PECU was founded in 1973 by a group of workers led by John Morales from the defunct Port Contractors Association who encouraged their fellow workers to be part of this co-operative union venture....
WHY A CREDIT UNION AT THE PORT
Many port employees found themselves indebted to money lenders who were operating in the industry. Some of them found it quite difficult to repay their loans because of exorbitant interest rates being charged. With the advent of the Credit Union, members were encouraged to manage their finances by saving regularly and to borrow from the Credit Union at "softer" rates of interest when they needed loans.
WHAT'S IN A NAME
In 1970, the Port Contractors were given the contract to manage and operate the cargo handling operations on the Port. This gave birth to our first name, Port Contractors Credit Union Co-op. With the demise of the Port Contractors, the name was changed to Port Employee Credit Union Society Limited, which allowed us to embrace all port workers. It was decided to adopt the acronym PECU in 2003 in a marketing strategy to re-brand the organization ant to attract a wider spread in its membership.