Public sector credit union rebrands and expands
The credit union for security personnel employed by the state has rebranded for a second time and upgraded its bond to reach a larger constituency of borrowers and savers, and is already setting up a new branch in anticipation of new business.
On October 3, the National Security Employees Credit Union Limited formally became the Public Sector Employees Co-operative Credit Union Limited, or PSECCUL.
The credit union is based in Kingston, but has branches in Manchester, St Mary, and St James. Its fifth location will open in St Catherine next year.
PSECCUL's deputy CEO Tamara Maxwell-Green said the rebranding and opening of the bond will allow the 49-year-old credit union access to a market that is five times its former zone of operation.
PSECCUL has $1.9 billion in assets. Its bond has been opened to include all employees of the Government of Jamaica; employees of the PSECCUL; members of other credit unions who serve public-sector employees; and spouses and children of active members.
Maxwell-Green said the rebranding and launch of the new branch should be wrapped up by the second quarter of 2018.
"The reason for the rebranding is to expand our market share. Prior to rebranding our bond limited us to a market of 20,000, however, with the expansion, we can now cater to 100,000 public sector employees and their family," the deputy CEO said.
PSECCUL is projecting at least 20 per cent growth for each year in 2018 and 2019. Next year's growth target is aimed at assets, deposits, share capital and surplus, Maxwell-Green.
In 2016, the credit union made a surplus of $24.5 million compared to $18.4 million the year before. The company paid 19.7 per cent on each permanent share held by its members, which amounted to a distribution of $12 million.
The credit union closed the financial year in 2016 with deposits of $1.15 billion, up from $1 billion the year before; a loan portfolio of $1.5 billion, compared to $1.27 billion the year before; and share capital of $855 million.
PSECCUL offers loan products such as payday loans, education, home equity, motor vehicle and residential purchase. Its lending rates range from 10-18 per cent.
The credit was previously known as Jamaica Special Constabulary Co-operative Credit Union before its first rebranding as National Security Employees.