LUCEA, Hanover – THE Hanover Co-operative Credit Union (HCCU) has recorded the fastest growth in savings in the first quarter of this year throughout the credit union movement islandwide, according to President of the Jamaica Co-operative Credit Union League Derrick Tulloch.

“Hanover Co-operative Credit Union has seen the highest growth in savings in the entire movement in Jamaica for this quarter. A 13 per cent growth is what is normally seen over an annual basis, and they have achieved this in less than three months,” he said.

“On a national basis last year, our average growth in saving was approximately 10 per cent for the movement,” he said.

Hanover Co-operative Credit Union’s membership currently stands at 30,625.

According to a Statistical Institute of Jamaica (STATIN) census, in 2011 the parish of Hanover had a population of 69,533 people.

Tulloch, who was speaking with the Jamaica Observer West following the recent official opening of the newly constructed building to house the credit union, argued that Hanoverians have placed their confidence in their own financial institution.

“One of the things is that the new building in Lucea has made a significant difference,” he said.

“People have confidence in that they are part owners of this organisation and the imminent closure of Scotiabank [Lucea branch], has led to more people bringing their savings here, because they see it as safe, sound and secure,” he added.

Earlier this year, Scotiabank announced that it would close its Lucea branch on May 22, adding that customers’ accounts will be transferred to the Negril branch, a distance of roughly 24 miles.

Mayor of Lucea, Wynter McIntosh, in his presentation at the opening ceremony, encouraged Hanoverians to join “this our own indigenous, home-grown, foundation bank”.

And Sandra Brown, HCCU’s operations manager, noted that in recent weeks many people have been reactivating their accounts and purchasing new products.

“I realised that some persons came in with dormant accounts, some did not use it for years, and we realised that they are coming in now,” said an elated Brown.

An equally impressed Jennifer Taylor-Wilson, general manager of the HCCU, pointed out that she is getting rave reviews, mostly from business operators in the parish, to the opening of a drive-through teller, a first at a financial institution in Hanover.

Meanwhile, Prime Minister Portia Simpson Miller in delivering the main address, argued that the HCCU is a major participator in western Jamaica’s financial sector, as she lauded its founder Enid Watson-Gonsalves.

“Mrs Enid Watson-Gonsalves has contributed much to this town, this parish and Jamaica. Today after 40 years of existence, Hanover Co-operative Credit Union which she founded lives on as one of her lasting legacies,” Simpson Miller stated.

She also commended the HCCU for its continued support to schools in the parish.

“I want to thank you for your support. The education of our children must be a community effort and a national mission that involves all of us at every level,” she said.

Paulette Kirkland of the Department of Co-operatives and Friendly Societies, meanwhile, assured Hanoverians that with the credit unions’ rigid internal controls and safeguards in place, “the BOJ [Bank of Jamaica] has nothing to worry about from the HCCU, and neither has the Department of Co-operatives and Friendly Societies”.

In the summer of 1974 Watson-Gonsalves conceived the idea of establishing a Christmas Partner Club, involving a number of her friends.

The overwhelming success of the partner evolved into the HCCU, which was registered on March 21, 1975, by the Department of Co-operative and Friendly Societies. At that time, the business of the credit union was conducted at Watson-Gonsalves’ residence in Malcolm Heights, Hanover.

She served as secretary/treasurer for the HCCU for 12 years.

A retired principal of the Lucea Primary School, Watson-Gonsalves at the time of her passing five years ago, was the acting custos of Hanover.