Caribbean Financial Network

Teachers and Salaried Workers Credit Union

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In 1976. The Bahamas Union of Teachers Executive Committee sought to investigate ways and means of propelling the membership towards greater financial security and economic stability. Presented with this alternative, the Credit Union' idea, they explored the philosophy: "People helping people to help themselves." Being satisfied that this was the way forward, the executive drafted the necessary Bye-laws embracing the Credit Union Philosophy. Application for registration was made to the Department of Co-operative Development in 1976. On February 14, 1977, The Bahamas Union of Teachers Co-operative Credit Union was officially registered under the Co-operative Societies Act of 1974. We started with twelve (12) members and in April 1977, the first deposit of Ninety Dollars ($90.00) was made to the Credit Union's bank account. Four months later, the first loans were made to members.

The Bahamas Cooperative League Limited

"People Helping People To Help Themselves"

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The first group to be registered under the new legislation was the National Women’s Co-operative Society Limited with the aim of providing housing for members. The registration date was January 10, 1975. Prior to this time there had been sporadic attempts to form co-operatives. One of the earliest was in the 1940’s when the late Fr J. P. Sullivan helped establish a credit union at St Francis Xaviers Cathedral that was active until the early 1960’s. In 1954 a community coconut farm was established at Fernandez Bay on Cat Island whose vestiges are still evident today. Also in the 1950’s a government-sponsored Madeira tree plantation was set up at Dean’s to harvest timber for furniture-making. This farm was also abandoned. In 1963 Rudolph Burgzorg was instrumental in forming NEED (for National Education and Economic Development) which was registered in 1965 under the Companies Act by the late labour leader and parliamentarian Sir Randol Fawkes. In 1967 Burgzorg, together with King and Shirley Nixon, Tony Christie, Anthony Carey, Stephanie Carey, Peter Galanis, Arthur Richardson, Chalam Miller, Peter Bowe and Clement Maynard, formed the first co-operative food store located on Palm Tree Street. This venture closed in 1970. “ I was, and still am, thoroughly convinced that cooperative democracy is the kind of economic activity that Christians should pursue,” Mr Burgzorg wrote in a recent account. “So I decided to make an effort to form a consumer co-operative society. It was on our recommendation and continued prodding that the government decided to enact co-operative legislation.”

The Bank of Nevis

"Improving the Quality of LIfe"

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The Bank of Nevis Ltd was the brainchild of Dr. Simeon Daniel, former premier of Nevis. The Bank was incorporated on August 29th, 1985 under the laws of the Federation of St. Christopher and Nevis; however, the Bank opened its doors for business to the public on December 9th, 1985. This was just two years after Nevis had been granted new powers under the new independence constitution of the Federation of St. Christopher and Nevis. The Bank was created out of a desire to provide banking services to the local community with the hope that this would assist with the development of the island’s economy. It is for this reason that The Bank adopted the motto ‘Improving the Quality of Life’. Ideally located in the heart of the capital, Charlestown, The Bank of Nevis Ltd offers comprehensive services including a variety of deposit accounts with attractive rates of interest, credit and debit cards and loans. Other services include ATM services, online banking, brokerage services, merchant services and foreign exchange purchases and sales. Beginnings were humble: simple accommodation, a staff of five, and capital of approximately $250,000. The environment was competitive with five banks, each having offices or branches in Charlestown. Over the years, The Bank of Nevis Ltd has grown to provide banking services not only to the people of Nevis but also to the Federation and the world at large.

The Communal Cooperative Credit Union Limited

"A Whole New Experience!"

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St. George's
The World Council of Credit Union selected Communal and another Credit Union in St. Patrick’s, to pilot a project aimed at the development of the movement in Grenada. This project led to the amendment of by-laws, introduction of stricter loan collection policies, the introduction of lending for small enterprises and changes to internal regulations and controls Communal’s Empowerment Skills Training Programme for members was initiated by the late General Manager, Mr. M. Brian Campbell. This Programme aims at developing new skills in our members.

The Grand Bahama Co-operative Credit Union Limited

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Grand Bahama
GBCCU is the only community based credit union in the Bahamas! Community based means that members may joined solely by being a resident of The Bahamas! We have proudly served the residents of Grand Bahama for 39 years.

The Harbor Bank of Maryland

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Harbor Bank of Maryland opened its doors in September of 1982 with $2.1 million in assets. As of December 31, 2016, Harbor Bank's assets were $254 million. The bank conducts general banking business in six branch locations and primarily serves the Baltimore, Maryland Metropolitan area. The Harbor Bank offers checking, savings, time deposits, credit cards, debit card, commercial real estate, personal, home improvement, automobile, and other installment and term loans.

The JMMB Bank

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Kingston 10
Twenty-eight (28) years ago, our cofounder, Joan Duncan, had a vision to create a financial institution that honours each person and provides opportunities for individuals to fulfil their financial goals and dreams. Her unique vision was grounded in her core beliefs that there is greatness in every human being; and in the power of unconditional love to release that greatness. It is those same beliefs that, to this day, still motivate the JMMB Group to honour each person and to have the best interest of all at heart. We invite you to join the JMMB family and experience love and realise the greatness within, as we help in the achievement of you and your family’s life goals. JMMB is an integrated financial services provider who is committed to showing heart-to-heart connections and providing genuine, caring relationships, as we proactively deliver personalised financial plans that offer access to our wide range of financial solutions, including banking and investments. We currently partner with 283,000 clients, and their families, and we also want to be your Financial Life Goals Partner, holding your hand and coaching you along the journey towards your goals.

The Public Workers' Co-operative Credit Union Limited

"Building, Moving, Growing"

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Under the presidency of Mr. Arlington Miller, the Bahamas Public Services Union (BPSU) saw the need to assist in making life better for its members. It was felt that this concept could be achieved through the establishment of a credit union. The officers of the BPSU met in 1979 and formed a Steering Committee, consisting of the following persons: Mr. Arlington Miller- Chairman; Mr. William McDonald- Vice-Chairman; Mr. George Lafleur- Trustee; Mrs. Gertrude Rahming- Treasurer; Mr. Patrick Ingraham-Secretary; Mrs. Juliette J. Barnwell-Assistant Secretary; Mr. Basil Sears-Trustee and Mr. Edward Gardiner-Trustee. The Steering Committee spent many hours with Mr. Roosevelt Finlayson, Director of Co-operatives, in formulating the bye-laws of The Credit Union. After the bye-laws were completed, an application was made to the Department of Co-operatives for registration of The Public Workers’ Co-operative Credit Union Limited, whose bond would encompass all Government employees and Government Boards and Public Corporations. The Public Workers’ Co-operative Credit Union Limited was registered on December 28th, 1979 and presented with its Registration Certificate in February 1980. At the time of its registration, forty-four persons had signed up to become members.