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| 1st National Bank St. Lucia |
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History:
A bright future is rooted in a proud and self-confident past. The Bank’s beginnings are rooted in the emergence of the people from the final shadows of slavery and the confusions of emancipation. It is planted in their growing desire to conduct their own business and to assert their national rights. The clamour and movement for political and union rights had led to major political changes with the granting of the vote in the early fifties.
It is no coincidence that here in fair Helen, many of those who were involved in the development of trade unions and political parties, were also those who established St. Lucia’s first home-planted, home-grown bank. The People needed their own bank that would receive their modest pennies. Frankly, the competition of the time didn’t consider those coal-blackened coppers and shillings of much value! But the people and their forward-thinking leaders knew that savings were needed for investment in homes, land, and education.
The St. Lucia Cooperative Bank Limited opened its doors for business in January 1938 on Mongiraud Street in a backstore of Carasco and Son – an established business house.
The Bank started with a capital of $50,000 made up of shares of $1.00 each. As a small Savings and Loans organization, our bank was a pioneer and innovator. The difference between our bank and others was its willingness to accept very small deposits to encourage thrift. Simple as it may sound, the issue of a bank book to a first-time depositor, gave a sense of ownership and partnership. The first manager, J.B.D. Osborne and his daughter Miss Olga Osbourne gave unflagging dedication and commitment to their customers, from all walks of St. Lucian life, many of whom were doing banking for the first time.
At home, the Bank was challenged by the major disaster of the second Castries fire in 1948. “After that hot gospeller had levelled all but the churched sky” to quote the 18- year old Derek Walcott, the bank was called upon to translate its workers’ pennies into mortgage finance needed for the rebuilding of Castries. By 1948, the initial share capital had increased from $50,000 to $100,000. That amount would translate today to millions of dollars. Not bad for a home-grown institution, learning as it went along, fulfilling the aspirations of its own people. By 1950 the total assets were nearly one million and Savings Bank deposits amounted to over eight hundred thousand.
In 1951, general elections were held for the first time in St. Lucia, under the conditions of universal adult suffrage. And the Bank was standing with its people, where they were, on a new Piton of achievement and success! The fifties also saw The coming of King banana the crop which represented an economic and social revolution. That sweet fruit became the principal export and cash- earner. It brought a new prosperity to St. Lucia. Castries, the capital, hungry for modernity, risen from the ashes of 1948, was on the move! It was to Castries that the new banana farmer came to buy his goods, to do his banking. And the St. Lucia Cooperative bank, the people’s Bank, held its own, provided for the banking needs of these new investors, and with them, the Bank prospered
Again, we depend on our historians to help us understand the times of our lives. It can be argued, that the sixties and seventies saw the birth of the modern St. Lucia in which we live today. Hey, this was the swinging sixties! This was the time of black power! Independence and even the short-lived Federation were in the air. Our people were doing well. Arthur Lewis and Derek Walcott led the names of many St. Lucians who were making their mark on the international stage. Economic and social development were obvious everywhere. Many of those who had emigrated contributed to the economy by sending remittances home. With more secondary schools built around the island, educational opportunities increased. More graduates were returning from the University of the West Indies and other universities.
During that period of 1960 and 1978 the bank expanded and renovated to better meet the needs of it growing customer base. The records show that the bank’s deposits kept increasing, as did the demand for loans, reflecting the steady growth of the assets and loan capacity. As you would have expected, the newly thriving economy of St. Lucia attracted the interest of foreign banks. Efforts were made to acquire substantial holdings in the bank. Wisely, the directors resisted the tempting offers, and the Penny bank has remained entirely under local control and ownership. By 1978, the Right honourable Sir Vincent Floissac, a distinguished St. Lucian lawyer could write, “The Bank was founded by St. Lucians for St. Lucians. Our shareholders and depositors are nearly all St. Lucians. Our directors are all without exception St. Lucians.” This remains true today.
With growth of business enterprises and increase of demands for more effective banking facilities, Co-op moved into commercial banking. In 1968, Premier John Compton underlined the contribution of the 38 year-old St. Lucia Cooperative bank in the following words: “The Bank is an excellent example of growth from modest beginnings…its value to the economy of the State may be measured by the fact that over the years, hundreds (perhaps thousands) of ordinary people who would not have been accommodated by the regular commercial banks, have been assisted with loans to tide them over difficult situations…” The final two decades of the twentieth century would present great challenges for St. Lucia and for our venerable bank now entering the years of its maturity. In many ways, she reflected the progress her island had made.
Bananas were still doing well, but there were already signals of difficult days ahead. The north of St. Lucia had developed into a vibrant tourist resort area, with a modern marina and several highly-rated hotels. In the south, in Vieux Fort, an international airport was busy. Bananas, tourism and a growing services industry were becoming the mainstays of the economy.
The digital age was appearing quickly. By the end of the century, a sophisticated telecommunications industry was getting ready for liberalization. Hi tech computer systems and all the paraphernalia of the digital divide were arriving. In commerce and business, the big, familiar names were now competing with newer and more aggressive enterprises.
In 1980, to return to banking matters, our Penny bank would welcome the formation of another local bank, the National Commercial Bank (NCB.) By now, the share capital of the Cooperative bank has increased to one million dollars, and its total assets in 1981 will be over 30 million. By 1985, the share capital will grow to two million dollars. To provide more efficient service to its growing customer base, new banking hours are established. The Board of directors agree to a profit-sharing plan for staff. In 1986, $40,000 of profits is shared with staff.
In 1982, the Bank celebrated its first ever profit of one million dollars before tax. It will have to wait until 1988 to make a profit of over one million dollars after tax. Ferrel ‘Bam’ Charles, the current President, is elected in 1988.
Between 1984 and 1994 the bank further expanded into the north of island with a full service branch at the JQ’s Rodney Bay Mall to service residents and the hundreds of visitors staying at nearby hotels. As a good corporate citizen, never forgetting its roots and beginnings among the ordinary people of St. Lucia, the bank contributed substantially to education, culture and social development efforts.
Our Bank moved into the era of technological advancement with ATMs for 24 hour convenient banking. Sophisticated IT systems were purchased in order to make the institution Y2K compliant. With the rapid expansion of the tourist industry, and growth in air travel, the bank opens a Bureau de Change at the George F.L. Charles Airport in May 1999. Its overall staff complement is now 74.
In his President’s address for the 1999 AGM, Ferrel Charles will call directors, management, staff and shareholders to a “new vision and new beginnings.” By the next year, with her re-imaging well on the way, and her name change formalized, she can boast of a new pre-tax profit record of over 6 million! By now she is a well established member of the Caribbean Association of Indigenous Banks. Her president tells the 64th AGM in 2002, “Indigenous banking cannot survive in isolation.”
On 22 June 2004, the old Penny Bank received formal certification of change of name. Henceforth, the St. Lucia Cooperative Bank, now 67 years of age, would be known as the 1st National Bank St. Lucia Limited. As they face the future, the directors continue to reiterate that one of their highest priorities is customer service. To achieve this, the aim is for empowered employees and satisfied customers. Staff training and the acquisition of advanced information technology (IT) are priorities if the Bank makeover is to be successful. In many ways, our basic needs have not changed since 1938. We are just using greater educational opportunities and advanced technology to travel through the world that has changed around us.
From the old Penny Bank that opened its doors in January 1938 in Mongiraud Street in Carasco’s backstore, to the new attractive edifice of the 1st National Bank St. Lucia Limited on Bridge Street, we’re still here for our St. Lucian family. Indeed, “an enduring and important St. Lucian institution.” |
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Formerly known as:
St. Lucia Cooperative Bank Limited |
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