Chapter 1
1957 – 1969
The founding years
The St Patrick's Co-operative Credit Union Ltd (SPCCU) was established June 18, 1957. The credit union movement was organized by the Reverend Sisters Marie Houthoofdt and Alicia De Tremmerie, ICM (Missionary Sisters of the Immaculate Heart of Mary) out of Dominica, under the auspices of Belgian born Bishop Antoine Demets. Bishop Demets served in Montserrat for over forty years, not only to the Roman Catholics but the entire island.
The movement was inspired by the need to provide economic assistance to the working class, mainly to improve the economic and working conditions of workers. In those days workers were encouraged to save at least $5.00 per week and savings were collected throughout the week and on Sundays after morning Mass. The movement was seen as assisting to bridge the gap between the ‘haves and have-nots’. There was only one Bank on the island at the time and even though its doors were wide open to everyone, many in the low-income group thought it was not a place for them.
The Catholic nuns set up study clubs who then in turn met with potential members stressing the main principles of the movement – ownership by its members, provision of a safe place for members' savings and a window through which loans could be had for provident and productive purposes at any time and at a reasonable rate of interest.
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Credit union movement
First credit union established by Franz Hermann Schulze-Delitzsch in Germany.
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Credit union movement
Credit Union National Association (CUNA), the national association for credit unions, was founded.
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The St Patrick's Co-operative Credit Union Ltd was established June 18, 1957. The common bond was extended to Catholics and their families.
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Common Bond of the St Patrick's Co-operative Credit Union Ltd extended to persons living in and around Plymouth, Kinsale, St. Patrick's, Webbs, Fort Barrington and Gages.
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November 5, 1969: St Patrick's Co-operative Credit Union certified with the Registrar of Co-operative Societies.
