Msgr. Arnulfo S. Arcilla, bishop of Sorsogon, wanted so much to introduce the Credit Union in all parishes in his diocese. He invited one extension worker from the Knights of Columbus, Community Services. Bro. Augusto C. Mier, the soft-spoken, persuasive, knowledgeable of the Credit Union movement was sent from Bishop Arcilla, he received the tall order to “cooperativize” the parishes of Sorsogon. For his effort and genuine enthusiasm, he was dubbed, “THE SEED SOWER”. In Gubat, Bro. Mier met Fr. Magencio (later Msgr. Rey) with a group of his parishioners who shared the same enthusiasm to give the cooperative movement a try. With lectures alternating with FOR A, thirty people from the group were ready and they decided to form the first Credit Union in the province of Sorsogon. On the fateful day of April 8, 1964, the founders elected among themselves five Board of Directors and 3 members each for the Supervisory and Credit Committees. During the Inaugural meeting at about 11:15 p.m. on the night of April 8, the founders agreed a pledge of P50.00 each as soon as possible. Barely three days after Mr. Mario Esteves, Treasurer had a cash on hand of P222 which became the starting capital for a lending business and the cooperative was fondly called the “Triple Two”. Ten days after with God’s help and with St. Anthony as pipeline of His graces, all went well.

Officers served “gratis et amore” at the start, except for the Treasurer who was given P50 per month nominal compensation in 1965. The upward trend of the operation of GSACCU was marred by the havoc wrought by Typhoon Welming on November 3-4, 1967, by Typhoon Dinang on December 25, 1981 and the twin typhoons “ Herming and Sisang”, In 1987 the latter visited Gubat barely three months apart. Welming was the strongest of the four and it nearly toppled the toddler cooperative had it not been for the firm determination of the officers and the members to carry on. Welming gave the cooperative the first taste of delinquency which persists even to this day despite the different preventive and curative measures, the Board and the management have applied. However, the difficulties left in the wake of the typhoons can be considered blessings in disguise for the difficulties and hardships created seasoned leaders ready to meet problems head on. For 24 years, GSACCU pursued the single-line service (credit only) and proved to all and sundry that cooperative can survive by relying on its own institutional capital. As years wore on, however, the members made greater demands. Recognizing the validity of their claims, GSACCU turned multipurpose.

On June 12, 1971 on the eve of the Gubat town fiesta the cooperative moved to the newly blessed coop building. The continuous growth in assets and membership, again necessitated a bigger space.