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 & 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.
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 31st 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 3 and a half years until his retirement on April 30th 2023. Mr Porter was then succeeded by Mr. Andre Cadogan, who was the Chief Executive Officer of the bank until January 10th, 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 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.
The “Penny Bank”: A Revolution in Financial Inclusion
In 1945, against the backdrop of economic hardship and inequality, an indigenous banking institution opened its doors with a revolutionary vision: financial inclusion for all. Known as The People’s Penny Bank, this bank was established to serve the underprivileged and marginalized sections of society, particularly those from lower-income groups who had been excluded from traditional banking systems.
A Penny to Start: The bank’s most remarkable feature was its accessibility—anyone could open an account with just a single penny. This was a groundbreaking concept at the time, as banking services were typically reserved for the wealthy or middle class. By lowering the entry barrier, the bank empowered small farmers, labourers, street vendors, and other economically disadvantaged individuals to participate in the formal financial system.
Purpose and Vision
The founders of The Penny Bank believed that financial empowerment was key to social mobility. Their mission was to promote savings among low-income earners, provide them with affordable credit facilities, and foster economic independence.
Services Offered
The bank offered basic savings accounts, encouraging even the smallest deposits. Over time, it introduced microloans and mortgages to support small businesses, agricultural activities, and emergency needs. These loans often came with flexible repayment terms, tailored to the cash flow cycles of its clients.
Legacy
The legacy of The Penny Bank lies in its pioneering role in financial inclusion. By providing a platform for the economically disadvantaged to save, borrow, and grow, it transformed countless lives and contributed to the broader goal of social equity.
Conclusion
The Penny Bank serves as a testament to the power of inclusive financial systems. Its innovative “penny account” model demonstrated that even the smallest financial contribution could have a significant impact, proving that financial empowerment is not just for the privileged few but for everyone.