The St Vincent Co-operative Bank Limited opened its doors to business on 1st February 1945 and is one of the oldest indigenous financial institutions in St. Vincent and the Grenadines.
At the time of opening, a penny was all that was required to start an account, and to date the Bank is known as “Penny Bank” or “Forde Bank” after its founder Ormond Forde.
The relative ease of opening an account from inception has resulted in the St. Vincent Cooperative Bank now holding more Savings Accounts than any other financial institution in St. Vincent & the Grenadines.
The St. Vincent Cooperative Bank is regulated by the Eastern Caribbean Central Bank (ECCB) and offers the following services:
• Residential Mortgages
• Savings Accounts
• Fixed deposits
• Wire Transfers
• Consumer Loans
• Commercial Loans
• Life Insurance On All Loans
Exceptional service has always been the foremost priority of the Bank in its quest to become a leading financial institution in the country.
The Bank’s mantra, “Service beyond your expectation”, is reflected in its mission statement and implemented by a courteous, efficient and reliable staff.
The St. Vincent Cooperative Bank is currently managed by Mrs. Laverne Velox. Mrs. Velox, the Bank’s third manager, is also Secretary to the Board of Directors. The President and Chairman of the Board of Directors is Mrs. Margaret H. Hughes-Ferrari - Barrister-at-Law.
The Board also includes:
Mrs. Margaret Hughes-Ferrari – President
Mr. G. Samuel Goodluck – Vice President
Mr. L. A. Douglas Williams
Mr. Kenneth E. Forde
Mr. Marcus Ballantyne
Mrs. Heather Sardine
Mrs. Suzanne Joachim
Mrs. Zhinga A. Horne-Edwards
Mrs. Julie Lewis
Mrs. Velox manages a staff of 34 trained and efficient employees in a motivated environment where staff turnover is low and most employees have more than ten years service. The Bank continuously offers training opportunities to its staff to ensure that they meet the professional standards which make us the Bank of choice for most Vincentians.
Some employees are also shareholders of the Bank who take pride in their ownership and are further motivated to ensure the Bank's success.
Click here for SVCB's Organizational Chart.
The St. Vincent Co-operative Bank has provided 70 years of quality service to the people of St. Vincent and the Grenadines. The Bank was incorporated on October 18, 1944 and officially opened for business on February 1, 1945.
The Bank was founded by the late Ormond Cyril “O.C.” Forde who also served as its first Manager. “O.C.” was a visionary who saw an opportunity in the 1940’s to service the credit needs of the majority of Vincentians who at that time faced difficulties in obtaining loans and banking services from the international Banks operating in St. Vincent & the Grenadines. Only a privileged few qualified for such services while a large market existed for the banking needs of the many. The St. Vincent Cooperative bank was therefore created to meet the needs of the many and the niche filled by the Bank became so large over time that the Bank now has more savings accounts than any other bank in St. Vincent & the Grenadines.
The Bank’s first President was Mr. Alfred G. Hazell who together with “O.C.” were pioneers in developing the Bank. In honour of their sterling contribution to the Bank’s foundation and growth, photographs of these two distinguished gentlemen are displayed on the Bank’s walls.
When “O.C.” retired in 1974, he was succeeded by Mr. Kenneth E. Forde who successfully managed and grew the bank for 34 years until his retirement on October 31, 2007. Mr. Kenneth E. Forde was succeeded by Mrs. Laverne Velox who is presently the manager of the Bank.
From the outset, the Bank’s willingness to open accounts with a penny caused it to be affectionately known as “Penny Bank”. The Bank has always been a place where anyone can open an account with a small sum of money. It is a peoples Bank and one which has benefited tremendously from the loyalty of its customers. This loyalty has passed on from generation to generation thus ensuring the continuity and growth of the Bank.
The Bank’s operations have historically been primarily of a Savings and Loans nature.
PRESIDENTS OF THE BANK
Mr. Alfred G. Hazell: October 1944 - January 1968
Mr. Valentine D. Archer: February 1968 - May 1974
Mr. Ormond C. Forde: September 1974 - January 1984
Mr. William J. Abbott : February 1984 - November 1988
Mr. O’neill Mc. Intosh : January 1989 - September 1998
Sir Frederick N. Ballantyne : October 1998 - October 2002
Mr. L.A. Douglas Williams : October 2002 - September 2011
Mrs. Magaret H. Huges-Ferrari: September 2011 - present
MANAGERS OF THE BANK
Mr. Ormond C. Forde: February 1945 - January 1973
Mr. Kenneth E. Forde* : April 1974 - October 2007
Mrs. H. Laverne Velox : November 2007 - Present
* Acting Manager From February 1973 - March 1974
We take our corporate social responsibility seriously and over the years we have provided financial support to several charities and other non-profit organizations. In addition, we have supported students with scholarships to the Community College and the Technical College and provided bursaries to students attending secondary schools.
Over the years the Bank has been committed to the social development of St Vincent & the Grenadines. Our Community involvement through youth development programmes has seen a successful tenure of sponsorship for the North Leeward under 15 Cricket Tournament.
We shall continue to support those institutions which contribute to the social welfare and development of all our stakeholders and to St. Vincent & the Grenadines.
Click here for the Bank License.