Holy Redeemer Credit Union Limited

HRCU is a financial cooperative owned and directed by its member-owners. When you make a deposit at HRCU, you are actually purchasing “Shares” in the Credit Union. This makes you a shareholder - an owner. The Board of Directors of HRCU, is made up of volunteer members. Because it is a not-for-profit organization, HRCU member-owners benefit from no and low cost services, exceptional savings rate, low loan interest rates and rebate bonuses, attractive dividend rates, and personal service from trusted staff members who are owners themselves. We are here to support our co-members with services and products that are beneficial to each individual member.

History

Holy Redeemer credit union was established by Fr. Henry Sutti, S.J. in May 1944. History will record that in 1944 one of the largest and strongest credit union in Belize began with a mere investment of 75 cents from three young women - each of them contributing 25 cents to begin what is now the Holy Redeemer Credit Union. The ladies were Carmen Canton, Hazel Anderson, and June Bolton.

One year earlier, in 1943, Fr. Marion Ganey S.J. who came to Belize in 1936, had been posted in Punta Gorda(PG), the main town in the Toledo District, known to all as the “forgotten district” due to the neglect it experienced by the colonial government. Fr. Ganey was a priest whose heart reached out to the poor in PG. He saw their needs and dire poverty. He was the first to introduce the Credit Union Movement in Belize in that impoverished town, which in those days could only be reached by sea. The enthusiastic members named the first Credit Union in Belize, the St. Peter Claver Credit Union, after the Roman Catholic Parish in that municipality.

When HRCU was founded in Belize City in 1944, the first three members held their first meeting in a room in the Catholic Presbytery. As the credit union grew in membership it soon became apparent that there was a need for an office to run the affairs of the Credit Union. They established an office in the building on North Front Street which was adjacent to the SJC study hall. HRCU started as a parish Credit Union serving the people of the Holy Redeemer Parish. It eventually became an “open-bond” Credit Union serving the entire nation of Belize.

Some Historical Highlights of HRCU:

• Acquired its first building in 1959 on a lot next to Holy Redeemer School, built at a cost of $10,000.00 after fifteen years of existence. The building was blessed by Bishop Hodapp and was named the Hodapp House.
• By 1967 HRCU at 23 years became a million dollar financial institution when it reached $1,083,039 in assets and 4,001 members. By 1969 the year of the Silver Jubilee, the credit union has passed the $1.5 million mark ($1,513,964) and in just two more years in 1971 the 6,102 members received the happy news that they owned assets over $2 million.
• In 1994 when the credit union celebrated its Golden Jubilee, the credit union’s assets had reached $60 million at the end of the financial year of March 31, with 29,314 members. The $100 million in assets was reached on January 29, 1999 with 31,364 members.
• After 60 long years of service to its member-owners, in 2004 on its Diamond Jubilee, HRCU reached $205,240,172 in assets and membership was recorded at 35,965.
• At the end of financial year of March 31, 2009, membership increased to 42,262 with assets totaling $322.7 million.