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Members of the Building & Loan Association (BLA), at their first general meeting in two years, Wednesday night elected a board of directors to guide the operations of the financially-troubled building society.

The board of directors comprises Jeremy Jackson, Camille Crichton, Fidel Neverson, Allisson Thomas, and Joseph Ince.

The meeting, which was chaired by the Financial Services Authority (FSA), which has been managing the BLA since Feb.1, also agreed on a recapitalisation plan that will see each person being required to buy at least $1,000 in permanent shares to be a member of he BLA.

Associate members — persons without permanent shares — will only be able to use some of the services of the association.

The meeting also heard that banker Richard Branch is expected to assume office as Chief Executive Officer of the BLA on Sept. 9, subject to ratification by the new board.

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The FSA outlined its “Road Back to Normalcy” action plan for the BLA and told members that the BLA is not a going concern and that the choice is essentially recapitalisation or liquidation.

The FSA also announced that with the approval of the recapitalisation plan, the first payment of interest on account as at June 30, 2013 will be made on Sept. 30.

The FSA said members of the BLA have an opportunity  make history, having brought back their association from the death’s door.

They cautioned that while the BLA had been dying and was in intensive care since February, it is not yet at the stage where it can ride a bicycle.

(Full story to follow)

5 replies on “BLA members elect new board, approve recapitalisation plan; FSA announces new CEO and interest payment date”

  1. fitzgerald huggins says:

    The FSA has to be commended for the job done so far. The members who stuck it out in difficult times MUST be rewarded for the confidence shown in these difficult times. Their first reward MUST be the payment of interest by September 30. If this is done, then that confidence will be strengthened and recapitalization will be easier. Members can use some of that interest to purchase these shares for $1000.00. Its a chicken and egg situation. Which comes first? I will personally invest in the recapitalization exercise when I receive my interest in September. I encourage all members to keep OUR BLA alive and strong. Vincies WE CAN DO IT!!
    Congrats to the new board.

  2. I agree with the comments of Mr. Huggins, Mr Branch is a forward thinking and hard working professional and I believe that he can help to stare the BLA ship out of Murky waters. The FSA is doing what they have been mandated to do and sometimes in doing so one must make unfavourable decisions. I just hope that the BLA Shareholders committee can put aside their differences with the FSA and work more closely together to save the 70 year old financial Institution.

    The view however of the need for $1000. permanent shares is the highest among non-bank financial institutions and can possibly have an adverse effect on the membership drive of the institution. I believe that have the amount $500 would have been seen more favourably by members of the BLA and the institution as a whole as they seek to compete with other Banks and Non Bank financial institution.

  3. Jackie Quashie says:

    A job well done. The FSA must be commended. A great choice for the new CEO, I know him as a hard worker and producer and know that he will bring these qualities to the BLA. I wish him well. Congrats to the new Board of Directors, hard worker and knowledgeable people who I know will use all their skills to guide the BLA foward. The recapitalization exercise is a sound plan which I know will receive members’ support. I pray all goes well with the Association from here on.

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