Our Credit Union- How It Started
In the spring of 1966, a number of West Indians, residents of Croydon recognised the need for a self-help financial organisation. They had learnt about, and were impressed by, the actions of some other West Indians living in Hornsey, North London who, in 1964, had set up the first Registered Credit Union in post second world war Britain.
Following numerous meetings and long hours of debate, a working party some- ex-servicemen- was formed with the responsibility to establish a credit union in Croydon within a year. The working party threw themselves into the task, started a savings club and set a target of 100 members and £100.00 in shares before registration. The idea behind the target was that a minimum of 100 individuals should express a willingness to commit by the simple act of saving £1.00 each, thus creating a pool of £100.00 to start the credit union. These targets were reached in early 1967; thanks to the determination and hard work of the early pioneers.
An application was made to the Registrar of Friendly Societies for the authority to operate a credit union. A Certificate was granted on 28th April 1967; Registered Number 17933R. Croydon Co-Operative Credit Union (as we were then known) was born, empowered to commence business. Signatories to the application were: Leo Aldred, Henry Goffe, James Barnett, Karl Hall, Dorian Herbert, Alvin Walters, Charles O’Connor and Manley Coke.( First Secretary)
Audited accounts for the period MAY to DECEMBER 1967 showed savings to have reached £821.00, loans granted to ten(10) members totalled £680.00. The first loan applied for and approved by the Credit Committee was for £10.00 SO we BEGAN. And here we are in 2024 celebrating 57 years of the credit union.
