Credit Union History | Credit Union History |
|
Mission, Values and PrinciplesOur Mission To become the leading financial institution providing services that enhance the quality of life of all, consistent with cooperative principles. Our Values Our Organization's Values describe the beliefs that guide our behaviour.
Brief History of NCCUThe National Cooperative Credit Union Ltd (NCCU) was established on November 1, 2010. Recent events in the financial markets and the rising cost of doing business mean that credit unions now have to look at innovative ways of managing their affairs so that they can continue to survive and thrive. Amalgamation is one approach which has been used successfully by credit unions worldwide to strengthen their institutions.
Between 2009 and 2010, the La Salette, St. Paul, Vielle Case, Roseau and St. David's Credit Unions explored the possibility of amalgamating to bring human and financial resources together for operating more efficiently in a competitive environment and changing financial market place. In 2010 the decision was taken to amalgamate and these five Credit Unions became "ONE ENTITY" on November 1, 2010.
The National Co-operative Credit Union Ltd. (NCCU) emerged from this amalgamation and the five Credit Unions became the Branches of NCCU "One Big Family". NCCU is a financially sound, multi million dollar institution and enjoys share capital of $2.7M, Members Equity of $37M and a membership of 36,000 NCCU offers a complete line of financial services including a variety of savings and deposit accounts, loans for all purposes, chequing, ATM and audio teller services.
Brief History of the Credit Union MovementMost people think of credit unions primarily as financial institutions. But our roots are in the co-operative movement which can be traced back to Rochdale, England, in 1844. Times were harsh in Germany in the mid 19th century and early pioneers like Herman Schulze-Delich and Frederick Raiffeisen experiemented with financial cooperatives to help farmers struggling from the effects of economic depression, crop failures, famine and usury. Raiffeissen is credited with expanding the credit union idea to its fullest potential. Credit unions were seen as having both an economic and social role providing a way of building community, teaching and encouraging thrift and self-help. Such was the need, the concept of cooperative credit spread quickly to other European countries while still being refined and proven in Germany. Democratic member control was key to the success of these societies and fundamental credit union operating principals such as one member one vote, granting of loans based on character, payment of dividends, reasonable interest rates on loans were practiced. The concept crossed the Atlantic to North America and the first credit union was started by a Canadian journalist, Alphonse Desjardins, in Quebec in 1901. The first credit union in the United States was chartered in 1909 by the parishioners of St. Mary's Church in Hampshire with help from Desjardins. Edward Feline and Roy Bergengren are considered the pioneers of the US movement. Researchers have concluded that Caribbean people were introduced to the cooperative movement sometime towards the end of the 19th century. The first attempts to organize cooperative ventures were in Guyana. The Peoples Cooperative Bank started in Jamaica in 1905 was the first recorded Caribbean financial cooperative. In the early 1940s, the concept of credit unions was formally introduced into the Caribbean by missionaries from Canada and the USA. The idea of credit unions was accepted and credit unions were organized in Jamaica and Trinidad & Tobago in the early forties and in Dominica in 1951.
|
|||||
