Important Weather Announcement
We wish to advise our members that the credit union will be closed on Monday July 1st, due to Hurricane Beryl. We will advise on the reopening of the credit union after the all clear has been given and the assessment of the office has been completed.
Please monitor our social media pages such as Facebook, Instagram and our Website at www.lpecu.bb for updates.
We apologize for any inconvenience caused. Please stay safe during the passing of this hurricane.
Light and Power Employees Co-operative Credit Union Ltd- Committed to Total Member Satisfaction
About Us
History
The history of the Credit Union movement is undoubtedly one of the most inspiring and reassuring chapters in the story of mankind. The Credit Union idea was born more than a century ago in the mind and heart of the great Friedrich W. Raiffeisen, the then Mayor of a small German town. The movement began in the early 1850’s. The Credit Union idea was moved across Europe to North America, and came to Barbados in the 1940’s.
The Light & Power Employees Co-operative Credit Union Ltd. was registered as a Co-operative on 11 January 1984 with approximately forty (40) employees of the Barbados Light & Power Co. Ltd.
Although the Credit Union was founded to cater to the needs of the Barbados Light & Power Co Ltd staff and their families, we have now expanded our common bond to include businesses within a five-mile radius of the Credit Union’s Bush Hill location. We believe that this will provide the Credit Union with the resources it needs to cater to the expanding membership base.
Our membership base includes employees of the Barbados Defence Force, Sagicor, Caribbean Examinations Council, Rubis, Fund Access, The Hilton Hotel and Gildan Activewear, to name a few.
Growth & Progress
The Light & Power Employees Co-operative Credit Union Ltd is commitment to prudent financial management and member satisfaction, this effort has positioned us as the 6th largest leading credit union in Barbados. The year-on-year performance for 2023 vs 2022 us highlighted below:
• LPECCUL has expanded to over 2,000 members at the end of 2023, with total assets reaching $64.95 million (up 4.2%).
• Membership increased to 2,011 up by 67 members in 2023 (avg. 6 members per month)
• Major revenue earners were loan interest $2.04m (up 1.3%)
• There were 323 loans issued totalling 28.86 m (up 3.6%) with Line-of-Credit being the fastest-growing segment
• Investment income added $0.539m (up 16.7%)
• The largest contributors to the loan growth over this period were Vehicle purchases $1.9 million, Real Estate of $1.2 million and our Line of Credit facilities which totaled $1.5 million disbursed during the period.
• Member holding deposits increased to 25.4m (up 2%) the main contributor to this was our savings deposits product which grew by $2.1m
Our management of business risks includes careful screening of potential borrowers, internal control procedures and a diversified range of assets which guard our financial stability.
Corporate Social Responsibility
Ever conscious of its corporate commitment, The Light & Power Employees Co-operative Credit Union Ltd. has been giving back to the communities it serves. The Trevor Browne Scholarship provides financial assistance to its student members or to those students whose parent is a member of the Credit Union. High on the Credit Union’s agenda is sponsorship of and donations to worthy causes.
We stand by our motto:”Committed to Total Customer Satisfaction”