Sunday, January 14 2007

According to the Public Services Credit Union Co-operative Society Limited (PSCU) website, in 1963 the Civil Service Association (CSA) resolved to establish a credit union to assist the association’s membership in improving their financial position.

One of the foundation members of the credit union and the longest serving officer on the Board, Atwell Cooper, explained how it all came about:

“On December 21, 1964, the CSA initially appointed 20 persons that constituted the newly established Thrift Club. Vice President of the CSA, P B Newallo was delegated to lead the team.

“The group’s purpose was to ensure the formation of a credit union so they had to understand the running and functioning of such an establishment. Therefore, at the meetings which took place weekly, persons were invited to give lectures on Credit Union laws, regulations, roles and functions of the various committees.

“The Thrift Club applied for registration as a Credit Union in January of 1965 and received approval almost two years later on December 14, 1966.”

At that first meeting on February 27, 1967, a 12-member Board of Directors was elected. PB Newallo became the company’s first President; R V Hogan — Vice President; Andre Walker — Treasurer; Marshall Escagy — Secretary; and R Pickering — Assistant Secretary.

The membership of the Thrift Club became the original shareholders of the credit union. Their savings were utilised to purchase shares in the credit union which was named after the Trade Union — it was called the Civil Service Association Credit Union Cooperative Society Limited. In 1973, the name was changed to the Public Services Association Credit Union and in 1988, the word “Association” was dropped.

“This was a necessary change,” said Cooper. “Before, you had to be a member of CSA to be a member of the Credit Union. Many public servants didn’t want to be part of the trade union and this debarred them from joining the credit union. In order to embrace all members of the public service, the name had to change.”

Cooper recalled that initially, the pace was slow with regards to membership. In 1966 there were only 100 members but in 2006, membership was up to 15,000. Today, all sections of the public service are eligible as members including the teaching service, prisons, police and army. Relatives of existing members are also eligible to join. The expanding membership base dictated the opening of three branches in addition to the one in Port-of-Spain; in San Fernando, Scarborough, and Arima.

The credit union’s assets also grew from a few thousand dollars to approximately $137 million. At inception, the company was provided with free office space at #91 Abercromby Street but in 1986 property was acquired and operations were set up on #57 Dundonald St.

Not only has PSCU’s assets grown, but its services also. “The credit union has contributed significantly to its members — improving both their social and economic conditions,” said Cooper. “PSCU provides loans and services that have helped members further their academic and life goals. We also provide very competitive rates of term or fixed deposits compared to other financial institutions.”

The PSCU website concludes: The founding fathers of this organisation are indeed proud of the emergence of this vibrant, progressive, and stable financial institution which is now known as Public Services Credit Union Co-operative Society Limited.