Tue | Oct 17, 2017

Trelawny credit union now has $2.1b in assets

Published:Wednesday | July 26, 2017 | 12:03 AMLeon Jackson
Winston Tomlinson

WESTERN BUREAU:

The Trelawny Co-Operative Credit Union (TCCU) now has an asset base of $2.1 billion, and according to the company's management, it now has a surplus of $55 million, which is available for distribution.

"We have had a trade growth over the last 16 years. Then the base was $167 million. The growth has not been limited to our assets. Today, our membership stands at 31,180, and growing," stated Winston Tomlinson, manager of the TCCU, during its recent 41st Annual General Meeting held at the William Knibb High School in Trelawny.

"We now have a surplus of $55 million available for distribution. Not many financial institutions of our size can boast of having this kind of surplus."

Tomlinson said that the credit union was continuing to have a significant impact on the lives of both the members and the wider community, which has been benefiting from initiatives launched.

 

Millions in donations

 

"Over $2 million was donated to various organisations," said Tomlinson. "Our members received loans for 16 different purposes. motor vehicle loans topped the list, followed by domestic, land, and building."

With its solid financial base and vast potential for further growth, he said that the organisation would continue to embrace its vision, which is "to be the financial institution of choice to our members".

He added, "The credit union will need volunteers with the capacity to serve. These persons will be those with discipline, integrity, and special skills, to include an accounting background."

Tomlinson also noted that after three years of waiting, the Jamaica National Heritage Trust had finally approved the application for the expansion of its office building in Falmouth.