The JPS Employees Co-Operative Credit Union was born in March 1956 from a Provident Club which was run by JPS out of a genuine need to provide financial assistance to employees at reasonable rates of interest.
Employees contributed to this Fund from payroll deductions, primarily for use at Christmas and the funds were managed by the company. Prior to the establishment of this fund, employees who needed money, borrowed from two “in-house” usurers (Miss Bella & Mr. Warren) at very high-interest rates.
The Credit Union Movement which had been established in Jamaica by the legendary Roman Catholic Priest Fr. John Sullivan in 1941, had taken root in the island and JPS employees formed a study group of about thirty (30) to prepare the framework for the formation of the organization which would more effectively meet their financial challenges.
Meetings were held in the JPS auditorium at Orange Street with a high powered Credit Union Team which included now famous Credit Union personalities such as: Rev. Ossie Thortboum, Paul Chevannes, Tony Woods, Lorrell Bruce, Paddy Davis, and Keith Hall assisted by Fr. Lynch who travelled from Panama, “schooling” the group in the co-operative philosophy as well as the rules and regulations of the movement.
With members having confidently completed the necessary training and preparation, the Jamaica Public Service Employees Credit Union was registered as a legal entity in March 1956.