The breaking news that COB CEO Steve Belle has been suspended by the newly minted Board is not a trivial matter; it is a significant event for members and non‑members alike. A suspension at that level signals an investigation with enough gravitas that the Board felt compelled to suspend a long tenured executive. In the cooperative movement, where trust is key, such a move is of serious concern.
For decades, the credit union movement has been one of Barbados’ few genuine economic success stories – it represents a financial model that has enfranchised many Black Barbadians shut out of traditional banking.There is the potential for the proud legacy of the cooperative movement to be smeared.
And while the audited financials show no material weaknesses or adverse findings, the public does not read audit notes; the public only sees instability. This is where the Financial Services Commission (FSC) should be flexing. The FSC’s mandate is not only regulation but to nurture confidence building. Silence from the regulator in this moment leaves a vacuum that rumour, innuendo, and political mischief will happily fill, especially in the era of social media.
The blogmaster’s suspicion is this a clash between senior management and a new Board eager to assert control. But those “in the know” at City of Bridgetown credit union must understand that even loyal members grow skittish when it comes to who should guard personal savings . A credit union is not an office where decisions are made in a controlled bubble; it is a financial institution where perception alone can trigger a run on deposits.
The matter needs swift, transparent resolution. Any inflated egos in the COB boardroom should be deflated by dispassionate members. A word to the wise should be sufficient.
COB suspends CEO
by MARIA BRADSHAW mariabradshaw@nationnews.com
STEVE BELLE, the long-standing chief executive officer (CEO) of the City of Bridgetown Credit Union (COB), has been suspended pending an internal investigation.
Reliable sources said Belle was temporarily relieved of his duties by the new board of directors following their first meeting yesterday.
The MIDWEEK NATION reached out to COB president Peter Earle via his cellphone and on WhatsApp but up to press time no response was forthcoming.
However, when contacted, Belle, who was in charge of one of the island’s largest credit unions for the past 14 years, declared: “I have done no wrong.”
He added: “I have no comment. All I can say is I have done no wrong. So you would have to find out from the persons who done the actions why they have done the actions. You need to call them.”
Pressed further, he stated: “I say I have done no wrong and I suggest that you speak to the directors and get their perspective on what action they took and why they took the action.”
It is understood that Norman Belgrave, the credit union’s financial controller, has been appointed as acting CEO. When contacted yesterday, he referred all queries to Earle.
It is also understood that a board member who voted against Belle’s suspension was busy yesterday trying to garner 50 signatures to call a special general meeting in order to inform the general membership about what was going on. Sources said that board member was very vocal against the suspension, coming on the heels of the installation of the new board and being its first order of business.
Cannot confirm or deny
Caswell Franklyn, the new assistant secretary, was also reluctant to speak.
“What I can tell you is that I cannot confirm or deny anything since I am not in a position to speak on behalf of COB. I would have to get permission from the board,” he said.
The new board which was installed at COB’s annual general meeting on August 22, includes Earle, vicepresident Winston Alleyne, treasurer Stephen Howell, secretary Noel Welch and Franklyn as assistant secretary.
COB serves over 72 900 members and maintains a highly robust financial profile with total assets exceeding $702 million.
The 2026 annual report highlighted an expanded loan portfolio, a fourth consecutive year of declining delinquency rates, and modernisation initiatives centred on the BiMPay instant payments network. The report also outlined plans for online loan applications and structured support for self-employed entrepreneurs.
The credit union also recently launched its first housing development in Deanstown, St James, featuring 34 residential lots and six house models priced between $360 000 and $570 000
Source: Nation
The blogmaster invites you to join the discussion.