A HISTORY OF TECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED
TECU Credit Union Co-operative Society Limited was founded in 1946 by Fr. Maurus Maingot,O.S.B., Parish Priest of St.Peter's R.C.Church, Pointe-a-Pierre.
Fr. Maurus Maingot,O.S.B along with eleven employees of the then Trinidad Leaseholds including Mr. T. Malcolm Milne, a prominent legal luminary formed the St. Peter's Credit Union, which was renamed the Pointe-a-Pierre Credit Union, and its bond came from Trinidad Leaseholds Limited.
The Pointe-a-Pierre Credit Union became The St. Peter's Credit Union and was officially registered on 2nd January 1947 and its office was at the St. Peter's Church Presbytery. Its first Annual General Meeting was held on 13th January 1947.
The Credit Committee was constituted in May 1947 and by June 1947, the Credit Union began granting loans to members. By December 1947, 70% of the Credit Union’s capital was made available for loans.
Education of the membership about the nature of Credit Unions and what they were meant to achieve was done through publications in TLL's Safety Magazine because of the close ties between the members of the Credit Union and the Company. Leaflets were also circulated among the employees detailing the services and activities of the Credit Union.
As the membership and business grew it was recognized that the Church's premises were inadequate for the Credit Union's activities. T.L.L. responded positively to the request for space and a building next to the Labour Office was identified. The Credit Union moved to its new offices in July 1953 and conducted business there until August 1985.
In 1957, the landmark share capital figure of $500,000. was achieved.
After several attempts, an Education Committee was duly appointed in August 1957. Educational Films became a staple activity at this stage and later on, lectures, induction meetings and developmental workshops were introduced. The Credit Union’s publication, “THRIFT”, came into being and has since developed into the current “TECU NEWSLETTER”.
In 1961 the Credit Union, realizing the needs of the members for housing, embarked on it’s first housing project at Sum-Sum Hill, Claxton Bay and aptly named the Maingotville Housing Project. This real estate venture was very welcome and much appreciated by the members and was later followed by others in areas such as Mayaro, Balandra, Otaheite and Tobago to name a few. At this point the Credit Union also registered assets of $1.1m. and shares at $950,000
Another development took place in the early sixties. The sponsor company, T.L.L. was bought out by Texaco Inc. and subsequently in1963 the name of the Credit Union was changed to Texaco Employees Credit Union Co-operative Society Limited. The name underwent a further change in1984, becoming TECU Credit Union Co-operative Society Limited, its current name.
The Credit Union continued to grow in all areas- membership, asset base, shares and loans to members. It was soon evident that the Credit Union would need a home of its own. Lands were purchased in Marabella and in August 1985 ‘TECU HOUSE’ was formally blessed, opened and occupied. Members now had something substantial with which to identify. New services were introduced to meet members’ needs such as Travel and Insurance Agencies. A special Retirees’ Fixed Deposit portfolio was introduced as well.
One of the more influential Presidents has been Mr. John C. Gomes who has served for over 27 years as President and much more as an officer.
In recent years, attention has been focused on the youth. Bursaries have been established for SEA students and young people starting their tertiary education. Moreover, recognizing the need for follow-up and encouragement, a “Success Club” has also been organized.
Where are we today one may ask? Growth, sometimes phenomenal, has continued apace. This has led to the opening of a branch office in Couva in 2003 a branch offices soon to be opened in Point Fortin and Tobago.
The hard work, dedication and commitment of staff and the continued voluntary giving of time and talents by officers and committee members have not gone unnoticed nor unrewarded. TECU is now considered one of the leading Credit Unions in the country if not in the region. Evidence of this is manifested in the numerous awards and commendations received over the years.
On the 9th September 2006, TECU Credit Union Co-operative Society Limited celebrated its Diamond Jubilee (60th Anniversary), justifying its motto “Creating and Securing Your Future” where its members are concerned.