By KEESHA BETHELL, Guardian New Reporter

keesha@nasguard.com

As 18 billion in resort developments spring up across the country, that money is expected to trickle down to the thousands of well-paid workers slated to take their posts at those hotels.

Given the current liquidity crunch, credit unions and banks are headed for a showdown to win over those potential depositors, with many institutions now honing their competitive edge.

The Paradise Island Resort and Casino Cooperative Credit Union perhaps has most to gain. It currently boasts of 3,000 members, and earlier this week took the step of changing its name in an effort to win more.

The newly branded Bahama Islands Resorts and Casinos Cooperative Credit Union is now labeled to appeal to non-Paradise Island workers.

The move was made to take away the public perception that the union was only catering to Paradise Island employees, said one board member. "It is a credit union for all resort employees."

Credit unions with charters allowing for hotel employees have set sights on the Baha Mar project and the hundreds of new workers expected to join its team by 2011.

The Ritz-Carlton for Rose Island is another target for marketing and word-of-mouth campaigning by those institutions and the banks they come up against.

"Both types of establishments are in overt competition," said Hubert Edwards, senior manager of corporate finance at Bank of the Bahamas International. "Both co-exist and complement each other."

Edwards argues there is enough new business for both bank and credit union.

Its name change aside, BIRCCCU is likely to have an inside track on getting workers for a PI development to get signed up and banking.

About 60 per cent of the its members are Atlantis employees, contributing to its more than $20 million in assets.

The BIRCCCU is depending on those current members to help attract the more than 1,600 new employees set to work at Atlantis Phase 3 when it opens in March.

"The majority of the persons that serve on BIRCCCU's board work at Atlantis," said chairperson Paulette Dean. "We know there is nothing to worry about because we have a very good relationship with Atlantis.

"A lot of our committee members are going to be seeking these persons out."

Some credit unions may be prohibited from going after those new workers, most of them customer service employees.

"Many (credit unions) are closed bond," said EJ Bowe, from the Teachers and Salaried Workers Cooperative Credit Union. In 1982, his institution expanded its charter beyond educators to all employed Bahamians.

"We will continue with marketing our product," he said. "The construction workers and those working for the developments are who we are trying to attract."

His institution is anything but alone on that score.