President of the National Cooperative Credit Union (NCCU), Dexter Ducreay, told a special annual general meeting of the organization in Vieille Case last weekend that it was because of their “trust in them” (the board) and their involvement in the organization, the credit union is able to thrive and provide so many important benefits not only to members, but also to the community.
Twenty five years ago, the then Roseau Cooperative Credit Union (RCCU) passed a resolution to amalgamate with other credit unions on the island.
According to Ducreay, this resolution was “forgotten” until exactly five years ago and as president of the then RCCU; he received a letter from the Vieille Case Coop. Credit Union about their interest in amalgamation.
“At the time, we were uncertain as to how to deal with such a request,” he said. “After much discussion, we decided to thrust forward. Very soon after, three other credit unions, St. Paul in Mahaut, La Salette in Pointe Michel and St David in Riviere Cyrique expressed interest. Although these five credit unions had diverse backgrounds and challenges, they were propelled by one common goal, service to their members.”
Ducreay said that these five credit unions were experiencing various challenges.
“They were as follows: Roseau- it had a vault of cash on its balance sheet but was not growing at a significant pace. Growth is very vital to any organization survival. Vieille Case, although professionally managed, cash was limited. Therefore, it could not provide the volume of loans that it members needed. Mahaut, it had major operational issues. It could not pay interest on saving and dividends to its members,” he remarked. “Pointe Michel and Riviere Cyrique had similar issues with Vieille case; management was robust but because of limited cash on their balance sheet, the granting of loans to its members was limited. As of today, I am proud to announce as your President, that the branches of NCCU are much more resilient than they were five years ago,” he said, adding that this is possible because members voted ‘yes’ for amalgamation.
He noted that that as a consequence, amalgamation has undoubtedly strengthened each branch.
“We come here today, five years later, to ask you to vote on a resolution to add South Eastern Cooperative credit union and Castle Bruce Cooperative Credit Union – our brothers and sisters in the movement, to our great organization-NCCU,” he said. “These two credit unions have issues and are experiencing challenges of their own. I have no doubt that as part of the NCCU family; we will stand with them as they will stand with us to create a stronger family for you the members.”
At a vote for the resolution, the members voted unanimously “yes” to have the NCCU acquire the assets and liabilities of the Castle Bruce and South Eastern Credit Union now making it “the Big seven.”