1st National Bank of St Lucia
 | |
| Formerly | St. Lucia Co-operative Bank |
|---|---|
| Type | Public |
| ECSE | |
| Industry | Financial services |
| Founded | January 1938 (as the St. Lucia Co-operative Bank) |
| Founders | Allen Lewis, John Pilgrim, J. B. D. Osborne, Joseph Deveaux, Clive Beaubrun, J. Q. Charles, George Palmer |
| Headquarters | 21 Bridge Street, , Saint Lucia |
Area served | Saint Lucia Saint Vincent and the Grenadines |
Key people | Nigel Fulgence (Chairman) |
| Products | Retail and commercial banking |
| Website | 1stnationalbankonline |
1st National Bank St. Lucia Limited is a commercial bank in Saint Lucia, with its head office at 21 Bridge Street, Castries.[1] It is the oldest indigenous bank in the country, having been founded in 1938 as the St. Lucia Co-operative Bank, and is popularly known as the "Penny Bank".[2] Its shares are publicly traded on the Eastern Caribbean Securities Exchange (ECSE).[1]
History
The bank was incorporated in 1937 and opened for business in January 1938 from a back store on Mongiraud Street, Castries.[1][2] It was established by seven Saint Lucian founders, Allen Lewis, John Pilgrim, J. B. D. Osborne, Joseph Deveaux, Clive Beaubrun, J. Q. Charles and George Palmer, with a share capital of EC$50,000 divided into one-dollar shares that were made available to ordinary Saint Lucians, a feature that gave rise to its nickname, the "Penny Bank".[2] After a major fire destroyed much of Castries in 1948, the bank provided mortgage finance to help fund the town's rebuilding.[2]
The St. Lucia Co-operative Bank received formal certification of a change of name on 22 June 2004, after which it traded as 1st National Bank St. Lucia Limited.[3]
In December 2019, a consortium of five Eastern Caribbean indigenous banks, 1st National Bank St. Lucia, Antigua Commercial Bank, the National Bank of Dominica, the Bank of Montserrat and the Bank of Nevis, agreed to purchase the Eastern Caribbean banking operations of the Royal Bank of Canada (RBC).[4] On 1 April 2021, the RBC Royal Bank operations in Saint Lucia and Saint Vincent and the Grenadines were absorbed into 1st National Bank St. Lucia Limited, extending the bank's presence into Saint Vincent and the Grenadines.[5][6]
Operations
Before the RBC acquisition, the bank served customers from six branches and a bureau de change, all located in Saint Lucia.[7] Following the 2021 acquisition it also operates in Saint Vincent and the Grenadines.[5] The bank has 7,000,000 issued ordinary shares; its substantial shareholders include Donald Monplaisir Holdings (14.41%) and the National Development Corporation (5.29%).[1] It employs more than 100 staff.[8]
Community involvement
In June 2017, the bank launched a project to support small and medium-sized businesses and the unemployed.[9] The following month it introduced two scholarship programmes, the Ferrel Victor Charles Secondary School Scholarship and the Francis J. Carasco Scholarship.[10]
See also
References
- 1 2 3 4 "Company Profile: 1st National Bank St Lucia Ltd". Eastern Caribbean Securities Regulatory Commission. Retrieved 7 June 2026.
- 1 2 3 4 "Saluting 1st National Bank and its Founders". The Voice. Saint Lucia. October 2021. Retrieved 7 June 2026.
- ↑ "Our History". 1st National Bank St. Lucia. Retrieved 7 June 2026.
- ↑ "1st National Buys Out R.B.C." The St. Lucia Mirror. December 2019. Retrieved 7 June 2026.
- 1 2 "1st National Bank officially acquires RBC's operations in Saint Lucia". The Star. Saint Lucia. April 2021. Retrieved 7 June 2026.
- ↑ "1st National Bank Acquires RBC's Local Operations". The Voice. Saint Lucia. April 2021. Retrieved 7 June 2026.
- ↑ "1st National Bank St. Lucia Limited: Audited Financial Statements as at 31 December 2019" (PDF). Eastern Caribbean Securities Regulatory Commission. 29 May 2020. Retrieved 7 June 2026.
- ↑ "Financial Reports". 1st National Bank St. Lucia. Retrieved 7 June 2026.
- ↑ "1st National Bank launches project to help small businesses and the unemployed". St. Lucia News Online. Archived from the original on 24 July 2018. Retrieved 24 July 2018.
- ↑ "1st National Bank Introduces Scholarships | The St. Lucia STAR". The St. Lucia STAR. 15 July 2017. Retrieved 24 July 2018.