THE PECU STORY
Vision
To be a lifetime partner dedicated to improving our members' financial and social welfare
Mission
Providing competent leadership through provident and productive financial, advisory and counselling services
Our Humble Beginnings
It all began with the formation of the stevedoring cargo handling operation by the government. The Port Authority of Trinidad and Tobago which was responsible for the long shore operation was suffering tremendous losses while the shipping agents who at the time was handling the stevedoring operations was laughing all the way to the bank.
Port Contractors Ltd. The company formed by the government began its operation on 1st August 1969. The employees were co-opted from the shipping agents and the Shipping Association.
These employees were used to being in saving plans in their various companies that they came from. Some were even accustomed to getting material to build their homes and furniture and pay by check of system the small sum of $5 per week.
They started talking about forming a credit union because at that time there was a number of money lenders operating on the port the business was so profitable that one of the employees left his job and stuck to money lending.
Tobago Expansion
In an effort to service the Tobago members, The Credit Union sent two employees to Tobago twice per week. They were accommodated by the Port Authority in one of its offices until the CU opened it Tobago office on Burnett St. Scarborough.
PECU has purchased a parcel of land to construct it Tobago office complex.
The Tobago expansion represents our commitment to serving all our members, regardless of location, with the same dedication and quality service.
13 employees met in the stevedoring department of Port Contractors Ltd to discuss the formation of a credit union. This was the birth of PECU Credit Union.
John Morales, labeled the father of the credit union, joined in August 1971 and from his first day began working to make the unit a success.
P.E.C.U. – Port Employees Credit Union was founded by a group of PORT workers. Led by Mr. John Morales, both he & his colleagues traversed the PORT of Port of Spain advising & encouraging workers to be part of this co-operative venture.
The name changed from Port Contractors Credit Union to Port Employees Credit Union to encompass all Port workers.
Port Contractors C.U. was registered on 11th October 1978 under the Co-operative Societies Act registration number #O28. Purchased property at #50 Park Street.
Retail outlet at #40 Prince Street purchased.
The eighties were challenging with several board, management & auditing problems, resulting in six years accounts presented at our 6th AGM in 1981. Despite these challenges, we recorded consistent growth.
The S.E.A award program was introduced, providing junior members and members' children the opportunity to get an insight of what is expected of them at the secondary level.
Our new head office building was opened by then Prime Minister Hon Patrick Manning. The phrase "PECU ON PARK" was coined.
A name change to the acronym P.E.C.U. was made. The Credit Union provided members with a LinCu debit card facility, a collaborative effort of the Credit Unions.
Our membership record indicates that there were over five thousand members.
Our asset base attained the one hundred million dollar mark.
Member Share Savings also attained the one hundred million dollar mark.
Dividend payments for the past seven years totalled 50%. A parcel of land was purchased in Tobago to house the Tobago's office.
Overcoming Challenges
Over the years the fortune of the Authority deteriorated impacting on the CU and for a number of years there was no AGM. Port Employee C.U. was able to withstand these storms due the loyalty of its members who stood by the organization.
Despite the challenging economic environment the Credit Union will continue to provide credit and other financial services to its members, in spite of the rapidly changing financial environment.
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