Expansion on the horizon - ECU standing firm

This was made clear on Friday night by president Lennox Marcelle at the organisation’s 32nd pre-annual general meeting held at the Eric Williams auditorium, La Joya.
Marcelle claimed the credit union has grown, and is growing stronger.

To prove his point, Marcelle told his listeners ECU has assets of more than $700 million and a membership of 116,589.

“In our 32 years of existence, we have sustained ourselves and have grown tremendously over the period, in a competitive financial and economic environment.

“In addition to internal efforts on the part of our founding members and leaders over the years, there was a facilitating co-operative development policy and encouraging fiscal support facilities, especially during the period of national economic decline,” said Marcelle.

He noted that the organisation operated from eight locations in Trinidad — St Joseph, Port-of-Spain, San Juan, Tunapuna, Arima, Sangre Grande, San Fernando, and most recently Marabella.

Eastern is soon to launch a ninth branch in Chaguanas, and plans for a Tobago branch are also on the drawing board. Marcelle said ECU has undergone a transformation process during the past five years.

“This process has been painful, but necessary. We have closed down divisions; we have re-organised divisions; we have leased out services, we have created a company primarily to hold property and to develop housing and other services for the benefit of members,” said Marcelle.

By 2007, La Joya West will see construction work started on a modern “condotel/training resource centre.”

Marcelle said ECU has become the first credit union to sponsor a steelband now known as Eastern Credit Union Pamberi.

“We are proud of this because in sponsoring Pamberi, we have given back to the community of our birth — San Juan and environs.

“Eastern is determined to return to the basics of credit unionism, and through intensive engagement in the community,” he said.

On Mother’s Day, May 14, ECU will become the first non-banking institution to join Linx, said Marcelle.