Eastern Credit Union Posts $29.4M Loss Ahead of In-Person-Only 50th AGM

August 29, 2025- Eastern Credit Union (ECU) has reported a significant financial loss of $29.4 million for the 2023 fiscal year — its second consecutive year in the red. The announcement comes just days before the organisation’s 50th Annual General Meeting, scheduled to take place in person on September 6 in San Fernando.

According to ECU’s 2023 annual report, released in August 2025, this latest loss marks a 52% increase from the $19.3 million deficit recorded in 2022. The report cites a $7.8 million rise in expenses coupled with a $3.9 million decline in operating income as key contributors to the downturn.

The credit union attributes the poor performance to continued loan delinquency and broader economic pressures linked to the aftermath of the COVID-19 pandemic. These issues have fueled growing concern among members and former executives, who are calling for greater transparency and regulatory oversight.

With over 8,000 members and a portfolio valued at approximately $1.4 billion, ECU has encouraged its members to meet their loan obligations in order to help stabilize its financial position.

Registration for AGM attendance, which opened on August 25, officially closed on August 29.