HOW IT ALL BEGAN
HISTORY OF PUBLIC SECTOR EMPLOYEES CO-OPERATIVE CREDIT UNION LTD
THE PUBLIC Sector Employees Co-operative Credit Union Ltd, formerly the National Security Employees Co-operative Credit Union Ltd (NSECCU) and the Jamaica Special Constabulary Cooperative Credit Union Ltd, were established from humble beginnings on May 14, 1968 by founding members Auville Hutchinson, Cleveland Messias, E.C Murray, and Leon Bailey.
The credit union began its operations as the Jamaica Special Constabulary Co-operative Credit Union Ltd in a time when members of the Island Special Constabulary Force (ISCF) were up against low wages and exorbitant interest rates from lending institutions. The first office of the credit union was in a boarded cubicle in building number 347 at Harman Barracks, Up Park Camp, with 70 members joining on the first day. By the end of that year, membership grew to 142 members.
In July 1968 the Credit Union had its inaugural annual general meeting and elected its first board of directors, credit and supervisory committee members as follows;
BOARD OF DIRECTORS
Cleveland Messias – president
E.C. Murray – treasurer/ secretary
Leon Bailey – asst treasurer/secretary
Joseph Campbell CREDIT COMMITTEE
Colin Brown I Herbert Welch I W.C. Jervis SUPERVISORY COMMITTEE
Messrs Miller, Carey and Richards Under the stewardship of
Gosma Budhoo, former assistant commander of the Island Special Constabulary Force, and Neville George, the credit union purchased its headquarters on the 3rd floor at 9 Union Square, Cross Roads, on May 12, 1987.
In 1992, former vice-president of the board of directors Osmond Bromfield took the mantle of Treasurer from Cpl Derrick Brown. Bromfield held that position from 1992 to 2012 when he retired from the Island Special Constabulary Force as commandant to take up full time duties at the credit union as chief executive officer. He has been able to drive the growth of the credit union from $6 million in assets in 1992 to over $2.1 billion as at December 2017. The credit union is not only pleased with its growth over the years, but also with its role impacting the lives of its members.
MERGER OF THE ISLAND SPECIAL CONSTABULARY FORCE (ISCF) AND THE JAMAICA CONSTABULARY FORCE (JCF)
After recommendations from the Wolfe Report 1991 and several case studies, the Government approved the merger of both forces in May 2014, which was aimed at increasing the numbers in the police force and placing more members on the streets to tackle the country’s crime problem. After the merger of both forces, it became evident that the credit union no longer had a common bond to appeal to, and so the membership voted for the rebranding of the credit union in the form of a name change to the National Security Employees Co-operative Credit Union Ltd and a change in tagline to ‘where your financial security matters most’ to strategically reposition itself in the marketplace by extending and expanding its bond to include employees within the auspices of the Ministry of National Security.
On July 18,2014, the credit union officially became the National Security Employees Co-operative Credit Union Ltd. In the same year that the credit union rebranded to NSECCU, membership increased to over 7,000 members and assets grew by $94,594,494, or six per cent.
REBRANDING TO THE PUBLIC SECTOR EMPLOYEES CO-OP CREDIT UNION LTD
At its annual general meeting on July 8, 2017, the membership once again voted for the rebranding of the credit union in the form of a name change and expansion in its bond. On October 3, 2017, the National Security Employees Co-operative Credit Union Ltd was rebranded to the Public Sector Employees Co-operative Credit Union Ltd. The credit union’s bond was also expanded to include: a) All employees of the Government of Jamaica, i.e public-sector employees; b) Past employees of the public sector who were members of the credit union when they resigned or retired; c) Employees of the Public-Sector Employees Co-operative Credit Union Ltd; d) Members of other credit unions who serve public sector employees; e) Spouses and/or children of active members mentioned above.
TOUCHING MEMBERS’ LIVES
The Credit Union continues to cater to its members by providing products and services to meet them at every stage of their financial lives with a view to become their financial institution of choice. In addition to the credit union’s head office at 7-9 Union Square, Cross Roads, the credit union also operates three rural branches at:
Shop 10F, Pompano Shopping Complex, St Mary, 9 Ward Ave, Mandeville, Manchester. 66 Claude Clarke Ave, Montego Bay.