TCCU boasts J$3.6 billion asset base

Western Bureau:

The Trelawny Co-operative Credit Union (TCCU) has announced that its current asset base is a whopping J$3.6 billion, which means the institution is now on a solid foundation to approach the future with confidence.

The good news was revealed to stakeholders at the 44th annual general meeting (AGM) of the credit union, which took place at the William Knibb High School, also in Trelawny, on Saturday.

“A combined total of $95 million has been spent on buildings. We have extended the Falmouth branch at a cost of $70 million and bought a building in Albert Town, to house our office in South Trelawny, for $25 million,” said Krishna Rose, the credit union’s accountant.

“Our membership stands at 39,000. This figure is more than half of the adult population in the parish. This number does not include the students for whom we have a special savings plan,” added Rose.

However, despite the credit union’s seemingly good financial standing, like many similar institutions, the organisation is still having issues with delinquent members who are not meeting their obligations

“The credit union has a dilemma. Of the 25 credit unions in the country, you have the worst delinquency rate,” said Robin Levy, the chief executive officer (CEO) at the credit union. “The expected rate within which you should aim to keep is five per cent. You have a 36 per cent rate. The good news is that it is spiralling down.”

40 years of service

Reverend Dr Vincent Fletcher, a former member of the credit union, used the occasion to move a resolution to recognise the retirement of General Manager Winston Tomlinson, who has served the organisation for more than 40 years, of which during 20 years he was at the helm.

“A glorious era has come to an end,” said Fletcher, in reference to Tomlinson’s retirement. “I propose that the new section of the Falmouth building be named in his honour.”

There was general acceptance of the resolution, which will be taken to the next board of governors meeting where it is expected to be ratified.

In a subsequent interview with The Gleaner, Tomlinson said he was proud of the service he provided over the many years and the many persons who he assisted in addressing their financial needs.

“There are many proud moments in my years of service. I have taken many risks with people, approving loans without them having the necessary collateral, and they have not disappointed me,” said a reflective Tomlinson. “Oddly, my strength is my empathy and my weakness is my empathy.”

“When I became manager, the asset base was $2 million and the membership was 12,000. Today, we are just over half of the ambitious target of having 70 per cent of the parish’s population as members, and the asset base is in the billions,” continued Tomlinson.