Jamaica Teachers' Association Co-operative Credit Union -
Consistently Serving Jamaican Teachers

>>Serving our Members…Impacting Lives Positively

Outstanding Service
In July 1959, the Credit Union began preliminary operations, and in October of the same year, the Jamaica Teachers' Association Co-operative Credit Union Limited was registered as a Credit Union under the Co-operative Society Act.

At that first historic meeting of the Credit Union, 167 persons were admitted to membership, with a share capital of $2000. Fifty-two (52) district associations were established and a mandate given to develop a branch in each district.

The JTACCUL grew rapidly and by 1960, the membership increased to over 1000 and the share capital to $52,000. In addition, by 1977 the JTACCUL was the largest Credit Union in Jamaica with 10,000 members and $7.5m in share capital.

Early Days
Mr. W. S. A. Johnson, a teacher at the Wait-A Bit School in Trelawny has the distinction of being the man to move the resolution to bring the JTA Credit Union into being. Mr. D. C. Gascoigne, a teacher at Kings All Age School in Westmoreland, seconded the motion at the Conference of the Jamaica Union of Teachers in January 1959. The Credit Union was brought into being as a central unit designed to meet the needs of all teachers.

Pioneers

From the beginning, the JTACCUL has been blessed by the strong leadership of the founding fathers, volunteers and committees, contributing much to the building of a strong and viable entity.

 

Scenes from the Credit Union's
25th Annual Anniversary celebrations.

  

Mr. Desmond C. Gascoigne, a founding father, later became the first president of the Credit Union and served in a number of roles, including as a volunteer on the Board of Directors, for a total of twenty-eight years. Mr. Gascoigne also served as the General Manager, a post he accepted in April 1977. Among the other early stalwarts of the Credit Union were Myrtle Irving, W. S. A. Johnson, C. L. Stuart and G. W. Little. In addition, the other presidents were the late Isaac S. W. Henry and the late Rev. U. C. Wolfe, W. Titus and R. K. Ellis. All made outstanding contributions to the growth and development of the Jamaica Teachers' Association Co-operative Credit Union Limited.

>>HIGHLIGHTS OF STAFF & VOLUNTEERS

Human Resource is the most valuable asset any organization can have. At JTA Co-operative Credit Union, we value our volunteers and staff highly. They have helped the organization to grow and develop over its forty years of existence and we owe them a wealth of gratitude.

First Board for J.T.A. Co-op Credit Union Ltd.
The first Board of the Credit Union was formed in July 1959 and comprised five members. They were as follows:

Mr. D. C. Gascoigne President
Mr. C. L. Stuart Vice President
Mr. W. S. A. Johnson Treasurer
Mr. G. W. Little Secretary
Mr. D. A. Samuels Director

In 1961 the Board was increased from five to seven during which time Rev. U. C. Wolfe and Mr. W. A. Titus became members of the Board.

District Branches
District Branches were established to provide service to the members island-wide. A minimum of ten members formed a District Branch. A functional District had to be commissioned by the Board of Directors and each would name a delegate to represent the District at the Annual General Meeting. Each District had a Credit Committee, which vetted loan applications, and these were sent to the Board of Directors to be acted upon.

First Manager for JTACCUL
A full time Manager of the Credit Union was appointed due to the workload. Mr. G. W. Little, Treasurer, became the first Manager in 1961.

Managers over the period:

Mr. G. L. Little 1961-1974
Mr. Lemuel Lindo 1974-1976
Mr. Keith Hall 1976-1977
Mr. Desmond Gascoigne 1977-1987
Mrs. Barbara Gascoigne (nee Oxford) 1987 - present

First President becomes Manager
Mr. Desmond Gascoigne resigned as President and assumed the position as Manager on 1st April 1977. Prior to becoming Manager he was the only Regional Officer and almost single handedly increased membership and shares. Under his management much was accomplished.

1. Branches were established island-wide
2. Computerization
3. The development of the Planning & Implementation and Evaluation (PIE) sessions
4. Annual General Meetings were held.
5. There was a tremendous growth in shares, loans and membership.
6. Staff growth and development improved.
7. The membership grew from 165 to 17,500. Shares grew from $4,000 to $30,000 and loans from nothing to $32,000,000.

Scenes from the Credit Union's
25th Annual Anniversary celebrations.

The Presidents over the years are as follows:

Mr. D. C. Gascoigne 1959 - 1977
Mr. S. W. Isaac-Henry April 1977 - Sept 1977
Rev. U. C. Wolfe 1977 - 1984
Mr. W. A. Titus 1984 - 1987
Mr. R. K. Ellis 1987 - present

The Board of Directors had to be increased from 7 to 15 to help monitor the branch network and the fast growing organization and, more importantly, for membership representation island-wide.

The present Board comprises 15 members; the Supervisory Committee, 6 members; and the Credit Committee, 5 members.

Volunteers are elected at an Annual General Meeting. The Board of Directors' term of office is 3 years; the Credit Committee's, 2 years; and the Supervisory Committee's, 1 year.

For the purpose of representation, the island is divided into five (5) regions as follows:

Region 1 Kingston, St. Andrew and St. Catherine
Region 2 Portland and St. Thomas
Region 3 St. Mary, St. Ann and Trelawny
Region 4 St. James, Hanover and Westmoreland
Region 5 St. Elizabeth, Manchester and Clarendon

At least two (2) directors represent one region, and five (5) are at large. Nine of the 15 members are Executive Board and there are six officers.

The Executive Board meets monthly and the full board meets quarterly to review and act on the reports of the Credit Union. They have the general direction and control of the affairs of the Credit Union.

Supervisory Committee
The responsibility vested in this Committee guards the interest of the shareholders. They act as auditors by seeing to it that the policies of the Credit Union are not violated and that the operation of the Credit Union is transparent.

Credit Committee
The granting of credit is the responsibility of this committee. Loans which are above the Loans Officers' or designated officers' limits are acted upon by the Credit Committee and all loans acted upon become a part of the Credit Committee's record.

Other Committees
There are three committees, which comprise Board, Committees and Staff.

Finance Committee
This Committee monitors the financial aspects of the organization. It has been able to help to achieve financial success in the maintenance of the organization and increase in surplus.

Promotion and Education Committee
This Committee helps to monitor the promotion of products/services and the education of the membership.

Delinquency Committee
The committee monitors the delinquency aspect of the loan portfolio and has been able to achieve success. The delinquency ratio is one of the lowest in the Movement.

Management and Staff
Presently, there are five (5) divisions with a complement of 74 staff broken down as follows:

  • General Manager's Office
  • Administration
  • Banking Operations
  • Finance
  • Information Technology