Marine & Allied Credit Union votes to merge with C&WJ Credit Union

Members of the Marine & Allied Industries Co-operative Credit Union Limited voted to merge with the Communications and other Workers of Jamaica (C&WJ) Co-operative Credit Union at their 17th annual general meeting, which was held on September 15.

Some 200 persons attended the meeting, and 99 per cent of the members present voted to transfer the engagements of Marine & Allied to C&WJ Credit Union. The members of C&WJ Credit Union will also have to vote to accept the transfer from Marine & Allied. The effective date of the merger will be November 1, 2010.

Easier savings and loans access

In 1992, the Shipping Association of Jamaica sponsored the establishment of Marine & Allied Credit Union to provide their employees with easier access to savings and loans. Other companies within the shipping industry also sponsored their employees, and now over 30 entities are affiliated with Marine & Allied. Currently, Marine & Allied has over 2,700 members drawn from these various companies.

Marine & Allied's total assets stood at $171.5 million at the end of 2009, and $128.4 loans were disbursed over the same period. As at December 31, 2009 members of Marine & Allied had saved $138.7 million

C&WJ Credit Union was established in 1961 by employees of the now defunct Jamaica Telephone Company (JTC). The credit union now serves approximately 17,000 members drawn from employees of LIME and its predecessor companies and corporate subscribers to telecommunication services, and their relatives.

At the end of 2009, C&WJ Credit Union had total assets of $3.15 billion; total savings of $2.37 billion and total loans of $1.79 billion.

Both credit unions took the strategic decision to merge in order to better serve their members, and to improve their long-term viability.