Overview: History & Present

 

Overview

Welcome to the G.U.T Credit Union, a financial
co-operative, owned and operated by its members.

This is what distinguishes the Credit Union from other financial institutions. Members put their money in a variety of savings accounts, and that money, in turn, is lent to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services.

We are governed by a Board of Directors that establishes and reviews policy. The Directors are credit union members who are elected by members and serve without pay. Every member has one vote, regardless of how much money he or she has on deposit.

 

Our History

In 1977, Mrs. Denise DeCoteau gave birth to the idea of the Grenada Union of Teachers establishing a credit union. The end result is history!

However, it was not until 1983 when a steering committee led by Thaddeus Mc Ewen, after months of diligent and untiring efforts in framing, reframing, refining and redefining policies and by-laws that the credit union finally became a reality. Thaddeus Mc Ewen was elected as the first president of the credit union.

On April 3rd 1983, the Grenada Union of Teachers Co-operative Credit Union Ltd was registered. It is worthy to note that 1983 was a critical and pivotal period in the history of our country. Therefore the birthing of a financial organization at that time was indeed a tremendous challenge.

The G.U.T Co-operative Credit Union Ltd was initially formed to serve teachers (Grenada Union of Teachers); however on the 15th April, 2004 the bond was opened up to serve salaried members of the general public.

Today, we have assets of over $50 million and our membership has grown to more than 7,000.

 

Statement of Commitment

As a member-owned, not-for-profit financial cooperative, G.U.T Co-operative Credit Union is committed to our members. We will uphold our fundamental responsibility to actively serve our members. We will treat all members with respect and dignity and we will offer consistent treatment to all members. Even though we offer savings and deposit products for all members, we will strive to deliver a range of other products and services to the diverse economic and social make-up of our members and potential members. We will continue to demonstrate, in all facets of operations, the value of membership in the G.U.T Co-operative Credit Union.

We will monitor and communicate our service to members in a meaningful way so that members, potential members, regulators, and the community at large will understand and appreciate the unique role that member-owned financial cooperatives play in their lives.

We will put forth every effort to assist our members to obtain the knowledge to become financially self-sufficient and successful. We will place high importance on consumer education and the teaching of financial thrift.

Remember we are Not for Profit, Not for Charity, But for Service' and is definitely “Where You Belong”.

 

The Credit Union Difference

When we talk about the difference between credit unions and other financial institutions, it's easy to say that credit unions offer good rates, low or no fees, and great service, but many financial institutions can make that same claim.

There certainly are some similarities. We both accept deposits and make loans, but that's where the similarities end.

What makes credit unions different?

There are some major differences between credit unions and other financial institutions. Credit unions are not-for-profit cooperatives. Once you join a credit union you are not just an account number, but a member/owner.

This partnership means that as the credit union prospers so do you. Instead of existing to make profits for a few shareholders, credit unions exist to serve their membership. The earnings surplus made are returned to the members in the form of better interest on savings, lower interest rates on loans dividend on equity shares, or low or no service fees and rebate on interest paid on loans.

 

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Directors & Staff

 

Staff of GUTCU

Name	Position	Office
Mr. Samuel Britton	General Manager	Main
Ms. Paula Mc Meo	Operations Officer	Main
Ms. Carmen De Rouche-Mc Lawrence	Manager's Secretary	Main
Mr. Marcus Purcell	Marketing Officer	Main
Mrs. Elsa Baptiste	Supervisor of Loans	Main
Mrs. Angela James	Senior Loans Officer	Main
Ms. Rachel Joseph	Junior Loans Officer	Main
Ms. Merlyn Hazzard	Securities/Recoveries Officer	Main
Ms. Jaqueline Salfarlie	Accounting Officer	Main
Ms. Karen Mapp	Member Services Rep..	Main
Ms. Donnlyn Telesford	Member Services Rep.	Main
Ms. Verna Knights	Receptionist/Member Service Rep.	Main
Mrs. Matonia Cox-Munroe	Officer in Charge	Grand Anse
Ms. Yonette Roberts	Member Services Rep.	Grand Anse
Ms. Alice Mc Queen	Officer in Charge	Grenville
Ms. Akesha Ettienne	Junior Loans Officer	Grenville
Ms. Sonja La Geer	Member Services Rep.	Grenville
Ms. Amoy Abraham	Office Attendant	Grenville
Ms. Kora Alexander-Mason	Officer in charge	Victoria
Ms. Naderia Crosby	Member Services Rep,	Victoria
Ms. Girlie Francis	Member Services Rep,	Carriacou
Ms. Myrthlyn Joseph	Business Development Officer	Carriacou

 

Click here for Committee Members Directory 2009-2010

 

 

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Information on Serving

 

Board of Directors

 

The main duties are:

To account to the members or stakeholders for the products and services of the organization and expenditures of its funds.

By providing for fiscal accountability, approving the budget and formulating policies related to contracts from public or private resources.

By accepting responsibility for all conditions and policies attached to new, innovative or experimental programs.

 

Credit Committee

The principal functions of the Credit Committee are to ensure that the Credit Union has a current loans policy and to ensure compliance with the policy.

 

Criteria to become a Credit Committee Member

• Member must be 18 years or older
• Must be a Citizen of Grenada
• Holds at least 100 shares-i.e. $500.00
• Has been a member of the Credit Union for at least 1 year
• Regular saver-at least $60.00 per quarter
• Is in good financial standing -not a delinquent borrower

 

Supervisory Committee

The Supervisory Committee is a statutory committee elected by the members in the Annual General Meeting to ensure that:

• The safety of the credit union's assets
• The effective management of the credit union
• Compliance with the regulations, bylaws and the Co-operative Act
• Good governance

They are the Internal Auditors of the Credit Union and perform similar duties to the Audit Committee.

Click here for Committee Members Directory 2009-2010

 

 

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