. Both credit unions have recorded
strong performances despite the prevailingly negative economic environment. During the period 2009-
2010, CCCU increased its portfolio by 11.3% and boasted an asset base of $4.3 billion, while GSB grew by
12% and had a total asset base of $2.5 billion. With the formidable financial histories of both institutions
as the guiding light for First Heritage, the entity will seek to create a new standard for doing business in

FHC’s interim board of directors, headed by President Orville Hill, embodies a wealth of knowledge
and experience in the commercial sector. Other members of the board include; First Vice President
Christopher Samuda, Second Vice President Michael Roofe, Treasurer, Balvin Vanriel, Assistant
Treasurer Michael Parker, Secretary Edmund Jones, and Assistant Secretary, Angela Ching. The
merger will offer enhanced opportunities for both companies to achieve economies of scale, offer
improved services and products to clients, attain greater levels of synergy, become a more effective
and competitive force, realize greater efficiencies and establish a best practices model in business

“CCCU and GSB have sought to provide benefits for all involved in the merger and will seek to maximize
the productivity of the new entity, while limiting the impact on staff and customers,” said Mr. Basil Naar,

Guided by the core values of reliability, team work, mutual respect, integrity, trust, responsiveness,
professionalism, technical competence and continuous improvement, FHC aims to provide superior
member care for its expanded client base of 165,000 individuals through 16 island wide locations
and a 24 hour call centre. To ensure all Jamaicans have access to FHC’s services regardless of income,
prospective members will be charged a minimal membership fee of JMD$500.00 and will be required to
purchase at least one permanent share currently valued at JMD$250.00.

In order to satisfy all the financial needs of its customers, FHC will offer a comprehensive range of 38
products including fixed deposits, micro and small business loans, salary advance loans, mortgages,
pensions, youth savings accounts, cambio services, motor vehicle loans, and investment instruments.
The organization will aim to provide innovative products through effective and efficient service delivery
while creating opportunities that will motivate team members and enhance the communities in which
it operates. FHC will look to effectively position itself as a leader in the business sector by developing
products that best serve the realities of its customers’ present day lives.. The new entity will also seek
to stand as a beacon in the Jamaican business marketplace and will also promote positive economic
growth and development within the wider society.

About Us


On August 1, 2012, Churches Co-operative Credit Union and GSB Co-operative Credit Union merged to form the new entity First Heritage Co-operative Credit Union Limited (FHC). This decision culminated the process of discussions that began in October 2010 when the idea of the amalgamation of the two Credit Unions was born.


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