About Us
Why Choose St. Mary's Credit Union
In today's fast-paced and ever-changing financial landscape, choosing the right financial institution to meet your needs is crucial. St. Mary's Credit Union stands out as a trusted and reliable partner that puts its members' interests first. With a rich history and a commitment to community, St. Mary's Credit Union offers a range of benefits that make it a preferred choice for individuals and businesses alike.
Member-Focused Approach
At St. Mary's Credit Union, you're not just a customer; you're a valued member. As a not-for-profit cooperative, the credit union is owned and operated by its members, ensuring that decisions are made with your best interests in mind. This member-focused approach means you receive personalized attention, competitive rates, and a wide range of financial products and services tailored to your unique needs.
Community-Oriented
St. Mary's Credit Union has deep roots in the communities it serves. Unlike larger banks, the credit union is committed to reinvesting in the local economy and supporting community initiatives. By choosing St. Mary's Credit Union, you're not only gaining access to financial services but also contributing to the growth and development of your community.
Cutting-Edge Technology
St. Mary's Credit Union recognizes the importance of staying up to date with technology. With secure online banking, managing your finances has never been easier. Access your accounts, transfer funds, pay bills, and track your expenses on the go, ensuring convenience and efficiency in your financial management.
​
Exceptional Customer Service
At St. Mary's Credit Union, exceptional customer service is a top priority. The credit union's dedicated team of professionals is committed to providing personalized assistance, promptly addressing your inquiries, and guiding you through the financial journey. With a focus on building long-lasting relationships, St. Mary's Credit Union strives to exceed your expectations and deliver a superior banking experience.
.jpg)
Choosing a financial institution that aligns with your values and offers comprehensive financial solutions is essential for your financial success. With St. Mary's Credit Union, you gain more than just a bank; you become part of a community-focused institution that prioritizes its members. Enjoy personalized service, competitive rates, cutting-edge technology, and a wide range of financial solutions tailored to your needs. Join St. Mary's Credit Union and experience the difference of a trusted financial partner dedicated to your financial well-being.
Our Story
With roots tracing back to the self-help Financial Co-operatives in Germany during the 19th century, St. Mary's Credit Union was established to provide financial services to underserved rural and urban communities that lacked access to traditional banking institutions. The concept of Credit Unionism spread across North America and the Caribbean, where Credit Unions became the primary source of credit for lower and middle-income individuals during the economic hardships of the 1930s-1940s. In Dominica, Sister Alicia ICM introduced the idea of Credit Unions in the 1950s, leading to the establishment of St. Mary's Co-operative Credit Union in 1954, which became the first rural Credit Union in the southern part of the island. Embodying the philosophy of 'People Helping People,' the Credit Union acknowledges and appreciates the contributions of those who have contributed to its success while remaining committed to working diligently to ensure its continued prosperity.
History of Credit union Movement in Dominica
The Credit Union movement originated from two self-help Financial Co-operatives in 19th-century Germany, namely the Urban Societies and Rural Societies. These organizations were established to address the financial needs of poor citizens in rural and urban areas who were unable to access basic financial services such as savings and credit from traditional banking systems. In the early 1900s, the concept of Credit Unionism spread to the United States and Canada, and later to the Caribbean in the 1950s. During the economic difficulties of the 1930s-1940s, Credit Unions became the primary source of credit for many lower and middle-income individuals in the United States and Canada.
​
In our part of the world, the spread of the Credit Union movement was largely facilitated by missionaries and religious organizations, particularly the Roman Catholic Church. In the 1950s, Sister Alicia, ICM, brought the idea of Credit Unions to Dominica through the church, recognizing its potential to meet the financial needs of low and middle-income individuals. With the support of individuals like Mr. Edward Elwin and Mr. Jeoff Robinson, Sister Alicia tirelessly traveled across the island to introduce the concept to villages. In 1954, after a nine-month study group, the St. Mary's Co-operative Credit Union was inaugurated, becoming the first rural Credit Union in the southern part of the island. The Society was officially registered on April 12, 1957, with 57 members and a share-savings of $547.25. Savings were initially collected at the school on Sundays after morning worship. By 1960, the Society had its own building, made possible by members forgoing their dividends and engaging in fundraising activities.
As the Society continued to grow, the need for more space became apparent. With the assistance of the parish priest at the time, Rev. Fr. Werner, C.Ss.R., a grant was obtained from Belgium, his homeland, and a new building was opened on July 18, 1984, through contributions from members and the reallocation of dividends.
The Credit Union Movement has positively impacted the lives of numerous individuals worldwide, including our community. St. Mary's Credit Union has played a significant role in providing funds for home purchases, land acquisition, agricultural endeavors, and overall financial stability. We have remained true to the philosophy of 'People Helping People.'
.jpg)
Reflecting on our achievements, it becomes evident that service not only promotes personal growth and development but also represents the best work one can do for humanity. We owe our success to the dedication of the individuals who have led our Credit Union, both past and present. While we acknowledge and honor their contributions, we must remain vigilant in ensuring the continued success and stability of our organization.
​
We express our gratitude to the volunteers who have tirelessly nurtured and sustained our Credit Union over the years. We also recognize the invaluable service provided by our staff members, some of whom have been officially acknowledged for their dedication. Our pioneers, who are still active with us, deserve our admiration, and we fondly remember those who have passed away.
​
As we move forward, we remain committed to serving our members and the community, upholding the values of the Credit Union movement, and embracing the spirit of 'People Helping People.'
What makes credit unions unique?
A credit union is a cooperative financial institution that operates on a not-for-profit basis and is owned and operated by its members, following democratic principles. Its primary goals are to promote savings, provide loans using member funds, and offer related financial and educational services to members and their families.
​
Being part of a cooperative financial system and the international cooperative movement, a credit union adheres to operating principles consistent with cooperative values. Here are some key principles that define credit unions:
​
-
Equal Ownership: Credit unions are democratically controlled, with each member having equal ownership and one vote, regardless of their savings amount.
-
Not-for-Profit: Credit unions operate as not-for-profit financial cooperatives, providing a secure and convenient place for members to save money, access loans, and receive other financial services at reasonable rates.
-
Social Purpose: People Helping People: Credit unions prioritize serving their members' needs rather than generating profits. They embrace a "people-first" philosophy, supporting individuals of all means. This commitment inspires credit unions and their employees to actively engage in the community and contribute to worthwhile causes.
-
Volunteer Leadership: Each credit union is governed by a volunteer board of directors elected from its membership, ensuring that decision-making reflects the interests and values of the members.
-
Financial Education for Members: Credit unions place great emphasis on providing educational opportunities to their members and the public, empowering individuals to become more informed and knowledgeable consumers of financial services.
-
Trust: Credit unions have gained recognition for their trustworthiness and resilience, especially during challenging times. Members can take pride in the security and stability of their funds and investments at the credit union.
By adhering to these principles, credit unions establish themselves as reliable and community-oriented financial institutions, dedicated to serving their members' best interests and fostering financial well-being.