TSWCCU Teachers & Salaried Workers Co-operative Credit Union

Teachers and Salaried Building







This credit union was formed by the Bahamas Union of Teachers in 1977. Founding leaders included A. Leonard Archer, A. Jillian Wells, Melbourne Wells, Cedric Parker, Warren Seymour, Gregory Austin, Cecil N. Curling, Eris Moncur, Hugh Campbell and Ralph Johnson. In 1982 the credit union hired Mel Wells as its first manager. The Teachers Credit Union (as it was then known) adopted its current name, and moved out of the BUT building to new premises on Jerome Avenue. By 1985 all of the credit union's accounts were computerized, membership passed 1,000 and assets totaled more than $11 million. During the 90's, the TSWCCU sought to expand its operations and benefits to the Family Islands, opening branches on Grand Bahama and Abaco.

By 1994, total assets were in excess of $28 million. Today, the credit union has assets of $61 million and more than 8,118 members. In 1998 a $3.5 million purpose-built administration building was opened in Nassau at the junction of Independence Drive and East Street. This building was featured by the Bahamas Post Office on a special commemorative stamp issue in June, 2000 in recognition of the 25th anniversary of the co-operative movement. Services now include consumer loans, savings accounts, mortgages, individual retirement accounts, dividend reinvestment accounts, Christmas and Vacation Club accounts, term deposits, credit cards and confidential financial counseling. Increasingly, members are using credit union financing to establish or grow their small businesses.

The TSWCCU is a community credit union with membership open to all salaried workers in the Bahamas. The credit union also offers mortgages to qualified members. In December 2000, the credit union sponsored the CR Walker school co-operative to help promote the growth of youth co-operatives Women’s Co-operative Society Limited with the aim of providing housing for members.






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