SVG Cooperative Bank, providing eight decades of Quality Service

The St. Vincent Co-operative Bank has provided 80 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 and the Grenadines. Only a privileged few qualified for such services, while a large market existed for the banking needs of the many.

The Bank’s first President was Mr. Alfred G. Hazell who together with “O.C.” were pioneers in developing the Bank.

From Left: Ormond Cyril “O.C.” Forde and Alfred G. Hazell

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. Mrs. Velox faithfully served and successfully managed the bank for over 10 years until her retirement on May 31, 2017. She was succeeded by Mrs. Champa Rampersad-Barnes. Mrs. Champa Rampersad-Barnes was then succeeded by Mr. Albert Porter. Mr. Porter served and successfully managed the bank for over three and a half years until his retirement on April 30, 2023. Mr Porter was then succeeded by Mr. Andre Cadogan, who was the Chief Executive Officer of the bank until January 10, 2025.

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 people’s 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.