About the Public Workers’ Co-operative Credit Union Limited (PWCCUL)
Under the presidency of Mr. Arlington Miller, the Bahamas Public Services Union (BPSU) saw the need to assist in making life better for its members. It was felt that this concept could be achieved through the establishment of a credit union. The officers of the BPSU met in 1979 and formed a Steering Committee, consisting of the following persons: Mr. Arlington Miller- Chairman; Mr. William McDonald- Vice-Chairman; Mr. George Lafleur- Trustee; Mrs. Gertrude Rahming- Treasurer; Mr. Patrick Ingraham-Secretary; Mrs. Juliette J. Barnwell-Assistant Secretary; Mr. Basil Sears-Trustee and Mr. Edward Gardiner-Trustee.
The Steering Committee spent many hours with Mr. Roosevelt Finlayson, Director of Co-operatives, in formulating the bye-laws of The Credit Union.
After the bye-laws were completed, an application was made to the Department of Co-operatives for registration of The Public Workers’ Co-operative Credit Union Limited, whose bond would encompass all Government employees and Government Boards and Public Corporations.
The Public Workers’ Co-operative Credit Union Limited was registered on December 28th, 1979 and presented with its Registration Certificate in February 1980. At the time of its registration, forty-four persons had signed up to become members.
At its first meeting in February 1980, the following persons were elected to the Management Committee: Miss Telcena Coakley, Mrs. Juilette Barnwell, Mrs. Sylvia Treco, Mrs. Octavia Johnson, Mr. Patrick Ingraham, Mr. Harold Fernander, and Mr. William McDonald. Elected to the Supervisory Committee were: Mr. Edward Gardiner, Mrs. Rosemae Thompson and Mr. Roderick Simms.
At the end of December 30th, 1980, The Public Workers’ Co-operative Credit Union had shareholdings of $36,585.00.
When the first Annual General Meeting met, no dividends were paid, and the surplus, in the amount of eight hundred and forty-eight dollars and thirty-five cents ($848.35), was retained for the further development of the organization.
In 1981, The Credit Union was able to employ Mrs. Ruth Cash. She was the only employee for many years. Later other persons were employed. The Credit Union was able to invest in Treasury Bonds from the Central Bank of The Bahamas. Funds were burrowed from The Bahamas Development Bank to computerize the Credit Union.
Since its inception, The Credit Union has expanded its Bond to include spouses and children of Government employees, employees of Public Boards and Corporations; then it began to state that it was “A Family Credit Union “. Also employees of The Credit Union and The Bahamas Public Services Union and former members of the C.C. Sweeting Secondary School Credit Union are now part of that Bond, along with the spouses, parents and siblings of members.
The Public Workers’ Co-operative Credit Union Limited became a member of The Bahamas Co-operative Credit Union League, and had two of its Directors serve on The Board of Directors, until the Apex Organization was established in 1993, where, now, there is one Director nominated to participate on the League’s Board.
The Credit Union has its offices on Wulff Road (Nassau) and West Atlantic Drive, (Freeport). The telephone contacts are (242) 323-6594 (Nassau) and
(242) 351-7129 (Freeport).
At the end of the financial year, 2007, the Public Workers’ Co-operative Credit Union had assets exceeding sixteen million dollars. It is to be noted that the Credit Union pays dividends to its members annually, and as at the end of December 2009, had 3,421 members.