Brief History of the
FIRST COMMUNITY COOPERATIVE

(Formerly the Ateneo Credit Union)

It’s not the Building …
It’s the Builders …
Through 60 years …

The name has been changed from what originally was the “Ateneo Credit Union” to what is now the “First Community Cooperative.” It is a fitting name for two main reasons:

(1) The “Ateneo Credit Union” was the First credit union organized in the Province of Misamis Oriental or even in the entire Mindanao; (2) from a school credit union confined within the Ateneo campus, it has grown to a Community Cooperative open to and serving a membership of various people in Cagayan de Oro City.

Encouraged and inspired by Rev. Fr. William F. Masterson, S.J., the Ateneo Credit Union was organized by 15 pioneers. The incorporators, mostly faculty and other personnel of the then Ateneo de Cagayan, now Xavier University started with total deposits of P 26.30.

The First Community Credit Cooperative, Inc. has a membership numbering more than 2,000 scattered all over the city including teachers, market, vendors, businessmen, drivers, farmers, bank employees, soldiers, executives, various laborers and professionals. Its assets totaled approximately P 3 million pesos at the end of 1980. This achievements has been recognized by the government (MLGCD) by awarding it “The Most Outstanding Community Credit Cooperative in Region 10” for 1977 and 1978.

Twenty-six years have been a long and rough road since the pioneers/organizers fixed their vision towards the horizon which inspired them to organizer the credit union – a Christian concern for one another through self-help and mutual-help in a credit union way. All through the 26 years this concern for one another has been growing and expressed by the owner-members in terms of money saved, of money borrowed and money paid back.

Most Important, however, are the efforts of its members, through the years, their willingness to risk their hard-earned money by sheer faith and trust in one another and their leaders, to serve and be served through hard work and sacrifice, and through participation in decision-making which enabled them to build a strong democratically-based business organization with a social dimension. Its motto – “Not for Profit, Not for Charity, but for Service”.

Several significant events could be traced from the records and recollections of some pioneers. We would like to highlight those events as a tribute, especially to the BUILDERS of the First Community Cooperative, Inc. (formerly the Ateneo Credit Union).

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