LUCEA, Hanover — Construction for a $115 million building to house the Hanover Co-operative Credit Union, will begin on Monday, as the Lucea-based financial institution moves to boost membership and to provide improved service to its existing members.

“We are expecting this construction to run approximately $115 million and we have 18 months from the first of October. The contractors have promised us that they will deliver within that 18 months and they are expected to come under budget,” said Rodcliffe Robertson, President of the Hanover Co-operative Credit Union.

He was speaking at the contract signing ceremony last week at the Global Village in Esher, Hanover.

The project is being undertaken by ShereCon Construction Ltd.

Meanwhile, Robertson told the gathering that the credit union hopes to increase its membership from a little over 24,000 to 30,000 during its first two years of operating from the new facility.

At the same time, he said, it is expected that its staffing capacity will be increased from 18 to 30.

The credit union currently operates from a less than desirable location at the Hano Plaza in Lucea.

“A lot of our members are not active because they find it very difficult to come into the small area we now serve them from. They tell us from time to time ‘I am not coming there, I have sent somebody to do my transaction, I will maintain my account, but I am not coming there because the place is too small’. So we are expecting to pull out those non active members,” explained an optimistic Robertson.

The new three -story building when completed will host an underground parking and storage facilities on the ground floor. The first floor of the building will facilitate all banking and loan transactions while administrative offices; a rest -room and cafeteria, will be located on the second floor.

Robertson also pointed out that the building will facilitate a drive through teller; ATM machines and an elevator.

The new facility, he stressed, will allow the credit union to offer a raft of services and products, which the movement was unable to be offered in the parish because of limited space.