THE ST. MARY Cooperative Credit Union and its neighbouring St. Ann Cooperative Credit Union have merged, the first time in the 60-year history of the credit union movement that two parish credit unions have done so.
The new entity has an asset base of approximately $1.2 billion and is now categorised as one of Jamaica's large credit unions. In fact, the entity's membership of 73,000 makes it the country's 3rd largest credit union, in terms of membership.
The merger followed the passing of a resolution, proposed by St. Mary Credit Union president Rev. Glenroy Lalor, at that credit union's annual general meeting in mid-August, 2005. Rev. Lalor explained that the overall interest of members was the driving force behind the merger proposal. This position was supported by St. Ann Credit Union president Karl Fuller, who noted that the entity which would result from the joint desire for 'greater people empowerment' could become 'a formidable force' in the financial services sector.
DECISION RATIFIED
The decision was ratified by members of St. Ann Credit Union three months later at their November 2005 AGM and that set the stage for the finalisation of the merger plans, which resulted in members of the former St. Mary Credit Union beginning to conduct business with the new entity on January 1, 2006.
Speaking after the successful vote in August, Mrs. Susan Thompson, assistant general manager of the Jamaica Cooperative Credit Union League (JCCUL), described the merger as "forward-thinking on the part of the board and members of St. Mary Credit Union," as the merged organisation made members part-owners of a larger credit union that would also offer a broader range of financial services.
The league sees this historic development as the continuation of a programme of consolidation within the Movement that began in 1969. At that time, there were 132 registered credit unions in Jamaica; that number has now decreased to its current 48 - 47 of which are members of the JCCUL, the national association of credit unions.
