History

What Lies Ahead

As we move into our fourth decade of existence the Board and Management remain confident of the continued growth of the business. While the current slowing of the global economy is a cause for concern, with prudent fiscal management at the individual and institutional level, we will successfully navigate through this period of turbulence.

Toward this end, members are urged to be pragmatic in their borrowing habits and to ensure they do not commit themselves beyond their ability to respond. Our members are also urged to take advantage of our high yield savings products as a safety net to unforeseen occurrences.
During March of 2012, we also revised our Strategic Plan for the business for the next six (6) years. The plan underscores the need for the following:

  1. Increasing the services at all of our offices.
  2. Providing new services to meet the diverse needs of our membership base.
  3. Investing in new technologies such online banking, automated teller machines and loans via the internet.
  4. Continuing to serve the under served in our Family Island Communities.

Together over the past three (3) decades, we have built a strong, viable financial institution that is not only the finest of its type in this country, but also one that is a model for the rest of the region. With the continued support of our members, we stand poised to catapult this great institution of ours into the next three (3) decades and beyond.

Our focus remains the same since our inception, "People helping people to help themselves".

Our watch words: Safety and Soundness.

"We Are Big Enough To Serve, Small Enough To Care"

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About Us

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's 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.

In February 1982, the name of the Credit Union was changed from Bahamas Union of Teachers Co-operative Credit Union Limited to Teachers and Salaried Workers Co-operative Credit Union Limited (TSWCCUL), opening the membership bond to all persons employed in The Bahamas. Once a person is earning a salary, they are eligible to join.

Timeline

Teachers and Salaried Workers Co-operative Credit Union Limited has experienced tremendous growth during the past thirty-seven (37) years:

  • In October 1982, Total Assets surpassed the One Million Dollars ($1,000,000.00) mark.
  • During the nineties ('90s) TSWCCUL sought to expand its operations and benefits to the Family Islands, opening branches in Marsh Harbour, Abaco in 1992 and Freeport, Grand Bahama in 1997.
  • In 1998, a $3.5 million Administration Building was opened at the junction of Independence Drive and East Street. This building was featured on a special commemorative stamp issued in June 2000 in recognition of the 25th Anniversary of the Co-operative Movement in our country.
  • Over the past five years our business has grown at an average annual rate of 15.2%, outstripping all other Societies in the Sector and the overall Bahamian economy which on average, over the same period, grew at approximately 4% annually.
  • May 2010 marked the official opening of Teachers and Salaried Workers Co-operative Credit Union Business Complex in Nassau adjacent to our Head Office.
  • At the end of 2013, the credit union grew by 8.17% as total assets increased by $12,969,847 from $158,825,330 at the end of 2013 to $171,795,177. Our net loan portfolio also grew by some 1.03% from $99,913,638 at the end of December 2012 to $199,942,819 at December 2013.