Another notch for St Vincent Co-operative Bank Limited

Last week, one of this country’s oldest financial institutions reached a major milestone in its history.

The St Vincent Co-operative Bank Limited marked 70 years of service to Vincentians, having opened its doors to the public on February 1, 1945, giving customers the option to start a bank account with just a penny.{{more}}

As a result of this initiative, the bank, nicknamed “Penny Bank” by its patrons, now holds more savings accounts than any other financial institution in St Vincent and the Grenadines.

Also known as “Forde Bank,” after its founder and first manager Ormond “OC” Forde, the St Vincent Co-operative Bank Limited has always prided itself on exceptional service to its customers, and with its slogan being “Service beyond your expectations,” the bank has always been known for its polite, competent and dependable team that has been proudly carrying high the name of the institution over the years.

Following OC Forde’s tenure as manager from 1945 to 1974, he was succeeded by his son Kenneth Forde, who was at the bank’s helm until 2007, when Laverne Velox took over.

Velox is also the secretary to the current Board of Directors, which has as its president and chair Margaret Hughes-Ferrari.

The rest of the board comprises Douglas Williams Esq, Heather R Abbott-Sardine, Kenneth Minors, Marcus Ballan­tyne, Suzanne Joachim, Julie Lewis, Kenneth Forde and Samuel Goodluck.

The St Vincent Co-Operative bank may be 70 years old, but it is well in tune with the times, and with the needs of its customers.

Some initiatives developed over the years include the issuing of an Automated Teller Machine (ATM) card to customers; the launch of the Junior Penny Savers account; the launch of its very own website (www.svcooperativebank.com) and Facebook page (www.facebook.com/St. Vincent Cooperative Bank Ltd).

Another recent accomplishment is the launch of the bank’s first television advertisements last year. A number of other exciting initiatives are to be launched in the near future.

The bank also plays its part as a good corporate citizen, partnering with groups and institutions, in an effort to make St Vincent and the Grenadines a better place to live.

For years, the bank has been donating paint to the Traffic Department of the Royal St Vincent and the Grenadines Police Force for the painting of street signs and pedestrian crossings in and around Kingstown.

The bank has also teamed with the Sardine Football Academy in many of its ventures; supported students with scholarships to the St Vincent and the Grenadines Community College; and has ventured into Vincy Mas sponsorship.

The St Vincent Cooperative Bank has been able to persevere over the decades through economic and other storms, due to strong financial leadership, along with the loyalty of its staff to customers, which has been reciprocated, ensuring that this institution would be around for another 70 years or more to come.