The Dennery Community Credit Co-operative Society Limited also known as the Dennery Credit Union started in the early 1980’s. After many nights of consultation with Mr. Haydn Williams, Ms. Patricia James said to the participants “let us put our money where our mouth is.” On July 12, 1983 Ms. James acquired three (3) shares to become the first member of the Credit Union.
Business started in July 1983 with an interim Board of volunteers, Ms. Cecilia Daniel as President, Ms. Irene St. Paul as Secretary and Mr. Timothy Regis as Treasurer. They opened for business every Tuesday evening. In November 1983, Ms. Doreen Reggie was granted the first loan in the amount of one hundred and fifty dollars ($150.00). In 1992, the Co-operative League agreed to provide training to potential directors and officers. Mr. Gilbert Isaac the then Manager of the League provided training on evening to members. After receiving training, the Co-operative Department assigned MS. Marcia Haynes the responsibility for preparing the financial statements for registration of the Society. During that time, Mr. haydn Williams wrote to the government who acceded to his request for a small office space on the ground floor of the Dennery Community Centre.
The Co-operative was registered on February 17, 1993. Its area of operations is the Village of Dennery and environs. At the time of registration, 230 residents of the Dennery community were members.
The Credit Union was operated solely by volunteers from its location at the Community Centre until 1995 when it hired its first full time Teller to assist with its daily operations. In 1997, it hired an additional staff as Teller. At that time, many members were recruited from Belle Fashions, a firm which manufactured apparels in the Village of Dennery. When Belle Fashions ceased operations in 1999, we saw a drop in Loans as members used their savings to pay off loans. The following year saw further declines in operations which negatively impacted profitability. This however did not deter the Board and with its strategic leadership was able to see a rebound in business. In 2003, the Board hired the first Manager, Ms. Thora Dundas who is still employed with the Credit Union.
By mid-2004, the Credit Union had outgrown the space at the Community Centre and hence moved to leased premises in the Adjodha Building on High Street where it is currently housed. In 2005, the Board decided to automate the accounting function and in this regard we saw a full automation of all members accounts. This computerized system provides reports critical for monitoring and decision making including information required for the PEARLS Rating System.
Our Journey
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