NAME OF FEATURE | THE GLEANER | WEDNESDAY, SEPTEMBER 27, 2023 4 of these loan sharks, it was impossible to extricate oneself. In many instances the rate of interest charged by a loan shark was in the region of 200 per cent per year. The rates were so exorbitant that they could not pay off the interest on the loan, much less the principal. In the 1930’s Father Sullivan along with 14 of his associates took up this cause to right the financial injustice being metered out to Jamaica’s lower class. Father Sullivan and his associates studied the mechanism of the Credit Union Movement which was launched 93 years before in Germany. And, in 1941 they translated theory to practice. This movement would give the modest people of Jamaica a chance to save their money as well as a chance to barrow money at a lower interest rate (much less that the prevailing bank rates). Later, Lascelles Employees Cooperative Credit Union was formed in June 1968, at 14 ½ Port Royal Street, Kingston. This was chaired by Mr. Mario Kirkcaldy who was later elected as President. It began with 50 members from Lascelles deMercado & Company, Lascelles Shipping, Lascelles Distribution and Lascelles Merchandise. By October of the same year 194 members were on the register with new members from Western Terminals, Lascelles Laboratories, AJAS and Transportation Agencies. Over the years the credit union has grown through amalgamations with the following: 1. John Crook Credit Union 2. Carreras Staff Credit Union 3. Nestle Jamaica Co-operative Credit Union It’s been an incredible journey, filled with growth, trust, and unwavering dedication. From humble beginnings to where we stand today. A Credit Union, a pillar of financial support and community empowerment. This anniversary is a testament to the hard work and commitment of our incredible team (Board, Volunteer Core, Management, and staff) who have always gone above and beyond to serve our members with a smile. We owe our success to their unwavering dedication as well as the trust our members have placed in us. As we reflect on the past, let’s also look to the future. Lascelles Employees & Partners Co-operative Credit Union remains steadfast in our commitment to providing innovative solutions, personalised service, and financial empowerment for all. We will continue to adapt and evolve to meet the changing needs of our members, ensuring that we remain a trusted partner in their financial success. We also ask God to continue to give us his richest blessings. Thank you! LEPCCU 55TH ANNIVERSARY FEATURE Lascelles Employees and Partners Co-operative Credit Union As we reflect on the past, let’s also look to the future. Lascelles Employees & Partners Co-operative Credit Union remains steadfast in our commitment to providing innovative solutions, personalised service, and financial empowerment for all. We will continue to adapt and evolve to meet the changing needs of our members, ensuring that we remain a trusted partner in their financial success. We also ask God to continue to give us his richest blessings.
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