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TCCU achieves $100 million in assets during 37 years of service

TCCU achieves $100 million in assets during 37 years of service


After 37 years of existence, the Teachers Co-Operative Credit Union has achieved a milestone of having $100 million in assets.

Chief executive officer Julian Jack shared the news with reporters on April 29, during a press conference held at the TCCU headquarters.{{more}}

“I recall that when the Teacher’s Credit Union reached the first million, we were registered in 1978 and it was in 1985 that we crossed the first million,” Jack said.

“I did pen an article…. the caption was ‘The first million is the hardest’ and now, if you compare it to that, 37 years in all, we are at $100 million, but it took us seven years to reach the first million and so it gives some credence to my first article then when I said that the first million is the hardest.”

TCCU had just over $99 million in assets in December 2014 and reached the $100 million mark by the end of March 2015.

The CEO expressed gratitude to members, who he said were responsible for the establishment reaching its major milestone.

According to Jack, the credit union is open to all Vincentian society, including citizens living abroad.

“As a result of that, we would have done ourselves a real service in being able to increase our membership,” he explained.

“We would have expanded from just teachers to family of teachers, and now we have gone even wider…because as you know, the salaries of teachers and the commitments that they have really doesn’t permit them to save as much to push this organization to where it’s supposed to go.”

In the recent Annual General Meeting, the credit union elected a new executive for the year going forward.

New president Cecil Charles declared that the TCCU valued its members and seeks to ensure that this value is shown to members in tangible ways.

Charles noted several loans and programmes are available for all members at the establishment. He stated that through these programmes, the credit union aims to grow and develop.

In past years, TCCU has expanded and continued to accumulate assets by moving to Bequia and Union Island and most recently, has amalgamated with the Barrouallie Corporative Credit Union.

“We are looking at all of that in terms of growth and development of Teachers’ Credit Union,” the president said.

“Very soon, we are going to have a book outlet in Barrouallie that can serve that community, as well as the entire North Leeward area, so persons may not even have to get into Kingstown when you are looking for books for the new school year. We not only want to provide books, but also reprographic services.”(BK)