In 1984, a group of co-workers led by Mr. Clyde Boyce and inclusive of Mr. Peter Mc David, Mrs. Judy Charles, Mr. Michael Hunte and Mr. Arthur Benjamin Friday to name a few belonging to the Maintenance Training and Security Company Limited (“MTS”) had a vision. This vision was to create an opportunity to promote thrift among the employees within the organization. On July 7, 1984, this vision became a reality with the incorporation of the MTS Employees Credit Union Co-operative Society Limited with a membership of ninety-seven (97).
Within the first ten (10) years, the MTS Employees Credit Union continued to make great strides including the computerization of its operations and the introduction of the Christmas Box Loan facility. With such advancements, membership grew to over twelve hundred (1200) persons with an Asset Base of TTD Thirteen Million (TT$13M).
In 1999, CUNA Caribbean Insurance Limited introduced MTSCU to the Family Indemnity Plan. The plan sought to assist members with the final expenses associated with the death of a loved one. As part of the market penetration strategy, MTSCU embarked on a drive to increase membership through a share savings plan. The competition’s grand prize was none other than a brand new Mitsubishi Lancer motor car. The promotion served its purpose – membership grew!
The year 1999 also marked the formulation of the Society’s mission statement:
M.T.S. Credit Union will provide the Conditions for the full development of our members and family through the provision of sound financial, social, educational and other services whilst upholding the highest co-operative principles.
In 2007, the entire team was sent on a retreat to the Asa Wright Nature Centre to strengthen interpersonal relationships.
In 2008 Insurance Coverage for members with the CUNA Caribbean Insurance Company Limited was increased from share coverage of TTD Fifteen Thousand (TT$15,000) to TTD Thirty Five Thousand (TT$35,000) and loan protection from TTD Seventy Five Thousand (TT$75,000) to TTD One Hundred and Fifty Thousand (TT$150,000). The Society also launched its Kiddies and Youth Arm accounts as a way to encourage thrift among the children of members as well.
In keeping with MTSCU’s focus on education, the Society widened its range of Educational Awards to include awards for excellence at the Caribbean Secondary Examination Council and Tertiary levels. Membership at the end of 2008 stood at 4,420 persons with an Asset base of TTD Forty-Seven Million (TT$47M) and Loan portfolio of TTD Forty-Two Million (TT$42M).
The year 1995 saw the decision to open MTSCU’s bond to the public and an accompanying name change to MTS Credit Union Co-operative Society Limited (“MTSCU”). This enabled the Society to target members outside of the realm of the employees of the Parent Company and allowed ex-employees to retain their membership.
In that same year, MTSCU realized the need to provide benefits to members’ children. This was done by granting awards to five (5) members’ children who were successful in the then Common Entrance Examination. Continuing along this growth path, that year the Society acquired its own building. This building was renovated and fully operational by 1996.
In 2001 and 2002, the Society was given the award for greatest percentage growth in membership by the Stabilization Fund and also the award for most Family Indemnity Plans sold from CUNA Caribbean Insurance Limited.
Owing to the foresight and imagination of a continuum of leaders, MTSCU was able to realize an asset base of TTD Twenty Nine Million (TT$29M), Share Capital of TTD Twenty Three Million (TT$23M) and membership in the amount of three thousand two hundred and seventy one (3271) persons. In the years following, the Credit Union continued to grow and expand its boundaries in the areas of finance, education, technology and community initiatives. Great emphasis was placed on equipping staff to better serve membership. Training plays a significant role within the Society.
By 2010, twenty six (26) years after its inception, MTSCU took the decision to embark on a re-branding initiative. This project was initially launched in 2007 when the governing body of the Credit Union reviewed its strategic direction. The view held was that while the Society made great strides and experienced some level of growth and expansion under the MTS brand, the time had come to establish its own brand and identity to re-position itself in the competitive financial services environment.
At the beginning of 2009, members were invited to participate in the re-branding process through the submission of entries for a new name, logo and tag line. Unfortunately, after careful scrutiny by the re-branding committee, none of the submissions were chosen. The Board of Directors, Committees and staff members then joined the mix by partaking in a brain storming session. The afternoon proved to be fruitful, however the process continued. A researcher was outsourced to test the submissions along with new ones to test the responsiveness of members and non-members alike. The end result of this process was the re-branding of MTSCU to Progressive Credit Union Co-operative Society Limited (“Progressive”) with the enthralling tag line “Your Achievement, Our Goal”.
To provide financial services, applying co-operative principles in an environment of integrity, passion and commitment.
To empower our members to improve their lives.
Progressive Credit Union is passionate about delivering an efficient and reliable service.