GSB Co-operative Credit Union

rdf:langString GSB Co-operative Credit Union

rdf:langString GSB Co-operative Credit Union (previously known as GSB Clerks Co-operative Credit Union), one of the top ten credit unions in Jamaica, was founded in 1944 and registered in 1946. It is open to two groups: public-sector employees (and their families) and members of registered professional groups (and their families). Peter John O’Sullivan, a Jesuit priest who founded the Jamaica Co-operative Credit Union League and a number of credit unions) was instrumental in its development under its first president (D.V. Jerry Smith) and treasurer (S. Kellog Wilson). Wilson served briefly, and was succeeded in 1947 by Austin E. McClaren. Membership was first restricted to GSB clerks, excluding managers and executives of the bank and leading to a low influx of capital and a high demand for loans. Despite this, in 1950 GSB Clerks was the first credit union to accumulate £1,000 in deposits. In March 1948 its members amended the rules to include all civil servants, spouses, children and the staffs of statutory boards and public corporations. In 1997, as part of amendments to its bond its name was changed to its present name.