The History of GSB

GSB CO-OPERATIVE CREDIT UNION LIMITED
A LEGACY OF TRANSFORMATION

On October 26th, 1944 22 members of staff of the Government Savings Bank met, to study the rules of the Co-operative Movement as a positive response to the urging of the Jamaica Co-operative Credit Union League, with the aim of founding a Credit Union.

GSB Clerks Co-operative Credit Union was thereafter formed and registered on July 2nd, 1946 under the Industrial and Provident Societies Law.

THE GENESIS
The first meeting of the Board was held on July 25th, 1946 and by the end of that year the credit union had recruited 62 members. Although the Credit Union was designed specifically for the interest of the clerks of the Government Savings Bank, the name could not be associated with the bank. “GSB” was used alongside with “clerks” – i.e. GSB Clerks Credit Union Limited.

In the early years, the Credit Union was housed in a small area at the back of the Government Savings Bank Building on Peters Lane and was managed by the first President of GSB, D.V. “Jerry” Smith, ably assisted by the first Treasurer, S. Kellog Wilson who served for a short while to be succeeded in 1947 by Austin E. McClaren, who, as Treasurer, was very instrumental in the development of GSB.

A GUIDING LIGHT
The formative years were a very trying period as the entire Credit Union movement was in its infancy. Fortunately, however, there was much guidance from the likes of Father John O’Sullivan, A Roman Catholic Jesuit priest who founded the Jamaica Co-operative Credit Union League. Back then, membership was restricted to the clerks of GSB, excluding the more affluent managers and executives of the bank, hence the inflow of funds were measured and the demand for loans great. Despite all this, GSB Clerks was the first credit union to accumulate £1,000 in deposits in 1950, which was cause for great celebration.

The members of GSB Clerks saw the need to amend the rules to allow all civil servants to be eligible for membership and a subsequent amendment in March 1948 further broadened the membership bond to include spouses and children and staff of the Statutory Boards and Public Corporations. In 1997, in accordance with the various amendments to the bond, the name was changed to omit the word “Clerks” to now GSB Co-operative Credit Union Limited.

ALL INCLUSIVITY
Over the years GSB’s bond has been widened to include brothers, sisters, nieces, nephews, aunts and uncles and parents of members. GSB was the first credit union in Jamaica and the Caribbean, to engage the services of the international body CUNA Mutual Insurance Society – in 1950, to provide the now standard protection for members’ savings and loans. In 1954 the credit union rented offices at the Teachers Mutual Aid Society Building located at 28 Duke Street and moved to that location, hiring Horace Abrahams as the first General Manager of a credit union in Jamaica. In the late 1960’s the office was relocated to the residence of Canon Walter Brown of the All Saints Anglican Church which was later reconstructed to that of the building which currently houses our Head Office and main branch located at 10 East Avenue, Kingston Gardens and was officially opened for business in 1974. The building was since renamed in memory of our first President – D.V. “Jerry” Smith in 1986.

ACQUISITIONS
GSB later acquired the portfolio of the neighbouring Metropolis Cooperative Credit Union (formerly Lands Clerks Co-operative Credit Union Society) in December 1999, with a membership of 1,862. Continuing in this growth mode, GSB acquired the assets of the Kingston and St. Andrew Credit Union in June 2003 along with some 500 members. In June 2001, GSB decided to spread its wings and extend its distribution to an office at 20 Dominica Drive, New Kingston, which houses the first fully fledged branch office of the credit union. This branch operates as a full service location for all members and those wishing to become members.

As at June 2007, GSB had 23,984 members serviced by a compliment of over 70 staff members, delivering a wide range of products and services to ably suit our members’ sensitive and specific needs.