5 Credit Unions to amalgamate to form a National Cooperative Credit Union Ltd,effective November 1st
Members of the Roseau Cooperative Credit Union assembled at the Public Service Union Hall on Wednesday September 8th, 2010 to vote on the amalgamation of five (5) Credit Unions to form the National Cooperative Credit Union Limited. The five Credit Unions are the Roseau, St. David, La Salette, St. Paul’s and the Vielle-Case Cooperative Credit Union Limited. President of the RCCU’s Board of Directors Dexter Ducreay said that two resolutions were also passed during the meeting, one being the amalgamation and the other to transfer the assets and liabilities to the new organization which will begin operation on November 1st, 2010.
Dexter stated that ‘when combined their total assets amounts to $ 319.8 Million with a membership of approximately 35,000 people.’
He said that the smaller Credit Unions will reap tremendous benefits from this initiative, one of them being access to ATM’s.
According to Ducreay, the Credit Union will soon be passing a Harmonize Act which will replace the Cooperative Credit Union Act.
He said ‘the League has forwarded the proposal to Government for amendments and is now awaiting their response.’