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Holy Redeemer Credit Union (HRCU) President explains Evangel merger; members unanimously approved

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Posted: Monday, May 30, 2022. 3:50 pm CST.

By Aaron Humes: The membership of the Holy Redeemer Credit Union (HRCU) has unanimously agreed for the institution to pursue what is officially termed a Limited Transfer of Engagement (LTE) with Evangel Credit Union.

Prior to the start of HRCUs 78th annual general meeting on Saturday, Breaking Belize News spoke with President Oscar Riveroll (who was re-elected during the meeting as his term had expired) who explained, “The pandemic caused ruptures, and [Evangel] didn’t have high enough solvency, so they went to the Credit Union League and asked if anyone would be willing to take them on as a merger. It went to all the credit unions in Belize – they each had a chance. And they decided to come to us. But before it happened Evangel had to accept HRCU and HRCU had to accept Evangel. They already had a meeting in which they confirmed they were coming to us and now today we are confirming that they are coming to us.”

With members’ unanimous approval, Evangel’s status will be further examined by HRCU with the support of the League and Central Bank as Registrar of Credit Unions, and a date will be set for the approval of the LTE/merger. Essentially, Evangel’s current 900-strong membership will be added to HRCU’s membership of 61,194.

Other business at the meeting was carried out, including the adoption of 2020 and 2021’s reports as AGMs were not held in either year due to the pandemic. The membership also approved BDO Belize as an auditor and confirmed Oscar Riveroll as president and City Councilor Albert Vaughan as secretary, joining vice-president Wendy Castillo, treasurer Elizabeth Zabaneh, and Director Carol Babb, along with the members of the Credit Committee (Marion Marsden, Eleanor Gillett, and Jose Asevedo) and Supervisory Committee (Warren Coye, Englebert Perera, and Alice Leal).

Future AGMs by agreement will be held on the last Saturday in May, rather than April, although there is a proviso that if the Sovereign’s/Commonwealth Day falls on the date then it will be moved up to the preceding Saturday.

 

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