Our History

Central Co-operative Credit Union Limited was registered as a newly formed credit union on July 2, 2007 on the amalgamation of the St. Alphonsus and Portsmouth credit unions. The amalgamation which grew from the strategic and long term planning of these two strong credit unions brought together the second and third largest credit unions on the island with combined assets of $59.4 million in assets.As a result of the amalgamation members of Central are able to enjoy convenience and access to funds from conveniently located branches in the capital and the second town. CCCUL is able to enjoy economies of scale and tremendous growth since the cost of operations is now measured against a larger asset base and a larger income. During its first three years of operations CCCUL experienced growth in the following areas:

  • Membership – 10.9%
  • Savings – 27.1%
  • Assets – 20.2%
  • Loan portfolio – grown 37.2%

Members Rights and Responsibilities

Central is a democratically owned financial co-operative and its members/shareholders assume certain rights and responsibilities with respect to the running of the institution.

Members’ Rights:

  • Attend, participate and vote at Annual General Meetings
  • By consensus, determine the policies of the Credit Union
  • Elect a capable Board of Directors, Credit Committee and Supervisory Committee
  • Request annual reports of the various statutory committees and independent auditors
  • Utilize the services offered by Central Credit Union
  • To be granted loans at the same rate as other shareholders regardless of amount of savings or status
  • Receive dividends as shareholders
  • Assign beneficiaries to accounts
  • Have their transactions kept confidential

Members’ Responsibility:

Abide by the by-laws and other policies of the Credit Union

  • Volunteer their services
  • Borrow for productive and provident purposes
  • Repay loans as agreed
  • Save regularly and withdraw as necessary
  • Keep themselves informed about the activities of Central and encourage others to join
  • Submit suggestions with respect to the Credit Union’s operations

How to Become a Member

You can become a member of CCCUL if you:

  • Are 15 years and older
  • Purchase one share for $50.00 plus other entrance fees totaling $15.00
  • Present identification and verification of home address
  • Complete membership card in detail

If you are not yet 15 then a deposit account can be opened for you by your parent or guardian. There is no minimum amount. However the minor’s birth certificate needs to be presented along with parent/guardian identification