Antigua’s first Indigenous Bank Celebrates Major Milestone
ACB, Antigua and Barbuda’s first indigenous bank and public company began operations on October 20, 1955 on Newgate Street in a building popularly known as Chelsea under the name Antigua Cooperative Bank. Its genesis is attributed to eight men of vision, courage and determination who formed the first Board of Directors, Messrs T.G. Josiah Joseph, K.A.V. Techiera, E.E. Harney, Dr. L.R. Wynter, C.L. Murray, G.E. Maynard, Sir Louis H. Lockhart, E. Farara and H.D.C. Moore. The early employees of the bank who included Miss Geraldine Charles, Mrs. Janet Francis and Miss Irma Lloyd helped to lay the foundation and shaped the culture of the institution.
One of the early challenges facing the bank was keeping pace with the demand for loans. It was not uncommon in the early years for directors to lend money on a short-term basis in order to grant loans. In these early years, loans of $500 were rare occurrences.
In the early sixties, the need for expansion of its premises became only too apparent and in 1964 ACB acquired its current site on Thames and St. Mary’s Streets which opened to the public on October 25, 1969. It was the first building to house an elevator and the first multi storey building in Antigua. With the emphasis on commercial banking, the need for a name change soon became apparent and so in 1972 the name was changed from Antigua Cooperative Bank to Antigua Commercial Bank.
The Bank continued its expansion and opened its Agency in Barbuda in May 1971 and has maintained its relationship with the Barbudan community to date. There are currently two Barbudan employees. In December of 1976 the bank opened an Agency at Coolidge Airport.
With John H.R. Benjamin, as its manager, ACB blazed a trail in the 1980s and 1990s to become the innovator in banking. In 1983, the bank became the first in the industry in Antigua to be computerized. In 1987, driven by the need to empower people through homeownership and to impact positively on the socioeconomic development of the nation the bank started Antigua & Barbuda’s first home grown mortgage company ACB Mortgage and Trust Company Limited. The response was overwhelming, over $22 million in loans were approved during the first year of operation. This ACB subsidiary which is the leading mortgage institution in Antigua and Barbuda, currently reflects assets in excess of $165 million.
ACB continued drive to empower Antiguans and Barbudans extended beyond home ownership. The Bank saw education as a means to uplift nationals to the commanding heights of the economy and so in 1989 it became the first commercial bank to offer Student Loans, which have helped to educate hundreds of Antiguan professionals. This drive extended to the commercial sector as well. One of the areas of greatest impact was the supermarket industry which was dominated by North American companies for over a century. With the assistance of ACB many Antiguan businesspersons such as the late Elpert Winter, Stephen Joseph, Gloria Joseph, Egbert Joseph and other village supermarkets were able to gain dominance in this sector.
In 1990, ACB blazed another trail by becoming the first bank to introduce ATMs to Antigua. It was also the first to offer multi ATMs with the largest ATM network on the island consisting of nine ATMs at seven locations.
ACB was also the first financial institution to offer Thrift Funds on the island. Thrift Funds are retirement savings plans to which employees and employers contribute. They help companies provide for the long-term financial security of their employees. This product is now offered through its subsidiary, ACB Mortgage and Trust, which dominates this market, serving clients drawn from industries such as hospitality, telecommunications, and transportation among others.
The ambition and outlook of ACB extends beyond its core business of banking. ACB is the largest local investor in the ABI Group and holds 15% equity in Jolly Beach Hotel. The reach of ACB also extends into the Caribbean with equity interest in financial institutions such as Caribbean Credit Card Corporation, Bank of St. Lucia, St. Kitts Nevis Anguilla National Bank and National Bank of Anguilla.
ACB has also played a major role in defining the tourism landscape of Antigua and Barbuda. In the year 2002 ACB floated a US$22 million bond to assist in the dredging and upgrading of the St. Johns Harbour and to build the Nevis Street Pier to accommodate more and mega cruise ships. As a result, the country has become one of the leading cruise ship destinations in the Caribbean and the industry has grown significantly.
The world in which we live is changing and demands change. The bank is retooling its Human Resource and Information technology to provide a strong platform to meet the needs of its clients. The bank is more diverse in its outlook, embracing all the nationalities which make Antigua & Barbuda home.
On the 20th of October, the bank celebrates 50 years as the partner of the past, current and future generations of Antiguans and Barbudans. We are a strong financial institution with assets exceeding $600 million, highly trained employees, and a diverse list of products and services including e-commerce to meet the growing aspirations of our people. We will continue to play an essential role in the development of Antigua and Barbuda for many years to come as we move from a golden past to a platinum future.
