EduCom – St Catherine Co-Operative Credit Union Limited Locations

HISTORY OF ST. CATHERINE CREDIT UNION

The history of the Credit Union Movement is undoubtedly one of the most inspiring and reassuring chapters in the story of mankind.

The Credit Union idea was born more than a century ago in the mind and heart of the great Friedrich W. Raiffeisen, the then Mayor of a small German town. The movement began in the early 1850’s.

The Credit Union idea which moved across Europe to North America, came to Jamaica and to St. Catherine.

In 1977 nine humble Credit Unions in St. Catherine merged to become the St. Catherine Co-operative Credit Union Ltd. The nine were Ariguanabo, Awallee, Bybrook, Old Harbour, St. Helen’s, St. Jago, St. Joseph’s, Caymanas, and Worthy Park. The St. Catherine Co-operative Credit Union started service to its members who comprised some of 5,745 persons living or working in the parish at the time and savings of less than $1 Million. By December 1977 the Credit Union had membership of 5,330; Share Capital of $1,288,104.00; Loans of $1,347,664.00 and Total Assets of $1,614,024.00