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A Message From The President of Teachers Credit Union
As we of the Teachers Credit Union family begin our fiftieth year of operations, we have much to be thankful for, and to celebrate. We also have good reason to hope for even greater success in the next fifty years.
We are especially thankful to those teachers who were on the staff of Tranquillity Boys Intermediate Government School in 1959. Under the leadership of the late Eugene Laurent, Principal and John Theodore, the staff undertook the formation of a Credit Union. On 5th December 1962, the Credit Union became a reality.
For the next six (6) years, the late John Theodore was given the mandate of President. In 1968, the presidency was bestowed on the late Donovan Palmer who had become Principal of Tranquillity Government Secondary School. The Credit Union until then was a Tranquillity affair, built around past members of the Tranquillity Boys and Girls Schools; and the emerging Tranquillity Secondary and Primary Schools, with membership spreading to other schools as Tranquillity teachers moved to other schools and influenced their colleagues.
Two other Tranquillity Stalwarts, the late Elaine Browne and Wilfred Phillips completed the quintet of Icons who have had a most profound, significant and beneficial influence on the development of the Credit Union. In 1968 a decision was taken to open membership to all persons employed in the Teaching Service of Trinidad and Tobago. The membership grew from approximately 120 in 1968 to 300 in 1972, and 11,832 in 2005, when Palmer demitted office as President and Board Member.
Mr. Phillips is best remembered as a Vice-President, and a Credit Committee Chairman, sharing his knowledge of Credit Unionism with Credit Unions across the country. Mrs. Browne is fondly remembered as Secretary / Treasurer of an era when the Credit Union had no office of its own, and only an official address of 7A Victoria Avenue Port of Spain. She carried virtually all the Credit Union files in the trunk of her car, and the business of the Credit Union moved with her form Tranquillity to Picadilly Government Primary School, when she became Principal of the latter named school.
By 1974 the Credit Union had assets of more than one million dollars. Today we are a multi-million dollar Credit Union, and the proud owners of six properties, all purchased without any mortgage arrangements. Indeed we at Teachers boast of a history of never having made a loan of any kind from any other financial institution.
We constantly review our performance and try to improve the conditions of our members, our employees, and their families. We provide a non-contributory health insurance to all employees (full and part- time), and a pension plan that is superior to the pension plan of the Public Service from which our members come. We offer our members a range of incentives to improve their financial circumstances. The most recent incentive benefit offered to members is a benefit to the dependents of members who die before their eightieth birthday. This allows eligible dependents to access six monthly payments of $4,000, each while they apply for probate or letters of administration.
Teachers Credit Union as a financial institution is a pillar of Stability. The public is invited to read our document, which forms part of this release, under the caption “The Stability of Teachers Credit Union”.
During the period 5th December 2012 to 4th December 2013, we shall celebrate in several ways and on several occasions. We will continue to thank Almighty God for his blessings and to ask that they continue, as we seek in the years ahead to contribute to the general good of our members, our employees, the families of our members and employees, and our beloved country.
May god bless us all, in this Jubilee year of our Credit Union, and of our country.
Teachers Credit Union