Ariza Credit Union has announced that its membership has received a substantial payoff, totalling EC$2,185,747, which represents EC$1,183,225 in dividend payments and EC$1,002,522 in loan interest rebates.
This comes following a successful fiscal year ending 31 December 2023, during which the company reported a surplus of EC$12,672,976. After fulfilling all statutory and other financial obligations, Ariza had an unallocated balance of EC$8,237,434.
Outgoing Chairman of the Ariza Board of Directors Lyndon Bubb made the announcement during the company’s Annual General Meeting (AGM) on 25 July 2024. This year’s loan interest rebates represent the highest payout in the company’s history, reaching 3%. Ariza CEO Mervyn Lord emphasised the significance of this achievement, stating, “While it’s wonderful to achieve a healthy surplus, it’s even more rewarding to share these benefits with our members. We believe they will truly appreciate this support.”
The AGM also marked the end of service for 3 board members: Otis Gay, Claudette James, and Lyndon Bubb, who each completed 2 consecutive three-year terms. The Board of Directors and Management are pleased with the strong turnout and engagement from the membership during the meeting.
Ariza
