History of the Credit Union

The Barbados Teachers’ Co-operative Credit Union Limited was formed from the basis of a buyer’s club in the early 1950’s after a Training Course was held by the Ministry of Agriculture and Education which attracted one hundred and twelve persons who were so enthusiastic, that the government officer conducting the course recommended that they get together and form a Savings Society in compliance with the Laws.

Ten persons affixed their signatures to the document. Of this ten, Six of them are still members of the Credit Union today. By 1967, members wanted more than social activities and decided to form a Credit Union. With one thousand dollars ($1,100.00) in hand, they met on June 10, 1967and made their Application to be registered as a Credit Union.

Permission was granted, and Credit Union Number 112 was established and registered. Mr. John Lovell became its first President. By 1985, the Credit Union had passed the million-dollar mark in Share Capital and just over one thousand members. By 1990, membership was 3000 and the Share Capital at $21,000,000.00. Soon afterwards the Credit Union showed a negative growth due to the some difficulty that had developed.

The Credit Union then built its own Headquarters, ‘The John Lovell Building’ on Lower Collymore, St. Michael; where its Office is now located. The Credit Union Building was named after Mr. John W. Lovell and the Auditorium after Mrs. Juanita Hinkson in recognition of their Sterling Contribution to the Credit Union Movement in general and to the Barbados Teachers’ Co-operative Credit Union Limited in particular. 

Growth was realized again from 1993, when the Credit Union was able to pay a Dividend of 2 % to members. The payment of Dividends and Patronage Refund has continued over the following years.