CREDIT UNION HISTORY
COPOS Credit Union has grown tremendously within its sixty-one (61) years of existence and has contributed to the growth of many of its members and by extension the economy of Trinidad and Tobago.
We started as the “Farrell Pumping Station Credit Union Co-operative Society Limited” on February 25th, 1958 with a membership of twelve (12) persons and total assets of sixty Dollars ($60.00). In 1967 a decision was made to include the families of employees as members which resulted in the organization’s name change to “City Council Employees Credit Union Co-Operative Society Limited”. However, in 1974 the bye-laws were amended to open membership to persons living around Port of Spain and environs which resulted in another name change to “City of Port of Spain Credit Union Co-operative Society Limited”. It took the society less than ten (10) years to grow to a share capital of ten million dollars ($10 M), total assets of eleven million, five hundred thousand ($11.5M) and membership to seven thousand three hundred and fourteen (7,314).
The recession of the late 80’s and early 90’s caused a decline in both the membership and total assets. Nevertheless, the resilience of the membership and the organization was apparent when the members converted the threat and used it as an opportunity to mandate and effect changes that would re-engineer the Credit Union as a profitable entity.
The restructuring facilitated the strategic growth that would follow:
Refurbished premises at the Port of Spain branch to promote excellent customer service
Automation of entire accounting facilities
A written Strategic Plan for the period 1993 to 1997
Development of new products and services
Dividend pay-outs (1997)
After a period of eleven (11) years, a one (1%) dividend was paid for the 1998 financial year. This was the beginning of the renaissance where further aggressive growth strategy was undertaken, with a new and improved planned system.
COPOS continued its growth in other aspects as we acquired the O’Meara Industrial and Community Credit Union Co-operative Society Limited. Consequently, effective January 2005 this organization was rebranded as COPOS Credit Union Co-operative Society Limited, located at #79 Pro Queen Street Arima. At present COPOS Credit Union has four (4) branches including the Head Office at #36 Pembroke Street Port of Spain, Arima at the previously stated address, Marabella at #235 Southern Main Road and Tobago at #23 Main Street, Scarborough. We also acquired our Visa International Debit Card in 2004 to further outfit our members with additional services.
Presently, our organization has over thirteen thousand (13,000) members and is categorized as a large Credit Union. Enduring the advent of changes in the financial landscape mainly new legislation, advancement in technology and new International Accounting Standards is evidence of our resilience in our quest to have…
“A COPOS member in every home”
Outstanding contributions during its existence:
Mr. Claudius Fitzgerald Clunes, founder /Treasurer of Farrell Pumping Station Credit Union Co-op Society Limited, February 25th, 1958
Mr. Austin Sanchez, first President of Farrell Pumping Station Credit Union Co-op. Society Ltd
Mr. Eric Phipps, first President of renamed City Council Credit Union Co-op. Society Ltd.- 1966
Mr. Carlos Belmontes, first President of the renamed City of Port of Spain Credit Union Co-op Society Ltd. – 1974
Mr. Niles Horsford, first President of the renamed “COPOS Credit Union Co-op. Society Ltd. – 2004
Other outstanding contributions of note to the organization:
Mr. Rudolph Richardson, Co-founder
Mr. Austin Sheppard, Board member
Mr. John Douglas, Board member
Ms. Beverly Nunes, Board member/Past President
Mr. David Marquez, Board member/General Manager