The Communal Cooperative Credit Union was founded in 1964, and registered as a financial co-operative in 1965 with assets of five hundred dollars ($500.00) and a membership of 100 persons. Its aim is to provide an avenue to receive member's savings and make loans available to them for provident and productive purposes at reasonable rates of interest.
Its first registered name was St. George’s Communal Co-operative Credit Union Limited. As this original name implies, the credit union was opened solely to persons in St. George’s. At that time, the Credit Union operated from a small office on Church Street.
Its St. George’s bond was later opened to persons from other parishes, but who lived or worked in St. George’s. A few years later, the bond was further extended to persons in Carriacou and Petit Martinique, and the Credit Union changed its name to the “The Communal Co-operative Credit Union Ltd.”
Some of the founding members were Mr. Rodney V. Mauricette, Mr. Eric Padmore, Mr. Albert La Touche, Miss Cynthia Steele, Mr. Martin Abraham, Miss Kathleen A. Nedd, Mr. Joslyn Hayling,Mr. Henry Scoon, Mr. Winston Whyte, Mr. Cosmos Cape, Ms. Cynthia Thomas, Mr. Lennard George, Ms. Ruby Benoit and Mr. Nelson Francis.
At the first Annual General Meeting, Mr. Mauricette, Mr. Padmore and Mrs. Steele were elected to serve on the Board of Directors. Mr. Rodney V. Mauricette was appointed President of The Communal at the first Board of Directors meeting, a position he held until 1993.