TECU credit union looks past refinery closure

POINTE-a-Pierre based credit union, TECU Credit Union has sought to address rumours that its operations would be affected following the closure of the refinery section of state-owned oil company Petrotrin.

In a media release yesterday, TECU stated that the credit union’s asset base presently stood at over $2 billion with a “strong and diversified membership” of 44,000.

“We do not normally pay attention to rumours, but we have recognised that mischievous and unfounded statements are circulating on social media, based on some unknown intent, which can become dangerous in these present circumstances,” TECU president Kenneth Allum said.

“We, therefore, state categorically, that with an asset base of in excess of $2 billion judiciously managed by an experienced executive and staff, monitored by a hands-on Board of Directors, TECU continues on the course of financial strength and wise decision-making, to manage the capital and investments of our membership.”

The credit union, which is a stone’s throw from the sprawling Pointe-a-Pierre oil refinery, also noted it had begun preparing those members who are expected to receive severance benefits from Petrotrin to “wisely invest their financial windfalls in their portfolios.”

“We are certain that TECU members who receive financial benefits for their years of service in Petrotrin, can make their monies work for them and their families as opposed to random and widespread consumer spending. We intend to counsel them and provide financially viable options for them.”

Allum also stated that members who are currently facing financial difficulties are invited to contact the credit union and speak with representative about their options.