Palo Seco Credit Union
PALO SECO CREDIT UNION Co-operative Society Limited was established after the war as a thrift and study club to facilitate the workers in the oil belt. PALO SECO CREDIT UNION from its humble beginnings emerged as a force within the Co-operative movement, due to the courage, vision and commitment of its founding members, and has matured into a Community Credit Union.It was registered on January 30th,1948 and was located within the Oilfields of South Trinidad (Los Bajos). The Palo Seco Credit Union relocated years later and officially opened up it’s new Head Office Saturday 16th October,1993 located at 856-858 Siparia,Erin Road,Los Bajos. The Head Office was built with the accommodations for office operations and full auditorium facilities.
Within the geographical area of Siparia to Erin, the major activities which fuels the existing businesses and employs the members of community, are all fueled by the ongoing petroleum producing activities through Oil companies and Farm-out operations. Adding to the major activities, the communities surrounding these companies took the opportunity to enhance the area through farming and small businesses. It is from these communities, small businesses, companies and farmers that the majority of the organisation membership is derived. The asset base of the Credit Union has grown consistently at an average rate of 17.35% over the past five (5) years, and as at December 31st,2018 total audited assets stood at $548,763,285.
The Board of Directors sees Palo Seco Credit Union as an efficient and effective organisation managed along lines that maximizes benefits, resulting in favourable returns to its members, It is result oriented and operates in a manner that strives for high service levels of service when interacting with its members.
Palo Seco Credit Union has a member base from all geographical locations, both within Trinidad and Tobago and abroad.
On the 18th August 2007 the Credit Union opened its Fitness Center and Conference facility also at Erin Road, Los Bajos. Today it is named after the past secretary: Virginia Haynes Fitness Center.