Belarmino Esquivel elected President of La Inmaculada Credit Union Board of Directors

Published by BBNTEAM at May 26, 2022

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Posted: Thursday, May 26, 2022. 6:54 pm CST.

Photo Credit: LICU

By Rubén Morales Iglesias: Belarmino Esquivel was elected President of the Board of Directors of La Inmaculada Credit Union (LICU) at the 73rd Annual General Meeting held last Saturday in Orange Walk.

“On behalf of La Inmaculada Credit Union (LICU) Board of Directors, Credit and Supervisory committees, management, and staff, I take this opportunity to convey a special thank you to all our LICU members/ owners who actively participated at our 73rd Annual General Meeting held on the 21st of May 2022,” said Esquivel to the 1,000 plus members who attended the AGM.

“Your presence is a testimony of your interest and unwavering support to your very own LICU as your choice for your financial prosperity.”

Better known as the Principal Agriculture Officer and National Livestock Program Director in the Ministry of Agriculture, Food Security and Enterprise, Esquivel has been active as a member of the LICU Board since 2015. He served as a director from 2015 to mid-2018. He then became vice president from mid-2018 to November 2020. From that time, he served as Interim President until he was elected as President on May 21.

He is also a director of the Belize Credit Union League Board and served the University of Belize’s Board of Directors from November 2019 to December 2020.

Additionally, Esquivel has been a Board Member of the Orange Walk ITVET.

Esquivel holds a Masters Degree in Sanitary and Phytosanitary Measures from Colegio de Posgraduados de México. Prior to that, he graduated as an agronomist engineer from Zamorano University in Honduras.

Esquivel noted that no AGM was held over the past two years primarily because of the COVID-19 pandemic.

“Despite the COVID-19 challenges, LICU remains committed to provide you with timely and uninterrupted services irrespective of the uncertainties. With your continued support, LICU remains strong, robust, resilient, competitive, and a sustainable financial institution to meet your needs,” he said.

Esquivel said LICU’s goal is to always safeguard the members’ investment for maximum returns.

“The 2021-2022 fiscal year was a success with retained earnings of BZ$3,006,786.00 after allocating BZ$198,047.94 to the Contingency Fund. The objective of the contingency fund is to assist our members for any future unexpected challenge,” said.

“With the retained earnings for this fiscal year 2021-2022 … the board declared 5% dividend in the first Bz$10,000.00 in shares and 3% on the remaining balance. The board additionally declared a 12.5% rebate to reward our responsible and loyal borrowers who are in good standing.”

“We are proud to inform you the members that LICU in its 73rd annual year of growth and development is compliant to International Financial Reporting Standards (IFRS).

“I cannot conclude without expressing our heartfelt gratitude to all volunteers who served in the capacity of board, credit and supervisory committees giving of their life to the service of the LICU family since 1949,” closed Esquivel.

Elected to serve with Esquivel are Vice President David Constanza, Treasurer Gildardo Cervantes, Secretary Lisa Carballo, and Assistant Secretary Edimir Escalante.

Alma Rosa Mendez from Douglas Rio Hondo was the winner of the $1,000 Groceries Shopping Spree raffle at the LICU 73rd Annual General Meeting.

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