The Dr. Manuel Zeno Gandía Credit Union recently marked six decades of doing business in Puerto Rico, where the cooperative movement has continued growing despite the protracted fiscal crisis.
During a celebratory event in Arecibo, where the nonprofit was founded, company CEO Efraín Domenech offered a rundown of the institution’s progress and how it has risen to one of Puerto Rico’s top co-ops.
“Sixty years ago, 11 citizens of the Arecibo Manuel Zeno Gandía public housing complex started this simple deed. Each one put up $2, for an initial capital investment of $22. Today, we have assets of more than $202 million, $11 million in reserves, and a delinquency rate of 2.19 percent. These are solid examples of what our movement is capable of,” he said, during the event attended by leaders from the cooperative movement, local and state government officials as well as business leaders.
During the anniversary celebration, credit union executives acknowledged the company’s achievements, as well as of those associated with it, including executive Antonio Álvarez-Irurita, known as the promoter of the Zeno Gandía transformation.
Over the years, the credit union has received international recognitions, including the Global Excellence Award given to Zeno Gandía by the International Cooperative Alliance (ICA).
Zeno Gandía has more than 25,000 members, four branches and its deposits are secured by COSECC, or the Corporation for the Supervision and Securities of Cooperatives.