Hanover and Montego Credit Unions merge to form Gateway
The merger of the Hanover and Montego Co-operative Credit Unions to form what is now the Gateway Co-operative Credit Union (2017) Limited officially came into effect on January 3.
The new entity is the newest credit union in Jamaica and has two branches in western Jamaica: Sam Sharpe Square, Montego Bay; and Main Street in Lucea, Hanover. The Gateway Co-operative Credit Union will boast membership of approximately 70,000 and total assets of $6.1 billion.
According to Ornell Badasse, CEO, Gateway Co-operative Credit Union, the merger has created greater opportunity for growth and a wider range of product offerings for members.
"With this merger, the work has now begun for this credit union to be listed among the 'mega' credit unions in Jamaica, and that's a position we aim for," he said.
Gateway Co-operative Credit Union will serve the entire county of Cornwall, which means that the bond of the new institution will include the parishes of Trelawny, Westmoreland, and St Elizabeth, along, with Hanover and St James.
"The members of the former credit unions will now be able to conduct business at any branch that is convenient, and we are working to ensure that the high levels of service previously offered are surpassed, thus ensuring member satisfaction and retention," stated General Manager - Operations, Jennifer Taylor-Wilson.
The Hanover branch of the Gateway Cooperative Credit Union is located on Main Street in Lucea. Formerly the Hanover Cooperative Credit Union, it was established by the late educator Enid Watson Gonsalves in 1975 in an effort to encourage thrift among the citizens of Hanover.
The St James branch of Gateway consists of two locations, one at Sam Sharpe Square and the other at Church Street. Formerly the Montego Cooperative Credit Union, it was formed out of a merger between St Paul's and St James Credit Union in 1969.