TECU Credit Union Co-operative Society Limited was founded in 1946 by Fr. Maurus Maingot O.S.B., Parish Priest of St. Peter’s R.C. Church, Pointe-a-Pierre.
Fr. Maurus Maingot, O.S.B along with eleven (11) employees of the then Trinidad Leaseholds Limited (T.L.L) including Mr. T. Malcolm Milne, a prominent legal luminary, formed the St. Peter’s Credit Union which, was renamed the Pointe-a-Pierre Credit Union. Its bond emanated from the employees of Trinidad Leaseholds Limited.
The St. Peter’s Credit Union was officially registered on 2nd January 1947 and its office was at the St. Peter’s Church Presbytery. Its first Annual General Meeting was held on 13th January 1947.
Duly elected officers were:
- President: Mr. Clyde Camps
- Vice-President: Mr. Jacques Leotaud
- Secretary: Mr. Samuel Byam
- Treasurer: Mr. Carl Camps
The Credit Committee was constituted in May 1947 and by June 1947; the Credit Union began granting loans to members. By December 1947, 70% of the Credit Union’s capital was made available for loans.
Education of the membership about the nature of Credit Unions and what they were meant to achieve was done through publications in T.L.L’s Safety Magazine because of the close ties between the members of the Credit Union and the Company. Leaflets were also circulated among the employees, detailing the services and activities of the Credit Union.
As the membership and business grew, it was recognized that the Church’s premises were inadequate for the Credit Union’s activities. T.L.L. responded positively to the request for space and a building next to the Labour Office was identified. The Credit Union relocated to its new office in July 1953 and conducted business there until August 1985. In 1957, the landmark share capital figure of $500,000 TTD was achieved.
After several attempts, an Education Committee was duly appointed in August 1957. Educational Films became a staple activity at this stage and later on, lectures, induction meetings and developmental workshops were introduced. The Credit Union’s publication, “THRIFT”, came into being and has since developed into the current “TECU NEWS”.
In 1961, the Credit Union, realizing the needs of its members for housing, embarked on the first housing project at Sum-Sum Hill, Claxton Bay, aptly named the Maingotville Housing Project. This real estate venture was much welcomed and appreciated by the members and was later followed by acquisitions in areas such as Mayaro, Balandra, Otaheite and Tobago, to name a few. At this point the Credit Union also registered assets of $1.1 M. and shares at $950,000.00 TTD.
Another development took place in the early sixties. The sponsor company, T.L.L. was acquired by Texaco Inc. and subsequently in 1963 the name of the Credit Union was changed to Texaco Employees Credit Union Co-operative Society Limited. The name underwent a further change in 1984, becoming TECU Credit Union Co-operative Society Limited, its current name.
The Credit Union continued to grow in all areas: membership, asset base, shares and loans to members. It was soon evident that the Credit Union would need a home of its own. Lands were purchased in Marabella and in August 1985 ‘TECU HOUSE’ was formally blessed, opened and occupied. Members now had something substantial with which to identify. New services were introduced to meet members’ needs such as Travel and Insurance Agencies. A special Retirees’ Fixed Deposit portfolio was also introduced.
In recent years, TECU has focused its efforts on youth development. Bursaries have been established for SEA students as well as students embarking upon tertiary education. Moreover, recognizing the need for follow-up and encouragement, a “Success Club” has also been organized.
Where are we today one may ask? Growth, sometimes phenomenal, has continued apace. This has led to the opening of branch offices in Couva in 2003 and Point Fortin in 2006.
The hard work, dedication and commitment of staff, officers and committee members have not gone unnoticed or unrewarded. One of the more influential Presidents has been Mr. John C. Gomes, serving for over 27 years as President and much more as an officer.
TECU is now considered one of the leading Credit Unions in the country if not in the region. Evidence of this is manifested in the numerous awards and commendations received over the years.
In the year 2016, TECU celebrated 70 years of Platinum Service to its members.