Holy Redeemer Credit Union (HRCU) President Explains Evangel Merger; members unanimously approve

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Posted: Monday, May 30, 2022. 3:50 p.m. CST.

By Aaron Humes: Members of the Holy Redeemer Credit Union (HRCU) have unanimously agreed that the institution will pursue what is officially called a Limited Commitment Transfer (LTE) with Evangel Credit Union.

Ahead of the start of the HRCU’s 78th Annual General Meeting on Saturday, Breaking Belize News spoke with President Oscar Riveroll (who was re-elected at the meeting as his term had expired) who explained, “The pandemic has caused breakups and [Evangel] didn’t have a high enough credit rating, so they went to the Credit Union League and asked if anyone would be willing to take them over in a merger. He went to every credit union in Belize – they each had a chance. And they decided to come to us. But before that happened, Evangel had to accept HRCU and HRCU had to accept Evangel. They already had a meeting in which they confirmed that they were coming to us and today we are confirming that they are coming to us.

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

Other business at the meeting was transacted including the adoption of the 2020 and 2021 reports as the AGMs were not held in those two years due to the pandemic. Members also endorsed BDO Belize as Auditor and confirmed Oscar Riveroll as President and Councilor Albert Vaughan as Secretary, joining Vice President Wendy Castillo, Treasurer Elizabeth Zabaneh and Director Carol Babb, as well as members of the credit committee (Marion Marsden, Eleanor Gillett and Jose Asevedo) and the oversight committee (Warren Coye, Englebert Perera and Alice Leal).

Future AGMs by agreement will be held on the last Saturday in May, rather than in April, although there is a condition that if Sovereign/Commonwealth Day falls on this date, it will be moved to the previous Saturday.


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