KCCU – 50 and moving on

“My Credit Union – 50 years strong” is the theme that the Kingstown Cooperative Credit Union has adopted to celebrate their silver jubilee. With events being held throughout the year, they kicked off with a press conference at the Peace Memorial Hall on February 22nd, 2008.{{more}}

Founding father Thomas Saunders held the first KCCU meeting on October 3rd, 1957, at the Peace Memorial Hall. With 53 members, the cooperative became registered in 1958. Today, there are approximately 11,927 members. Over this 50-year period, the KCCU has contributed EC$27.8 million in shares, loaned over EC$35 million and invested in assets worth EC$50.5 million. The cooperative has provided funding (loans) for tertiary level students who would have otherwise been marginalised. In addition to that, the KCCU has provided 22 scholarships worth a total of EC$80,000. Furthermore, they have contributed over EC$197,000 in sponsorship, and they are keen supporters of sports and culture.

In his address, Minister Mike Browne congratulated the KCCU on their achievements and encouraged them to continue to strive for excellence. He also made mention of the Cabinet’s approval of the issue of 50th anniversary commemorative stamps. The stamps will feature Joan Millington, the first full-time, paid Manager of the KCCU.

Chairman of the 50th Anniverssary Committee and Vice President Annis Horne boasted that the “KCCU was and continues to be an important incubator for excellent financial planning, financial stability, prudence and resilience in the financial sector”.

In his remarks, President of the KCCU Edmund Jackson declared: “This is an occasion for celebration. This is an occasion for reflection. And it is also an occasion for projection.” He pressed upon people to not become complacent. He also reinforced the need to empower people when they join such cooperatives, by providing sound financial advice.

Jackson further encouraged persons to continue with their hard work and efforts, so as to ensure that the KCCU continues to go from strength to strength.

“Success is not for the faint of heart!” (JSV)