AAMM sees growth opportunities in Portmore
Published:Wednesday | March 23, 2011 | 12:00 AM
AAMM Co-operative Credit Union, one of the island's smallest, has relocated its Portmore, St. Catherine branch to larger facilities in a new commercial complex in the community in a move intended to extend its customer base.
The credit union, which has total assets of J$1.6 billion and membership of just over 14,000, hopes to capture more market share by taking advantage of the growing Portmore population as well as serving members transiting the community.
The Portmore branch was located in Bridgeport, but in February it was relocated to the Big Buy Plaza in the new commercial complex near the Highway 2000 toll road.
Elvis King, AAMM Credit Union general manager, said the decision to expand was largely based on growth prospects among the community's rising population, which currently stands at an estimated 250,000.
Its two other branches are located at Oxford Terrace, Kingston and Annex Plaza, Mandeville, Manchester.
Registered in April 1960, AAMM's membership is primarily made up of teachers, administrative staff at educational institutions, former teachers and their families.
At the end of 2010, AAMM had 14,195 members and total assets of J$1.68 billion, an increase of 17.5 per cent over the J$1.43 billion recorded in 2009.
Total savings portfolio increased by 22.4 per cent to $1.18 billion in 2010 from J$964.1 million in 2009, while the loans portfolio grew by 23 per cent to J$1.14 billion in 2010 from J$926.6 million in the previous year.