1st National Bank History by Earny St Catherine

CONTENTS FOREWORD Prime Minister’s Message Address by The President of the Bank and Chairman of the Board of Directors Address by The Governor of the Eastern Caribbean Central Bank Message from the Chairman of the Caribbean Association of Indigenous Banks The Genesis

On The Road To Independence Transitional Years Into The New Millennium Launch Into The Future

WHAT’S INSIDE

The Bank Takes Root

Credits:Editorial Team Guy Mayers – Chairman Christian Husbands Carole Eleuthere-Jn. Marie Carlton Glasgow Aurea Lafeuillee Joseph Fedee Beryl Carasco-Alleyne Robert Fevrier Writers:Robert Lee Earny St. Catherine Photography:Saint Lucia National Archives and Affiliates Stephen Paul Cecil Clarke Clive Beaubrun Nathalbert Husbands Produced by:The Orange Media Group Printed in Saint Lucia by Star Publishing Co.

It seems like only yesterday that we ushered in a new era in the life of the Bank as it metamorphosed from The St. Lucia Cooperative Bank Limited into 1st National Bank St. Lucia Limited. However, more than a year has passed and the bank has adjusted wonderfully to the re-imaging and I would be accurate also in stating that this change has also been embraced by our other stakeholders.

FOREWORD

Sixty-nine (69) years of history is no small achievement. The Bank was established in 1938 which preceded Associated Statehood and Independence. So we are proud to have been a thread that helped to weave the fabric of national development for nearly seven (7) decades. This commemorative magazine seeks to give you a small view into the genesis, growth, transformation and vision of this indigenous institution. I have noted that it represents highlights of the Bankâ&#x20AC;&#x2122;s life, for to document in detail the history and role of the Bank over all these years would take volumes upon volumes. In this magazine you will be taken on a journey that starts in a corner office and becomes a national institution of branches and convenient banking locations nationwide. You will get to appreciate how the Bank grew at every historic moment in the countryâ&#x20AC;&#x2122;s history. Our community re-investment and the men and women who blazed the trail can be found from cover to cover. So, we are happy to have prepared this magazine which will become part of your library for reference or some moments of nostalgia. I would like to take this opportunity to thank all those persons who played a key role in the preparation of this magazine and generally in the very successful re-imaging exercise for the Bank. Pleasant reading and save this magazine for generations to come!

Guy Mayers Chairman â&#x20AC;&#x201C; Editorial Committee

The transition from the Saint Lucia Co-operative Bank to the 1st National Bank Saint Lucia Limited is indeed a fitting tribute to its founding fathers who had the courage and vision to create a financial institution to meet the peculiar development needs at the time of all Saint Lucians but more especially the poor. The Bank’s support for the government at the time when there was no development bank in Saint Lucia is noteworthy. The 1st National Bank capably filled that void by providing much needed credit for agriculture and housing, and financing important public sector projects. Saint Lucia is now at the crossroads in its development as it seeks to reposition itself to respond adequately to the challenges and opportunities of globalization and the Caribbean Single Market and Economy. The commercial banking sector has a critical role to play in support of our country’s effort to overcome those challenges and to embrace the opportunities. As this bank has done so admirably in the past, the Government of Saint Lucia looks to the 1st National Bank Saint Lucia Limited to respond to this call. The business of commercial banking has undergone significant changes brought about largely by the rapid growth in technological innovation, more stringent prudential requirements and an increasingly sophisticated consumer. In order to survive, therefore, you must keep pace with the changing environment but in so doing we urge you to hold dear to the vision of the founding fathers in nurturing an institution for Saint Lucia as we continue to celebrate the enterprise of our people.

PRIME MINISTER’S MESSAGE

The Government of Saint Lucia joins the 1st National Bank Saint Lucia Limited in reflecting on its proud history of accomplishments and sterling contribution to the socioeconomic progress of our nation. There is perhaps no better example of a local institution that symbolizes the struggles, determination and successes of our people. From a small Savings and Loans Institution established in the 1930’s to a full commercial bank, this truly indigenous financial institution has withstood the test of time. It also represents an enduring symbol of the profound belief we have in ourselves as a people and an outstanding example of our ability to use our creativity to pursue a path of self reliance in support of our nation’s development long before Saint Lucia attained political independence.

The Government and people of Saint Lucia have every reason to feel proud of our first national bank. We are hopeful that in much the same way that the Bank exemplified the struggles and successes of our nation’s sons and daughters over the years that it will continue to fulfill the aspirations of this country as we prepare to usher in a new period of economic prosperity.

Honourable Dr. Kenny D. Anthony, Prime Minister of Saint Lucia

PRESIDENT’S ADDRESS

Address delivered by The President of the 1st National Bank St. Lucia Limited, Mr. Ferrel Charles, at the re-imaging ceremony of December 13, 2005 It is with a deep sense of honour and pride that I welcome you to witness the unveiling of the new name and logo of our institution, the 1st National Bank St. Lucia Limited. When one examines the history of the Bank one can come to no other conclusion but that it has served as the National Bank of Saint Lucia for all its 67 years. It has today fulfilled the vision and dream that the founders forged during a time of world wide economic depression. Its establishment was an example of character and strength, for the thirties were not an easy time. It was a time of hardship and stagnation. The determination of these men to establish a bank in competition with a giant English Bank at a time when Saint Lucia was a crown colony required a fortitude that today’s generation may not find easy to appreciate. It was against that backdrop that the pioneers and first directors: Sir Allen Lewis, Sir Joseph Quentin Charles, Mr. George Palmer, Mr. JBD Osbourne, Mr. Clive Beaubrun, Mr. Joseph Devaux and Mr. J.H. Pilgrim sensed that something special and purposeful needed to be done. They called on Saint Lucians to do two things which were completely new to most of them: open a bank account and own shares. This public share- offering in any company was unprecedented in Saint Lucia at that time. In accepting their pennies, and offering the option of ownership, the “penny bank” thereby conferred upon them a dignity: a dignity of individuals connected for the first time to the economic life of Saint Lucia. The Saint Lucia Co-operative Bank opened in January 1938, on Mongiraud Street, in a back store of Carasco & Son. As modest a beginning as this was, it was a giant step for Saint Lucia. It transformed the local economy. A sector of the community which had been excluded from dealing with existing financial institutions was thus empowered: they could now consider the purchase of land and construction of their own homes. The capital of the Bank was then $50,000.00 made up of shares of $1.00 each. The response to this call by Saint Lucians was noteworthy, for it demonstrated a sense of personal trust in ourselves to manage our money, thereby founding what is now easily the most successful Saint Lucian-born institution.

Whilst the forefathers of the Bank must be acclaimed for their vision and courage, we must not forget the first managers and clerks who prudently nurtured the Bank through its early years. Mr. J.B.D. Osbourne and his daughters Miss Olga Osbourne and Mrs. Doreen Osbourne-Sutherland; as well as Ms Pearl St. Helen were the first staff members, followed by managers, Mr. N.F. Theobalds, Mr. O.H.H. Giraudy and Mr. E. Theodore. These were the managers of a small but dedicated staff made up mostly of retired civil servants. Together they strove to develop the business of the Co-operative Bank. It was primarily a savings and loan operation, as was envisioned by the founders, and this remained the Bank’s primary focus until 1975. The decision was taken then, to transform the Bank into a fully commercial entity. Today, with the unveiling of the name—1st National Bank Saint Lucia Limited, with assets of $7.5 million in 1975 growing to over $200 million today— we are an institution which ably competes as a respected member of the local financial community and provides significant capital for the requirements of both the private and public sectors. Our bank continues to provide loan financing in the key country economic sectors including: residential mortgage, agriculture, tourism, business, and the professional, educational and general consumer areas. From our well-known headquarters on Bridge Street we have expanded to meet the requirements of our customers. We were one of the earliest banks to open a branch in Vieux Fort several years ago. We made a decision to bring our services to the farming community in the Babonneau area. Unfortunately, with the decline of the banana industry, this did not remain viable. We now offer a full-service branch in Rodney Bay. We provide a Bureau de Change service at G.F.L. Charles Airport and will very shortly do the same at the new ferry terminal at Faux-a-Chaux in Castries. 1st National Bank has not only provided financial services over the years. As mentioned earlier it has served the community fully and has been a good corporate citizen, contributing to the educational, social and cultural aspects of our nation. We have provided scholarships for shareholders and children of shareholders at both the Sir Arthur Lewis Community College and the University of the West Indies. The scholarship is named after the late Mr. Francis Joseph Carasco to honor him for his record 47 years as a Director. The Bank also contributes to several charities, and has for the past fourteen (14) years sponsored a Track and Field competition for children aged 13 and under. Tribute must be paid to the fully professional staff that today manage the affairs of the 1st National Bank and are eager to ensure that the institution keeps growing. The team is led by Mr. Carlton Glasgow who has guided us to new levels of profitability. The professionalism reflected today must also be attributed to the efforts of other recent managers whom we must not forget. Mr. Emmanuel Theodore who was manager from 1968 to 1978, Mr. John Greenwood from 1989 to 1990, and Miss Alnita Simmons our first lady manager in 1990 to 1999.

Challenging times are ahead. The strides made by our Bank are not unnoticed and invitations for closer co-operation with other financial service providers have been put forward to us. We continue to keep an open mind with respect to such enquiries. The new reality is that a period of intense competition faces us as we move into new regional and extra-regional arrangements. We are on the threshold of the Caribbean Single Market and Economy and the Bank will not be shielded from bigger players. Utilizing state-of-the-art technology, we continuously strategize to fill that special niche which we continue to enjoy and improve for our shareholders and customers. Our profit before tax for the year ending 2004 was $6.47 million. This gave new impetus to the purchase of shares of the Bank, showing continued confidence in its future. The future for us is rooted in the past. The philosophy of helping Saint Lucians by being an institution to serve them in their time of need will always inspire us as it did the founders. If we continue to project our image, as reflected in the words of Sir Vincent Floissac who was a director for over 30 years, “The Bank was founded by Saint Lucians for Saint Lucians and directed by Saint Lucians”, then we will be fully prepared to face the challenges. The Board of Directors is a well-balanced body, comprising persons with various areas of expertise and experience, who are committed to the continued service and growth of the 1st National Bank. I want to take the opportunity to thank them personally for the way we have worked together unstintingly and constructively, with one objective in mind, and for the support and cordiality which they have shown me as Chairman. In conclusion I want to say how fortunate and proud I feel to have been an intimate part of Saint Lucian history of such significance. I look forward eagerly to observing the progress of 1st National Bank Saint Lucia Limited. As it grows and continues to help drive the economic and social development of coming generations of Saint Lucians.

Ferrel V. Charles President and Chairman, Board of Directors

Commemorative Magazine of the Bank’s Relaunch

Address delivered by Sir K Dwight Venner, Governor Eastern Caribbean Central Bank at the Launch of 1st National Bank St. Lucia Limited on Tuesday December 13, 2005

Mr. Chairman I must commend and congratulate you and your institution not only for your obvious and outstanding achievements, but also for your immaculate sense of timing and theatre.

ADDRESS BY THE GOVERNOR OF ECCB

To have this event on this day and in this place is a stroke of theatrical brilliance with which our Nobel Laureate, Derek Walcott would have been proud to have been associated. It is for these reasons and many, many others that I am greatly honoured to be asked to give the feature address today. The past historical circumstances of the founding of this institution and the future implications of its rebirth and rebranding must not be lost on this audience, this country, or this region. We are about to enter a new era in the history of the Caribbean and to proceed successfully, we must be mindful of the experiences of the past, and build on the solid achievements of our pioneers, but avoid the major mistakes that were made that have significantly affected our progress. In 1938 the whole region erupted in protest over the terrible social and economic conditions which existed. Historians referred to this as the birth of the modern West Indies. What followed was revolutionary, political, and social progress â&#x20AC;&#x201C; Adult suffrage, recognition of trade unions, formation of political parties, and major efforts to address education, health and housing. It was in the year 1938 that this institution was formed by a remarkable group of individuals who recognized that political and social advancement could only be sustained by economic and commercial capacity. It is a lesson we are painfully relearning today as we seek to transform our economies in the light of the changing global environment. However, history always has its ironies or so-called twists of fate because in order to effect the current economic transformation we will have to pari passu transform our domestic and regional political and social arrangements. For me, as many of you in this audience and many more across the region know, this is a personal odyssey and so I hastened to accept your invitation, despite having to overnight twice in Antigua, such is the state of our regional air transportation, to be here on this historic occasion.

One of the results of 1938 was the strengthening of the quest for regional unity which culminated in the formation of the West Indies Federation. The demise of that effort was a tremendous shock to the Caribbean body politic and has seen us floundering in the wilderness for the last four and a half decades. It has been a soul-sapping experience as these islands have turned inwards on themselves engaging in epic national struggles for a declining national pie. It is the supreme irony of our times that more and more West Indians are inter-marrying and an increasing number share workplace experiences on a daily basis while being simultaneously coerced and convinced into believing that they cannot live together under a single regional home, that is, a single CARIBBEAN NATION. I speak from a very personal view of the West Indian experience. My father studied at the London School of Economics in the early 1950s where West Indian nationalism was at its height. He was originally from Saint Vincent, but returned a West Indian. He then went to Grenada where one of my brothers was born, and where he worked for the Federal Government. On the demise of the Federation he came to Saint Lucia which became our home, despite the fact that he subsequently served the region first in Guyana, Carifta and then Barbados at the Caribbean Development Bank. He then returned to St Lucia. The relations between St Lucia and St Vincent are extremely close. Vincentians came to St Lucia on excursions in the New Year and St Lucians went to St Vincent at Easter. There were no passports or customs as I recall. The first passport I had was when I went to study in Jamaica and it was a St Lucia passport even though colony was written on it. Jamaica by then had become independent and further separated themselves from us. Then we all became independent and all the barriers went up. The West Indian family was then finally divided into very small bits. In the meanwhile I had married a St Lucian and we had four children in Jamaica, and then when we returned to Saint Lucia three here. So to conform with the new divisions in the region, the four Jamaicans and myself, (then Director of Finance and Planning of the Government of St Lucia,) had to apply for citizenship to get a passport. Now as the Governor of the Eastern Caribbean Central Bank, my credentials have to be scrutinized every time I enter anyone of the eight countries for whom I work. This is not a plea for me to be exempt from these strictures but for all West Indians, starting with all OECS citizens, to be spared these indignities. All our experiences have shown that when we combine our efforts, we do extremely well as opposed to when we attempt to go it alone. The logic of the former course of action has never been in dispute, but the fear of proceeding has numbed us into excessive caution. This excessive caution in the face of the clear need for decisive action in critical issues such as these, poses a

grave danger for current and future prospects. The failures and indecision of the past may have already robbed us of the legacy and opportunities for success in the globalised environment in which we now live. The cost can be calculated in the opportunities lost as we contemplate what might have been if we had constituted ourselves into a great state whose width ran from the Bahamas in the North to Guyana and Suriname in the South. This state would have been the third border of the United States of America, joining Canada to the north and Mexico to the southwest as the states flanking the largest economic and financial market in the global economy. The benefits which now accrue to Canada and Mexico through NAFTA would also have been available to the Caribbean state. The geopolitics and economic significance of such an entity would not have been lost on the Americans or the states to the south of us and to Central America. A quick look at the map of North America, Central America, the Caribbean and South America would give a vivid illustration of the significance of a single English speaking state in the Caribbean. With respect to its economic significance, the wealth of the region when aggregated is not insignificant. Oil and natural gas, bauxite, Manufacturing, Agriculture and Fisheries, Tourism, Finance, Services, represent economic diversity of a magnitude that is impossible to be replicated by a single state. The most bountiful harvest of all however, would be the collective energies, creativity and genius of our people, so long suppressed by insular introspection and now free to roam across the region, the hemisphere and the world. This is the hardest cut of all: the virtual imprisonment of people of genius in very small islands with the constant menace of mediocrity staring them in the face, with the only hope being to emigration to a foreign shore, no matter how bitterly cold, to find their place in the sun. The unfulfilled achievements and accomplishments of West Indian people in the Caribbean are lamented over and over again by all, including ourselves. It has now become officially documented, as the most recent World Report on the Caribbean states in the Executive Summary: “Yet as the 21st century begins, the abiding impression is one of underfulfilled potential and concern for the sustainability of past accomplishments.” This report, issued in 2005 is entitled “A Time to Choose” – Caribbean Development in the 21st Century” in contrast to the West Indian Commission Report in 1991 which was entitled “Time for Action”.

Commemorative Magazine of the Bank’s Relaunch

In a paper I presented at a conference in 2001, I commented as follows: “The West Indian Commission ducked the issue (political integration) and few people raised it publicly, but we West Indians must go through the catharsis of publicly slaying this dragon and our nemesis for four decades before we can psychologically seek our destiny in this new century.” I went on to say, “The trick here in my opinion is how to frame the appropriate question to put to the West Indian people as a whole, that is, politicians, bureaucrats, businessmen, bankers, trade unionists, the youth, women, the elderly, clubs, civil society. The question would be: In a world in which firms are striving for increased size and alliances are being formed among former enemies and business competitors, and in which the developed countries of Europe are coming closer together – what ambitions do we have for our people in the new century and environment?” Another question could be, “What are our chances of survival as single states”? We must foster a sense of realization of where we stand in the global environment. Only then will we truly appreciate the efforts we will have to make on our own behalf. A comprehensive strategy of political and economic integration is only a means to an end. It should lead to a greater measure of social and economic advancement as well as a sense of identity and self-confidence. This would constitute in a sense the third major mobilization of the Caribbean people. The first was in 1938 with the movement for adult suffrage and free trade unions. The second was the movement towards independence in the 1960s and 1970s. The people of the region have had very little to capture their imagination in the intervening period. They have been engaged in internal political battles of epic proportions, as well as energysapping struggles with structural adjustment programmes, leaving them exhausted in the face of substantial external threats. Such threats are no longer in the future. These threats are here. We must now take the opportunity to forge a viable and sustainable regional arrangement to respond successfully to the major challenges facing us. This arrangement will have the immediate result of aggregating our human resources both across the region and in the diaspora where many a talented West Indian has had to migrate to recreate hope in their ability to function as a contributing member of society. The lot of many of those remaining or unable to go can be poignantly symbolized in the words of Grey’s elegy in a country churchyard,

Full many a flower is born to blush unseen And waste its fragrance in The desert air” The multitudinous talents of the Caribbean people can be seen in our artistes (Bob Marley, The Mighty Sparrow) cricketers (Garfield Sober, Viv Richards, Brian Lara) poets and writers (Walcott, Naipaul, Lamming) intellectuals (Arthur Lewis, Eric Williams, C L R James), and so many others. Remember also, the numerous Caribbean athletes who have collected Olympic gold medals. A Caribbean Olympic Team would win most of the medals in individual races between 100 and 800 metres, and all the relays. A Caribbean football team would automatically qualify for the World Cup and would be a force to contend with. The question is “why do we deny ourselves this wide, collective, and certain recognition, instead of the odd chance that we may succeed on our own?” The members of the diaspora in their combined numbers are a formidable political force in their respective geographical spaces in New York, Toronto and London, if we care to mobilize them to further our interests in the United States, Canada and the United Kingdom respectively. They have in fact created their own cultural space and considerably enriched and widened that of their adopted countries, through our carnivals in Brooklyn, Toronto and London. As a further contribution to the international community, the social integration of the various ethnicities in the region with the people who came from Europe, Africa, India, China and the Middle East, is a lesson which should not be lost in a world which has witnessed carnage and genocide on such a scale in what purports to be a modern and civilized era. The potential for fulsome contribution to the region and the world is such a grand and worthwhile vision that we must with some urgency and steadfastness consider how we will put Humpty Dumpty back together again. There are two quotations which sum up my thought on this issue. The first is by Gloria Steinem – “Without leaps of imagination or dreaming, we lose the excitement of possibilities. Dreaming, after all, is a form of planning”. The second is by T. E. Lawrence – “All people dream, but not all equally The dreamers of day are dangerous people, for they may act out their dreams with open eyes to make it possible”.

“Full many a gem of purest ray serene The dark unfathomed caves of ocean bear, 1938-2005: A Bright Future Rooted in a Proud Past

The CSME is a logical point of departure to start rebuilding if we take into consideration a prior and parallel step: the unification

of the countries of the OECS. In other words, the integration of the OECS is a very necessary, though not an entirely sufficient condition for the successful integration of the wider Caribbean. The OECS countries are at a much higher level of integration compared with that now obtaining at the CARICOM level. They have through the Treaty of Basseterre (1981) consolidated the regional Court system which was first established in 1967. They have upgraded their currency and central banking arrangements into a fully functioning Currency Union. They have created effective regulatory regimes in the areas of Banking, Civil Aviation and telecommunications. They have also established an institution for the joint procurement of Pharmaceuticals at significantly reduced costs which has been accepted as a role model in the area of procurement. They have joint overseas representation in Ottawa, Brussels and Geneva. They have close and coordinated arrangements in the areas of Education, Health and the Environment. The integration process in the OECS therefore provides a successful working model of these kinds of arrangements for the wider region if they would only take the time to study the process and use it as a means for further consolidation. This is one of the fundamental problems with the regional movement — the unnecessary replication of activities — which have already been sorted out by us at the OECS level.

• Greater spread and mitigation of risk. • Greater negotiating capacity with respect to third parties. There are two areas where we need to specifically work very closely under the OECS umbrella in order to ensure our survival and competitiveness and these are Information and Communications Technology and Education. These strike at the heart of our production possibilities in the following way: In small islands with limited land space and populations, activities involving the use of physical space in abundance suffer from diminishing returns. However, activities which require the use of knowledge lead to increasing returns to scale. Information technology and skilled manpower are more productive on a per capita and per square mile basis for small countries. The skilled manpower issue is particularly critical for countries with small populations. Take a country with a population of 100,000. If we take 40% of this as dependant, that leaves us with 60,000 . Subtract 20% for the number of unemployed which leaves 48,000. If we use a ratio of 1:5 for skilled to unskilled this results in a remainder of 8000 skilled. Taking 5% of the skilled as the managerial cohort leaves 400. This is the number we have available to manage all of the top positions in Government, business and other significant national institutions. This just will not cut it, and we need to spread the net across the whole OECS and increase the pool through education and skill and management training.

A consolidated OECS would solve the large number of problems faced by CARICOM. This is, instead of sixteen states there would now be eight of roughly equivalent sizes.

The problem at this moment is that there is no collective master plan or guiding hand – only an invisible hand which leads us to do our own thing in each island with a scale of replication and duplication that our citizens cannot afford. In other words, what we have, is the triumph of individual sovereignties over collective efficiencies at great cost to the creation of social capital and economic development.

This would, other things being equal, make for easier negotiations as well as greater consensus.

In the monetary and financial area we are addressing this issue with some success.

The OECS countries are now engaged in revising the Treaty of Basseterre to encompass higher levels of political and economic engagement in order to face the challenges posed by the CSME as well as other external domestic issues.

We have in the last decade been quietly and patiently addressing the issue of the development of money and capital markets as a means of fostering the economic development of the OECS.

We therefore need to set ourselves an agenda that involves the creation of a policy and planning framework that integrates the working of national and OECS-wide decision-making. This would give rise to three distinct advantages.

Our objective has been to create through Integration, Development and Regulation a single financial space of the highest level of sophistication and connectivity that will provide financial services of the highest quality and most competitive prices to individuals, firms and Governments, inside and outside the currency union.

• Greater economies of scale in production, distribution, marketing and administration.

This is an undertaking that has not been accomplished before. The nearest comparison would be the European Union.

Commemorative Magazine of the Bank’s Relaunch

However, their financial systems while developed are regulated by separate jurisdictions and furthermore are by no means integrated across the union.

make loans, required courage beyond what we presently contemplate. That the Bank has come so far is a tribute to those who carried the torch from generation to generation.

We started on the basis of having a stable currency and a safe and sound banking system. We then set about creating region wide markets and institutions to fill the gaps in the system.

The most astonishing part to me, in a region where things foreign are mostly considered to be better, is how the populations have supported their indigenous banks.

With respects to markets, we have: • An Interbank market for liquid funds • A Government Securities Market • An equities market • A market for secondary mortgages.

At the ECCB we have kept a special eye on our indigenous banks for the very simple reason that banks operate on the basis of confidence, and if there is any crash, this confidence will go beyond them to confidence of our people in all their undertakings. The Board and management of First National are very much aware of our views and have made every effort to live up to our high expectations.

With respect to institutions, we have established: • The Eastern Caribbean Mortgage Bank • The Eastern Caribbean Institute of Banking • The Eastern Caribbean Securities Exchange We have targeted two new institutions which should come to fruition in the short term: • The Eastern Caribbean Enterprise Fund, targeted to investors • The Eastern Caribbean Unit Trust to provide a wider choice of savings instruments. We have also promoted the establishment of: • The Eastern Caribbean Bankers Association • The Eastern Caribbean Institute of Accountants. We are also encouraging the active participation in these matters of: • The OECS Bar Association • The OECS Business Forum The flagship institution in this process is the Eastern Caribbean Securities Exchange which is the most technologically advanced exchange in the hemisphere. Its settlement period is T + 1 or the next day while most countries only can reach to T+3. It is also a paperless and dematerialised institution. The exchange provides connectivity for the whole Caribbean region and already two large regional firms – Grace-Kennedy from Jamaica and First Caribbean out of Barbados have listed on the ECSE.

The St Lucian, OECS and Caribbean people must come to grips with our reality but in an ironic way we must not be restricted by it. This is so because we live in two realities, namely, things that we can do and things that we refuse to do. A question by James Fantus illustrates this quite vividly. “Don’t be confined by reality. Think about what could be accomplished If there were no boundaries (in the region) We have to have goals and high purpose as stated by the Pole Vaulter, Bob Richards in this felicitous quotation: Goals give purpose Purpose gives faith Faith gives courage Courage gives enthusiasm And enthusiasm lifts you over the Bar. Finally as we pay tribute to the founders of First National, their heirs and successors, and as we in Saint Lucia and the OECS move forward into the most challenging period of our economic history we must be mindful of the biblical exhortation -

The Eastern Caribbean Securities Commission is also the leading institution of its kind in the region and brokers from all over the region are getting their certification from the ECSE.

“Where there is no vision the people perish.”

This is the environment in which institutions such as the newly re-branded First National Bank operate.

Sir K Dwight Venner Governor, Eastern Caribbean Central Bank

We have come a long way in the banking industry in the Caribbean region as a whole and particularly in the OECS. Banking was considered to be outside of our reach and therefore the exclusive preserve of the colonial powers. That in 1938 a group of citizens of this country could dream to presume that they could aspire to manage money in trust for others and to

Their struggles from 1938 in the midst of social upheaval to our current challenges of regionalism and globalisation are ours as well, and we commend them for their courage, vision and leadership.

1938-2005: A Bright Future Rooted in a Proud Past

A PROUD TRADITION OF SERVICE TO SAINT LUCIA 1st National Bank St Lucia Limited, Saint Lucia’s first indigenous bank has come a long way! Like many of the indigenous banks of the Caribbean, it began with a dream of providing opportunities for all – especially those with very small earnings and has succeeded admirably in helping to transform Saint Lucia’s economy and society.

Indeed, Sir Dwight Venner, Governor of the Eastern Caribbean Central Bank in his address at the ceremony earlier this year marking the change of name to 1st National Bank Saint Lucia Limited, commented on the magnitude of the Bank’s accomplishments and noted :“That in 1938 a group of citizens of this country could dream that they could aspire to manage money, in trust for others and to make loans, required courage beyond what we presently contemplate”. Would a depositor from 1938 still recognize the Bank in 2006? I believe they would. 1st National Bank Saint Lucia Limited retains its defining characteristic: love for country and for the people of the country. What is more, The Bank has maintained a fine tradition of highly personalised service, something that sets it apart and is perhaps its greatest strength and competitive asset. When you think about it, 1st National Bank Saint Lucia Limited invented the concept of “relationship banking” long before it became a “word du jour” of the banking industry! The Caribbean Association of Indigenous Banks Inc (CAIB) is pleased to serve the indigenous banks and financial institutions of this region. They are a powerful and progressive group that have not merely survived the surging tide of globalization, but have made some waves of their own – just as 1st National Bank Saint Lucia Limited is doing today.

MESSAGE FROM CAIB CHAIRMAN

In the process, the Bank has changed almost beyond recognition. This “Penny Bank” which started as St Lucia Cooperative Bank Limited, has grown from a small savings and loans organisation with share capital of EC$50,000, to a full service commercial bank with authorized share capital of EC$5 million!

I am very proud to say that while the competitive threat facing the region’s indigenous banks and financial institutions is formidable, banks like 1st National Bank Saint Lucia Limited have been very proactive in their response. Certainly, the rebranding of the Bank is a key part of a strategy that will open up new opportunities for both the Bank and its customers. The CAIB’s role is to speak on behalf of indigenous banks and financial institutions in order to influence regional and international policies in a positive fashion, while providing a platform of shared services and knowledge to help home-grown banks and financial institutions compete in today’s very dynamic financial services arena. 1st National Bank Saint Lucia Limited has been an active participant in all of the CAIB’s initiatives and affairs, sharing freely and fully of their knowledge and ideas. On behalf of the CAIB, I congratulate 1st National Bank Saint Lucia Limited on its success to date, and wish them all the best for the future.

Hanzel Manners, Chairman CAIB

Carasco and Son Ltd. The Voice of Saint Lucia describes the atmosphere of this historic event: “The Saint Lucia Co-operative Bank Limited opened its doors yesterday and was given a good send off by the public who immediately opened accounts…its presence is not only welcomed but is a necessity, especially for those labourers and others who cannot afford the deposit required for the larger Bank.” The Bank historian Dr. D.W.A. Degazon commented that “the foundation of the Bank occurred when the Saint Lucian economy was at a very low ebb and in retrospect, one must pay tribute to the spirit of independence and self-help, which motivated the founders. Their philosophy seems to have been inspired by Mr. J.H. Pilgrim.” THE GENESIS 1938-1948 While an in-depth, analytical history of Saint Lucia remains to be written, it is generally clear that Saint Lucia in 1938 was a colonial backwater of the British Empire. One hundred years after Emancipation from slavery, “it was a period of low wages, long hours of work, no rest on Sundays and public holidays, employment of child labour, little or no health facilities, no vacation leave, no compensation for industrial injuries and limited educational facilities. Ninety percent of our people were illiterate and disenfranchised.” These words came from Sir George F.L. Charles, then a trade union leader and destined to be the first Chief Minister(1960-1964) of Saint Lucia. Throughout the wider Caribbean the thirties were a period of ferment as unions and new political parties appeared to champion the cause of the working poor. 1937 was a landmark year with street protests occurring throughout the region. The times became so troublesome that the British government sent out the Moyne Commission to investigate. Out of that royal enquiry, several recommendations emerged, some of which were implemented. The thirties were a period of international economic depression. Saint Lucia was experiencing a decline in the once-prosperous coaling trade; the banana industry, begun in the twenties, was struggling against low production and plant diseases; coconuts, limes and other agricultural products formed part of its exports. At the end of 1931, the population was 60,000. Banking pioneers The development of unions, cooperatives and political parties also took place in Saint Lucia. Given the challenges in the social and economic areas, it is no coincidence that many of those who were involved in the organization of workers and the formation of political parties, were also the pioneers who established Saint Lucia’s first home-planted, indigenous bank. The workers, who were rising to a fulfillment of the hopes of emancipation, needed their own bank. They wanted a place to invest their modest pennies. Other banking institutions, burdened by the prejudices of colonialism, did not consider those coal-blackened coppers and shillings of much value. But the forward-thinking leaders taught the people that savings were needed for investment in land, homes, and education. They knew that hard-earned money well-invested represented a real power and independence. It symbolised a freedom for which they had yearned for the past one hundred years.

John H. Pilgrim one of the great and almost forgotten names of Saint Lucia, part of a generation of Saint Lucians whose lives and work remain unrecorded. He was the founder of the West Indian Crusader Newspaper which still exists today as The Crusader Newspaper. He was one of the leaders in the political and worker movements of his times. He would eventually serve as Bank director for 36 consecutive years. Penny Bank Directors The Saint Lucia Co-operative Bank Limited was to become popular as The Penny Bank. Its first directors were: George Palmer – President John B.D. Osbourne – Secretary/Manager Clive Beaubrun – Director Joseph Q. Charles – Director Joseph Devaux – Director John H. Pilgrim – Director Allen Lewis – Company Solicitor

Olga Osbourne Member of Staff with longest service – Chief Lady Clerk 1942-1981

Over the next forty years, all these names will appear regularly on the rolls of unions, political parties, town boards, in newspaper columns. For J.Q. Charles and Allen Lewis, knighthoods waited in the future. Sir Allen Lewis would become the first Governor General of an independent Saint Lucia. But there, at the genesis of a modern Saint Lucia, they were young and ambitious, and committed to the improvement of the lives of their people. When that brave little local Bank started up in January 1938, it began with a share capital of $50,000 made up of shares of $1.00 each. As a small savings and loans organization, in the social and historical context, our Penny Bank was a pioneer and innovator. The difference between the Saint Lucia Co-operative Bank Limited and others was its willingness to accept very small deposits to encourage thrift. Simple as it may sound, the issue of a bank book to a first-time depositor gave that person a sense of ownership and partnership. There must have been a brand-new sense of freedom and independence when those coal sellers, labourers, stevedores and school teachers deposited their first pennies and received their own ‘bank-book.’ The first manager, John B.D. Osbourne and his three staff members gave unflagging dedication and commitment to their first customers. Mr. Osbourne would finally retire in 1954.

The Saint Lucia Co-operative Bank Limited opened its doors for business in January 1938 on Mongiraud Street in a backstore of

Commemorative Magazine of the Bank’s Relaunch

The first Board of Directors of the St. Lucia Co-operative Bank Limited Mr. George Palmer

President

Period of Service Occupation

1937 – 1939 Labour Commissioner and Controller of Supplies

Mr. J.B.D. Osbourne

Secretary

Period of Service Occupation

1937 – 1954 Manager

1937 – 1959 Director

1939 – 1959 President Business Proprietor

1937 – 1980 Director

1973 – 1979 President Merchant

Mr. George Palmer – first President

Mr. J.B.D. Osbourne – Secretary/Manager Mr. Clive Beaubrun Period of Service

Occupation Mr. Clive Beaubrun

Mr. J.Q. Charles Period of Service

Occupation Mr. J.Q. Charles

1938-2005: A Bright Future Rooted in a Proud Past

The first Board of Directors of the St. Lucia Co-operative Bank Limited (cont’d) Mr. Joseph Devaux

Director

Period of Service Occupation

1937 – 1939 Merchant

Mr. Joseph Devaux

Mr. J. H. Pilgrim

Director

Period of Service Occupation

1937 – 1973 Journalist and Newspaper Proprietor

Mr. John H. Pilgrim

Mr. Allen Lewis

Company Solicitor

Period of Service Occupation

1937 – 1959 Solicitor

Mr. Allen Lewis

Commemorative Magazine of the Bank’s Relaunch

First Premises of 1st National Bank Formerly St. Lucia Co-operative Bank

The Genesis Con’t War, flood and fire As historians have pointed out, the 2nd World War that began in 1939, effectually put an end to the movements for selfdetermination and workers’ rights throughout the West Indies. Not till the war was over did the people begin to mobilize again for their independence in social, cultural and economic areas. The Saint Lucia of those years was inevitably affected.

Vendors selling fruits and vegetables at the Castries Market

November of 1938 marked the Ravine Poisson disaster after days of abnormal rainfall. Historian and Roman Catholic Priest Reverend Charles Jesse records that “floods swept away roads and destroyed bridges in diverse parts of the island...a conservative estimate of the loss…amounted to 55,000 pounds sterling.” Other matters that would have affected the Bank’s business included a drop in banana production; the establishment of the American bases at Reduit and Beane Field; and in 1948, on the night of 19th/20th June, the great Castries fire which was described as “the greatest calamity to befall a Colony of its size and resources in so short a space of time.” Four-fifths of the capital town was completely destroyed by the fire. All of the commercial section of Castries was destroyed and many Government buildings. “After that hot gospeller had leveled all but the churched sky,” to quote our Nobel Laureate then eighteen year-old Derek Walcott, the Bank was called upon to translate its workers’ pennies into mortgage finance needed for the rebuilding of Castries.

Carrying coal onto boats

By 1948, the Bank’s initial share capital had increased from $50,000.00 to $100,000.00. That amount would be the equivalent today of millions of dollars. In that year, the total assets of the Bank were at $488,892.

After the fire of 1948

The Genesis 1938 – 1948 • January 1938 – Saint Lucia Co-operative Bank opens on Mongiraud Street

SUMMARY

• Bank start-up capital: $50,000 • J.B.D. Osbourne, first Manager, served from 1938 to 1954. • November 1938 – Ravine Poisson disaster (flooding and landslide) • June 1948 – Castries fire • In 1948, Bank share capital was $100,000. Total assets: $488,892.

1938-2005: A Bright Future Rooted in a Proud Past

Commemorative Magazine of the Bankâ&#x20AC;&#x2122;s Relaunch

THE BANK TAKES ROOT 1949-1959 Historical background and context is important. A bright future is rooted in a proud and self-confident past. The Bank’s beginnings are rooted in the emergence of the people from the final shadows of slavery and the confusions of emancipation. It is planted in their growing desire to conduct their own business and to assert their national rights. The clamour and movement for political and union rights had led to major political changes with the granting of the vote in the early fifties. Adult Suffrage Once the War was over, the struggles for adult suffrage had resumed, and the battles had been won. In October 1951, general elections were held for the first time in this Creolespeaking crown colony of Britain. The Saint Lucia Labour Party (born in 1950,) led by Chairman Allen M. Lewis, won that first, historic election. The colonial system still in operation meant that the elected members of the Labour Party and the People’s Progressive Party sat in Executive and Legislative Councils headed by the British Administrator.

The bank takes up residence on Bridge Street

The personal memoir of George F.L. Charles entitled “The history of the Labour Movement in Saint Lucia 1945-1974” is a fascinating account of those early years and struggles for selfgovernment. Many of the persons who were members of the Board of Directors of the Saint Lucia Co-operative Bank will be found in those pages as they contributed to the development of trade unionism and political parties. Federating fifties The chroniclers of the period all seem to agree that the decade of the fifties represented years of development and progress for Saint Lucia in the social, political and economic spheres. The standard of living, helped by victories of trade unionists for their members, improved everywhere. New developments unfolded in agriculture and road networks. By the end of the fifties, over 5000 persons had emigrated to the United Kingdom, and their remittances to family had an important impact on the economy. Improvements in the quality of housing were apparent. Midcentury, a new telephone system was established, and a new General Post Office opened in Castries. 1956 marked the introduction of the Ministerial form of government, and in January 1960, Mr. George F.L. Charles became the first Chief Minister. These were years also of regional integration, with the establishment of the short-lived West Indian Federation (19581962.) in which Saint Lucian Karl La Corbiniere became the Deputy Prime Minister. After the 1948 disaster, the city of Castries was rebuilt along modern lines. A number of major fires occurred in the fifties, in Castries and Soufriere, but they provided opportunities for further development. In January 1953, the Saint Mary’s college moved to new premises at Vigie. By 1955, the population of the island was recorded at 88,150.

Bridge Street in the early 1900s

1938-2005: A Bright Future Rooted in a Proud Past

King banana While the banana industry can trace its beginnings to 1922, banana cultivation was intensified from 1952. Between 1956 and 1960, the industry experienced phenomenal growth. A number of sugar estates ceased production and began planting bananas. The coming of king banana represented an economic and social revolution. That sweet fruit became swiftly the principal export and cash-earner. It brought a new prosperity to all of Saint Lucia. It was indeed “Green Gold!” The rural poor now became the new aristocrats! Rural, patois-speaking Saint Lucia, with its La Rose and Marguerite festivals, its kont and bèlè, was transformed. Castries the capital, hungry for modernity, risen from the ashes of 1948, was on the move! It was to Castries that the new banana farmer came to cash his vouchers, to buy his dry goods, to do his banking.

Loading of bananas onto boat

The people’s “Penny Bank”, very much part of the dynamic social changes of the decade, provided for the banking needs of these new investors. The Bank prospered with them. In 1950, the Bank acquired its present site on Bridge Street, now a prominent landmark of downtown Castries. It was by this time, an established and respected member of the commercial and banking fraternity. Coconut and cocoa industries continued to be important with significant exports of copra and cocoa. With the rapid post-war changes, coal and sugar were rapidly becoming artifacts of the past. The outside world was coming to visit more and more. The Vigie airport was expanding to receive more frequent airline flights. The seeds of a future tourist industry were being planted. The influences of the wider world were being felt increasingly. Slavery and the humiliation of emancipation were a dim past. In 1959, drawn by the new prosperity burgeoning in Saint Lucia, the Royal Bank of Canada returned and the Bank of Nova Scotia arrived to set up office.

Transporting bananas from fields to loading stations

At the end of the fifties, the population of Saint Lucia stood at 94,718.

Commemorative Magazine of the Bank’s Relaunch

Harvesting bananas

Eventual location of Bank Premises

Old Bridge Street (circa 1920)

The Bank takes root 1949 – 1959 • 1950: Bank acquires new premises on Bridge Street

• First general elections: October 1951 • West Indian Federation 1958 – 1962

SUMMARY

• Adult suffrage achieved in 1951

• Saint Lucia’s population in 1959: 94,718

Commemorative Magazine of the Bank’s Relaunch

ON THE ROAD TO INDEPENDENCE 1960-1979 It can be argued persuasively, that the sixties and seventies saw the birth of the modern Caribbean and Saint Lucia in which we live today. Writers like the Barbadian novelist George Lamming have suggested that the movements for self-determination that had been stifled in the thirties with the onset of world war, found a new life in these decades. In Saint Lucia, a cultural renaissance would get underway, led by major figures like Harold Simmons, the Walcott brothers and their Arts Guild friends, folk singers like Sesenne Descartes and musical groups like Joyce Auguste’s Hewannorra Voices and the Helenites. Popular music was led by the Tru Tones, the Quavers, Diamond Steelband and many more groups and individual singers. Lowering of Union Jack

By 1964, the political baton would pass from George Charles and the first leaders to one of their younger contemporaries, John George Melville Compton. It would fall to him and the political colleagues of his new United Workers’ Party to lead Saint Lucia into its modern era. By now, trade and credit unions, co-operatives and political parties were well established. In agriculture, sugar gave way completely to bananas and the fledgling tourism as pillars of the economy. More emigration resulted in a significant amount of financial remittances. In education, more secondary schools were built around the island and more graduates were returning from the University of the West Indies and other universities. Bank on the move The Saint Lucia Co-operative Bank was not a passive observer of the passing scenes. It was a major player in our economic progress. In 1961, a branch was established in Vieux Fort in rented premises. By 1963, the Bridge Street headquarters needed renovation and extension. By the end of the sixties, the southern branch was being upgraded and a site was being sought for the branch’s own premises. According to Bank records, the share capital of the Bank at that time was increased to $250,000.00 by the creation of 100,000 ordinary shares of $1.00 each.

Hoisting of St. Lucian Flag

The first presidents George Palmer and Clive Beaubrun had been succeeded by Lewis Floissac who served in this capacity throughout the sixties. J.B.D. Osbourne had retired as Manager in 1954, and F.N. Theobalds and O.H.H. Giraudy followed each other as the Bank’s managers from that time to the end of the sixties. The records show that the Bank’s deposits kept increasing, as did the demand for loans, reflecting the steady growth of the assets and loan capacity. Of course, the newly thriving economy of Saint Lucia attracted the interest of foreign banks. Efforts were made to acquire substantial holdings in the Bank. Wisely, the directors resisted the tempting offers, and the Penny Bank has remained entirely under local control. By 1978, the Right Honourable Sir Vincent Floissac, distinguished Saint Lucian jurist, could write, “The Bank was founded by Saint Lucians for Saint Lucians. Commemorative Magazine of the Bank’s Relaunch

Right to left (Rt. Hon. John G.M.Compton – First Premiere, Princess Margaret, British Government Official)

Our shareholders and depositors are nearly all Saint Lucians. Our directors are all without exception, Saint Lucians.” This remains true today. With the growth of business enterprises and increased demands for more effective banking facilities, decisions were taken for a gradual entry into commercial banking. This entailed a substantial increase in staff numbers. Times of turmoil: Independence

Board Meeting of St. Lucia Co-operative Bank in the 1970s

Vieux Fort Branch

The social movements that were abroad in the region were creating a new clientele for the Co-operative Bank. The growth of new small and medium sized businesses, the fast developing tourism industry, major projects in the public sector, the increasingly educated population, the growth of a new middle class – all brought new expectations and new challenges. Saint Lucia attained Associated Statehood in 1967 and was looking forward to Independence as the next logical step. Premier John Compton underlined the contribution of the 38 year-old Saint Lucia Co-operative Bank in the following words in 1976: “The Bank is an excellent example of growth from modest beginnings…its value to the economy of the State may be measured by the fact that over the years, hundreds (perhaps thousands) of ordinary people who would not have been accommodated by the regular commercial banks, have been assisted with loans to tie them over difficult situations…” The mid-seventies were also a time of social and political turmoil in Saint Lucia as a new generation of leaders and people made their demands heard. In a deep sense, the old struggles for social and economic rights, with all the politics usually associated with them, were again rearing their head – not only in Saint Lucia, but throughout the region. The Bank provided a point of stability in the ferment for its customers. The streets may have been in turmoil, but our Penny Bank, our first and only indigenous Bank, was establishing relations with the Bank of Montreal, and introducing services for the sale of travellers cheques, foreign exchange, commercial letters of credit and bills for collection. By the end of the seventies, and the arrival of Independence in 1979, the Bank was equipped to meet the challenges of political and social change, the expectation of a new and ambitious generation, and the demands of foreign clients and visitors now swarming our shores. Bananas were still doing well, but already, there were signals of difficult days ahead. The north of Saint Lucia had developed into a vibrant tourist resort area, with a modern marina and several highly-rated hotels. In the south, in Vieux Fort, an international airport was busy. Bananas, tourism and a growing services industry were the mainstays of the economy.

1938-2005: A Bright Future Rooted in a Proud Past

On the road to Independence 1960 – 1979 • 1961: Bank branch established in Vieux Fort

• 1964: formation of the United Workers Party. In May the UWP formed the new government after general elections and Sir John Compton became Premier

SUMMARY

• 1963: Share capital of Bank was $250,000.

• 1967: Saint Lucia attained Associated Statehood • 1968: Mr. Emmanuel Theodore was appointed Bank Manager • 1979: February 22nd, Saint Lucia gained Independence. • 1979: In October, Sir Arthur Lewis won the Nobel Prize for Economics.

Commemorative Magazine of the Bank’s Relaunch

TRANSITIONAL YEARS 1980-1990 The last decades of the twentieth century presented great challenges for the Caribbean, for Saint Lucia and for our venerable Bank now entering the years of maturity. In many ways, its history reflected the island’s progress. Saint Lucia entered the eighties as a newly independent nation but in political and social turmoil. The country was now a member of the United Nations, confronted by all the challenges and possibilities involved. One can see these years of political instability as birth pains of a new child-nation. The children and grandchildren of the coal-carriers, the sugar and banana workers, the stevedores, the rural nurses and teachers, and others across the social spectrum – were taking their place as leaders of their country. Understandably, their expectations – in the global village of our world – were high. The Bank did not rest on its laurels, but understood and met the challenges of this late twentieth century world.

in 1981 were $30,900,574. By 1985, the share capital had grown to two million dollars. To provide more efficient service to its growing customer base, new banking hours were established. The Board of directors agreed to a profit-sharing plan for staff. In 1986, $40,000 of profits were shared with staff. Passages Inevitably, the passage of the years saw the parallel passage of the founding directors and the earliest associates. Lewis Floissac would complete forty one years of dedicated service in 1979. Sir J.Q. Charles also retired in that year having served as director for forty three years and President for seven years. Francis J. Carasco became the first Vice President. In 1982, Mr. Denis De Gazon wrote a brief and valuable history of the Bank. This coincided with the Bank’s celebration of its first-ever profit of one million dollars before tax. It would have to wait until 1988 to make a profit of over one million dollars after tax.

Tourism and services In 1988, Ferrel ‘Bam’ Charles, was elected as President. One of the results of the turmoil of the first years of the eighties was that the economy found itself plunging through stormy waters. Bananas were standing on shaky ground, though it was still the biggest money earner. In many ways it was a transitional time for Saint Lucia. Tourism and services continued to take center stage as factors leading the economy. The digital age and the computer would soon, before the decade was finished, touch the daily life of everyone. Looking ahead to the end of the century, a sophisticated telecommunications industry would be liberalized. The nerve centre of international and local banking would become digitized! In local commerce, the big familiar names that had dominated business and social life were now competing with newer, aggressive and more advertising-conscious enterprises. While there were some foreign enterprises, many of the new business ventures were locally owned. This included well-managed properties in the hotel and tourism sector. Milestones In the mid-eighties, the Sir Arthur Lewis Community College would be established to provide tertiary-level education. In 1979 (call it an independence gift,) Sir Arthur Lewis had captured the Nobel prize for economics. He was brother to Sir Allen Lewis, one of the founding directors of the Bank. Sir Allen had served from 1937-1959. Sir Allen had become Saint Lucia’s first Governor General. Through the Lewises and many others, the Saint Lucia Co-operative Bank remained closely connected with the community life of Saint Lucia and shared the successes of its citizens. In 1980, the Penny Bank would welcome – after 42 years – the formation of another locally-rooted bank, the National Commercial Bank (NCB.) The Saint Lucia Development Bank and the older Saint Lucia Mortgage and Finance Company would provide some measure of competition, but would also, with the Co-operative Bank, provide alternative financing options for Saint Lucians. By now, the share capital of the Saint Lucia Co-operative Bank Limited had increased to one million dollars, and its total assets

In 1984, new premises were purchased for the Vieux Fort branch. In 1986 the adjoining Renwick and Company building was purchased for expansion of the Castries operations. Corporate Citizen The record will show that the Saint Lucia Co-operative Bank has always been a good corporate citizen. The Bank has never forgotten its roots and humble beginnings among the ordinary people of Saint Lucia. In 1986, the Bank contributed substantially to loans to the Government and invested one and a half million dollars in Government bonds. To celebrate its 50th anniversary, two scholarships were awarded to students for university education. Contributions were made to hurricane disaster rehabilitation funds. The Bank joined with other banks to provide a loan for the construction of a new wing at Saint Mary’s College. The Bank also participated in the Saint Lucia Venture Capital Fund. On a significant historical note in 1990, Miss Alnita Simmons became the first female to be appointed as Bank Manager. She retired in 1999 after steering the institution through a difficult and critical period, which was also a time of overall upgrading. According to the records, under her tenure, “the Bank progressed and became a stronger institution, particularly in respect of professionalism and discipline.”

This building was acquired by the Bank in March 1987 and was used for the future expansion of the Bank

Commemorative Magazine of the Bank’s Relaunch

PROFILE OF BANK PRESIDENT 1988-2005 Mr. Ferrel Victor Charles was born in Saint Lucia in 1935. He is the former Joint Managing Director of the J. Q. Charles Group of Companies and was at the helm of governance of those Companies since 1959. He has had in-depth experience in the management of every division of the company and had special responsibility for the manufacturing enterprises, all physical development and expansion and particulary real estate. He has served in many leadership roles in the public arena in Saint Lucia and a summary of his public service is as follows:

MR. FERREL V. CHARLES

• Captain • President • Chairman • Chairman

Saint Lucia Cricket XI Saint Lucia Cricket Association National Development Corporation National Cultural Committee

• Immediate past President/Chairman - 1st National Bank Saint Lucia Limited/ formerly Saint Lucia Co-operative Bank Limited. • Currently 2nd Vice President

- 1st National Bank Saint Lucia limited

• President

- Saint Lucia Chamber of Commerce, Industry and Agriculture

• Member

- Public Service Commission

EDUCATION • Saint Mary’s College, Saint Lucia • Harrison College, Barbados • University of Western Ontario, Canada B.A. (Hons). Business Administration AWARDS • Special Award by Saint Lucia Chamber of Commerce for Service to the Organization and Private Sector. • CMG Companion of the most distinguished order of Saint Michael and Saint George by her Majesty the Queen in 1999 for services to Industry, Commerce, Sport and the Arts. OTHER • Appointed as Independent Senator by the Governor General in the present Parliament of Saint Lucia. Mr. Charles is married to Mrs. Patricia Charles and they share three children; Linda Augier, Eva Lewis and Gordon Charles.

First Female Bank Manager in Saint Lucia Born to Allan and Agnita Simmons on May 17, 1943, Alnita F Simmons is the first of four (4) Children – three (3) girls and one (1) boy. She was educated at Saint Joseph’s Convent and began her career in banking at Barclays Bank Plc in November 1961.

July, 1969 February, 1972 January 1973 – November 1973 November 1974 – August 1975

August 1975 - October 1977 November 1977 – March 1980 April 1980 – July 1980 July 1980 – June 1981 July 1981 – February 1982 February 1982 – May 1982 May 1982 – October 1984 October 1984 – November 1987

November 1987 – August 1990

- Junior Supervisor - Senior Supervisor - Instructor/Branch Training Officer Head Office, Barbados - Senior SupervisorAdministrative Department, Head Office, Barbados - Accountant Barclays Bank Plc. Vieux-Fort Branch - Accountant, Jeremie Street, Castries - Acting Sub Manager Soufriere - Inspector, Head Office, Barbados - Manager Vieux-Fort - Acting Manager Bridge Saint Castries - Manager Vieux-Fort - Manager Staff training, Head Office Barbados with responsibility for training throughout the Caribbean - Manager/Secretary – Barfincor, Leeward and Winward Islands

MISS ALNITA SIMMONS

Miss Simmons was fortunate to have worked in all departments of the Bank as this gave her a solid Banking foundation. Her accomplishments in Barclays include:

In September 1990, Miss Simmons became the first female to be appointed Manager of the Saint Lucia Co-operative Bank Limited and indeed the first female to be appointed Manager of a Banking or Financial Institution in Saint Lucia. Later her position was upgraded to Managing Director, making her the first female ever to be appointed to that position in the Banking and Financial Industry. In her career as a banker, Miss Simmons has had the honour of being the first female to be included as part of the Barclays Bank Plc Regional Inspection Team. She was also the first woman to be appointed Branch Manager by Barclays Bank Plc in Saint Lucia. In addition Miss Simmons is an active member of the Roman Catholic Church and is presently a member of the Parish Council and Finance Committee and plays a very active role in Parish activities at our lady of Fatima Church in La Clery. She is also a former member of Development Control Authority and N.I S Investment Committee. In 1995, the National Secretaries Association gave her an award for Excellence in recognition of her contribution to the industry. An avid cricket lover, Miss. Simmons is very interested in the development of young people and is a firm believer in family values.

Transitional years 1980 – 1990 • 1981: Bank share capital was One Million dollars. Total assets: $30,900,574.

SUMMARY

• 1982: Bank made one million dollars profit before tax.. • 1984: New premises acquired for Vieux Fort branch • Sir Arthur Lewis Community College established. • 1986: $40,000 of profits shared with staff. • 1988: Mr. Ferrel Charles elected President. • Two university scholarships awarded by the Bank. • Mr. John Greenwood appointed Manager. • 1990: Ms. Alnita Simmons becomes first female Bank Manager.

1938-2005: A Bright Future Rooted in a Proud Past

THE NEW ERA: TOURISM, TECHNOLOGY, SERVICES 1991-2000 In October 1992, Derek Walcott brought home a second Nobel Prize to Saint Lucia, this time for literature. The annual Nobel laureate Week which began in January 1993 gave Saint Lucians the opportunity to celebrate the artistic and intellectual achievements of our people. The prize-winning work of Sir Arthur Lewis in economics had influenced nations throughout the developing world. The arts, culture and economics would be an inevitable core infusing the developmental plans of our island in the new era facing it. The last decade of the twentieth century brought significant changes to the economic landscape of Saint Lucia. While agriculture would always remain of crucial importance, the harsh reality was that the banana industry was facing stern challenges from the uncompromising demands of the World Trade Organisation (WTO) and the unrelenting competition from Latin American mega-companies. Local farmers continued to be plagued by old, nagging problems. Many of these spilled over in 1993 into open confrontation with police forces. By the late nineties, efforts to save the industry would include formation of banana companies managed by farmers themselves. Other areas of agricultural production also struggled. In manufacturing, the situation remained difficult, even though government and banks made every effort to provide incentives to those interested in diverse areas of production of goods. The annual report of the Bank comprehensively reflected the changes in the society and how the Bank met the demands of the commercial sector. Tourism and all that jazz While the banana economy struggled to survive, the star of tourism continued to rise and shine. The number of visitors arriving on ‘Simply Beautiful’ Saint Lucia increased. The Saint Lucia Jazz Festival was launched in 1992 as a tourism-promotion product and quickly became a highly respected and popular international music event, drawing thousands of visitors every year. Big-name superstars of the musical universe appeared regularly alongside local artistes for a ten-day feast of musical styles. Venues and performing spaces were created around the island. Airlift was provided by major international airlines. Visitors came from all over the world and from the Caribbean. Cruise tourism with its floating palaces paralleled the growth of land-based resort development. Facilities for the arrival and reception of these cruise liners were constructed, the most notable at Pointe Seraphine, with its duty-free complex. Soufriere and other coastal towns were organizing their ports and bays to accommodate the influx of visitors. Many Saint Lucians invested in medium and small properties and also found employment at various levels within the industry. Big-name chains like Sandals bought up older properties, and created popular all-inclusive hotels. Many of these regularly win international awards, making Saint Lucia a highly-favoured

1938-2005: A Bright Future Rooted in a Proud Past

destination. While the northern Rodney Bay remains the principal resort area, hotel development is increasingly an island-wide investment. Tour operators also have the opportunity to take visitors into the mountainous interior of a Saint Lucia that remains spectacular in her legendary beauty. The yachting sector also developed, with the Rodney Bay Marina hosting the annual December Atlantic Rally for Cruisers (ARC.) Information technology The implications for the banking sector including the Saint Lucia Co-operative Bank were obvious: the tourism industry required state-of-the-art services, which meant that the Banks needed state-of-the-art telecommunications and information technology. The telecommunications company Cable and Wireless provided these to customers across the society. Everyone quickly had access to the now ubiquitous mobile phone as well as to the more sophisticated data transfer technology needed by our banks and newly arriving off-shore business services. The Bank ensured that it placed itself strategically around the island for the convenience of its clientele. In June 1992, a sub-branch was opened at Babonneau to serve the agricultural community. In July 1994, a full service subbranch was opened at Reduit in Gros Islet. That successful branch would move later to the new Rodney Bay Mall, providing efficient service to residents and the numerous year-round visitors staying at nearby hotels. In May 1999, the Bank opened a Bureau de Change at the George F.L. Charles (formerly Vigie) Airport. The physical developments continued to be paralleled by the Bank’s contributions to the social life of Saint Lucia. In 1992, a university scholarship fund was set up in the name of “F.J. Carasco Memorial Scholarship” (Mr. Carasco served as a Director for 47 years). In a unique contribution to sports, the first-ever Saint Lucia Co-operative Bank Limited Thirteen and Under Juvenile Track and Field Games were held in 1994 and continue today. Y2K and Financial services In the digital technology revolution that was sweeping the world and our island, the Bank introduced its AUTO-MAC multipurpose access center, equipped with ATM’s (automatic teller machines.) All branches were computerized and constantly upgraded. At the end of the nineties, Y2K (the arrival of the year 2000) forced everyone to ensure that their information systems were technologically sound and advanced. Everyone was looking out for 2000 and the new millennium. It was a fin-de-siecle moment filled with varying degrees of optimism and apprehension.

At the end of the century, government budgets were projecting that tourism would bring in six hundred million dollars compared to the declining revenues from bananas, estimated at one hundred and sixty million dollars in 1997. At the cusp of the turn-over between centuries, financial services entered the economic arena as a major player. The Saint Lucia Co-operative Bank prepared to join the competition. The liberalization of the telecommunications services, after decades of monopoly control, was on the threshold. In his Presidentâ&#x20AC;&#x2122;s address for the 1999 Annual General Meeting, Ferrel Charles called on Directors, Management, Staff and Shareholders to a â&#x20AC;&#x153;new vision and new beginnings.â&#x20AC;? The Saint Lucian society on the verge of the new millennium was no longer anything like that of 1938. We had arrived at the doorway of a brave new world. Certainly, one that had lost its innocence. One that faced all the tough challenges of being a modern state with a vote at the UN. But, once again, the records show, that the Saint Lucia Co-operative bank prepared itself to serve Saint Lucian citizens of 2000 as it had long ago prepared itself to meet the needs of charcoal sellers, sugar workers and fisherfolk of 1938.

Babonneau Branch

Rodney Bay Branch

1st Scholarship recipient

Students compete at Juvenile Games

Laverne Spencer...Top St. Lucian Female Athlete was nurtured through the Bank's Juvenile Games

1938-2005: A Bright Future Rooted in a Proud Past

The new era 1991 – 2000 • 1992: In October, Derek Walcott won the Nobel prize for Literature • The Jazz festival was launched

• The Bank established the F.J.Carasco Memorial Scholarship

SUMMARY

• The Bank opened a sub branch in Babonneau in June

• 1994: In July a sub-branch was opened at Reduit in Gros Islet • The Saint Lucia Co-operative Bank Limited Thirteen and Under Juvenile Track and Field Games began • 1999: In May a Bureau de Change was opened at George F.L. Charles Airport • 1999: Bank staff grew to 74.

Commemorative Magazine of the Bank’s Relaunch

LAUNCH INTO THE FUTURE The Mission Statement of the Saint Lucia Co-operative Bank at the beginning of the 21st millennium sums up its historical purpose: “The Saint Lucia Co-operative Bank Limited, a broadly based financial services organization and a Bank of choice, will provide the highest quality financial services to satisfy the needs of its customers and the interests of shareholders and employees through optimal use of technology.” The Bank’s historian, D.W.A Degazon, had written that “The progress of the Bank is closely interwoven with the changes in the structure of the Saint Lucian society in the last fifty years…one of the striking features of the Saint Lucia Co-operative Bank Limited was that by starting as a “Penny Bank,” it avoided the creation of an unsympathetic public image of itself.” Perceptive words, well supported by the subsequent history of the Bank as set forth in these pages.

established member of the Caribbean Association of Indigenous Banks. The Bank’s President had told the 64th AGM in 2002, “Indigenous banking cannot survive in isolation.” The Bank’s Risk Management Department was enhanced to steer the Bank through the choppy waters of globalization and the international economic environment. In June 2000 the new Eastern Caribbean Securities Exchange was launched. Opportunities have also been afforded locally for investment in the local Government Securities Market launched in 2002. Mergers of other local banks and competition from stronger capitalized financial services providers continue to demand wise direction and skilled use of resources. In 2004, the Bank received the coveted ECCB Good Corporate Citizen Award in recognition of outstanding performance in the area of Customer Service to the banking public of The Eastern Caribbean Currency Union – The ECCU.

Enduring institution Customer service With the millennium launched, our “enduring and important institution” prepared to re-image itself. While its essential heart remained, it called Saint Lucians to “feel the pride…feel the difference.” The Bank has proven that it believes in a bright future, rooted in a proud past From the top of Bridge Street in downtown Castries, The Bank staff can shout confidently, “People centred! Strong heritage! Great future!” The Bank has never ignored the real social problems and economic difficulties from 1938 to the present, but has always been confident that the cooperative spirit of its beginnings, with strong commitment to people and country, will enable it to endure. The Bank has arrived at the place where today the words are Ecommerce and Virtual banking! The rapidly developing Information Technology it harnesses must be cutting edge! Blackberries and camera-cell phones are taking internet, text messaging and financial information to a millennial generation on the move across all national and language boundaries. With electronic tickets and credit cards, the X-generation word is “roaming!” and the Bank, its Board of Directors, Management and Staff know that it must be where the people are. In fact, the word it knows very well is service! In our world, a world of computer scams and viruses, The Bank must also be on guard against money-laundering and identity theft. So an important watchword is security. The terrorism that was introduced to the world on the morning of September 11th, 2001 is now a fact of life. The world has become more insecure. Yet our Bank has always provided, and will continue to provide, total security and confidentiality, for its faithful customers and their financial transactions.

As they face the future, the directors continue to reiterate that one of their highest priorities is customer service. To achieve this, the aim is for empowered employees and satisfied customers. Staff training and the acquisition of advanced information technology (IT) are priorities if the Bank makeover is to be successful. In the immediate future, the resources and capacity of the Bank will be tested by the new Caribbean Single Market and Economy (CSME), by the arrival in 2007 of the Cricket World Cup in Saint Lucia and the Caribbean. Already, a boom was apparent in the construction industry with major developments in housing, real estate and hotel construction. The financial services market was growing very quickly. The growing, increasingly sophisticated population of Saint Lucia, with access to the world-wide Web, and to cable and satellite television that make consumers aware of what is available, demanded efficient service from its banks. In many ways, our basic needs have not changed since 1938. We are just using greater educational opportunities and advanced technology to travel through the world that has changed around us. From the old Penny Bank that opened its doors in January 1938 on Mongiraud Street in Carasco’s backstore, to the new attractive edifice of the 1st National Bank St. Lucia Limited on Bridge Street, we’re still here for our Saint Lucian family. Indeed, “an enduring and important Saint Lucian institution.”

Name change On 22 June 2004, the St. Lucia Co-operative Bank received formal certification of change of name. Henceforth, the Saint Lucia Co-operative Bank, now 67 years of age, would be known as the 1st National Bank Saint Lucia Limited. From 2003, the Bank, led by Managing Director Mr. G. Carlton Glasgow, had put a five year strategic plan into operation. In that year, the Bank recorded its best performance on record: pre-tax profits of three million, nine hundred and fifteen thousand, seven hundred and sixty-seven dollars!!($3,915,767) The Bank’s assets crossed the two hundred million dollar mark. By 2004, with re-imaging well on the way, and the name-change formalized, the Bank could boast of a new pre-tax profit record: $6,469,406m. By this time, the 1st National Bank was a wellThe Bank supports CARE programme

Launch Into The Future and Beyond • 2000: East Caribbean Securities Exchange established.

SUMMARY

• 2003: Pre-tax profits were $3,915,767 (million). • Risk Management department enhanced. • 2003: Customer Service Excellence Award from the ECCB. • 2004: Pre-tax Profits were $6,469,406 • 2004: on 22 June, formal certification of change of name to the 1st National Bank St. Lucia Limited. • 2005: On December 13th, 2005 the Bank’s re-imaging process culminated in a relaunch ceremony.

1938-2005: A Bright Future Rooted in a Proud Past

RE-IMAGING AND THE WAY FORWARD After 67 years of serving the country, The Board of Directors of the Saint Lucia Co-operative Bank decided it was time for the Bank to refresh its image and gain new attention in the market.

Added to this was the fact that the commercial banking industry had become strongly competitive with traditional banks diversifying their product offerings and non-traditional finance companies making notable in-roads in the market. It was against this backdrop that in early 2005, the Saint Lucia Co-operative Bank metamorphosed into the 1st National Bank Saint Lucia Limited. Parallel to this re-naming was a further decision to have a complete rebranding and re-imaging strategy for the institution.

UNVEILING OF LOGO

It’s concept of a “Penny” bank had long lost its relevance and although the Bank had for years been operating as a full service commercial bank the public’s perception had not completely lined up with the strides it was making in the banking industry.

The Bank contracted the services of the Orange Media Group which developed a comprehensive reimaging package. The new image strategy included:- A new Corporate Signature consisting of a logo and tagline - A launch jingle and video commercial - The re-packaging of collateral material - New external signage for buildings - A re-launch ceremony

Commemorative Magazine of the Bank’s Relaunch

The Bank at Night

1938-2005: A Bright Future Rooted in a Proud Past

VISION STATEMENT

To be the 1st Choice for Financial Services in St. Lucia and the OECS based on excellent customer satisfaction.

The Logo

The new logo is an embodiment of the history, values and vision of the rebranded institution. From the beginning the Bank’s focus was about allowing low income earners to save with a view to building their homes. Therefore the blue “arch” which is the main feature of the logo illustrates this social/human component which is such a foundation even today for building not just homes but families. The white vertical impression in the arch represents an “open door”. This has and continues to be the policy of the Bank – openness, warmth, family and familiarity. It is one of the unique features of the company that continues to differentiate it in the banking industry. The shadow cast by the open door form the figure “1”. This holds great significance as 1st National Bank is in fact the country’s first indigenous bank. Also, the number 1 sets up the commitment that The Bank continues to put its stakeholders first while at the same time echoes the reciprocated sentiment – that to all its stakeholders 1st National Bank continues to be their number 1. The colours used in the logo and name are drawn from the previous logo and our national colours.

1938-2005: A Bright Future Rooted in a Proud Past

The Tagline

The tagline or signature slogan for any institution is a statement of commitment to all stakeholders (customers, shareholders, staff and community). This is also true for 1st National Bank. Here For You speaks of timeless presence and personal relevance. It reassures its people that it is whenever and wherever they need their bank. Flagship TV Commercial and Jingle Such a re-imaging effort required a very special signature video and tune. The Bank was successful in developing and rolling out a jingle that was prepared in English and Patois. The video piece depicted the history of the Bank and its relevance in the present. Repackaging Collateral Material A natural inclusion in the rebranding strategy for the Bank was rolling out renamed and repackaged products and services. The Bank proceeded to rename the products. In terms of the actual design, a simple arch and quadrant architecture was chosen, because it allowed for the easy placement of headlines, copy, images and logo. The collateral material and external advertising produced included brochures, billboards, tent cards and posters. In addition to this, Television and Radio advertising to re-launch the products was also produced.

POSTERS

TENT CARDS

BROCHURES

The Relaunch Ceremony The 1 National Bank was officially launched in an historical gala affair adjacent to the bank’s premises on Bridge Street. Everything about the event was memorable and special. st

Since it was the 13th of December, National Day, the entire event was nationalistic. The invitations, programmes, corsages and boutonnières décor all depicted national colours and use of the madras.

The theatrical ensemble combined dance, music and acting to illustrate the story of the Bank through the various passages of time in Saint Lucia’s history sixty seven (67) years ago till the present and hinted to the vision for the future.

After scouting various locations it was decided that the upper Bridge Street area next to the Bank would be the ideal venue. There were obvious challenges but these were quickly surmounted as the location was transformed into a spectacular host venue – unprecedented in “Corporate Saint Lucia’s” history.

This was perfectly, powerfully and emotively achieved as the performers “wowed” the audience taking them through the Bank’s life in this most creative manner. The presentation was praised by all those who experienced it and received great reviews in the local press.

The guest list included The Governor general, government officials, shareholders, staff, members of the business community, customers and the media.

The entire event culminated in the unveiling of the logo by the Governor General Dame Pearlette Louisy.

The event commenced with the National Anthem sung by Saint Lucia’s premier all female gospel group – Special Blend. Speeches were delivered by Acting Prime Minister Hon Felix Finisterre and President/Chairman of the Bank, Ferrel Charles. This was a particularly special occasion for Mr. Charles as it marked his retirement from the position of head of the Bank after 17 years in that position. He would be replaced by Charmaine Gardner. The featured speaker was Governor of the Eastern Caribbean Central Bank, Sir K. Dwight Venner. The highlight of the ceremony was the “theatrical Presentation” conceptualized by Earny St. Catherine and Mineva Ross and written by local author/playwright Robert Lee. It was directed by cultural icon Kennedy “Boots” Samuel and Choreographed by his wife, accomplished dancer/instructor Christine Samuel.

This piece featured Saint Lucia’s foremost musician Ronald Boo Hinkson; The Silver Shadow Dancers and Lapo Kabwit Drummers and narrated by cultural enthusiast Michael Aubertine.

1938-2005: A Bright Future Rooted in a Proud Past

After this part of history was unveiled, the guests were treated to a menu of authentic “Lucian” delicacies. So the Bank has set itself up to take on the challenges of the new banking era being fully aware that the reimaging is only one part of the process.

HIGHLIGHTS FROM THE GALA EVENING OF THE LAUNCH OF 1ST NATIONAL BANK

1st National Bank St. Lucia Limited is pleased to announce the election of Mrs. Charmaine Gardner to the position of President of the Bank and Chairperson of its Board of Directors. Mrs. Gardner is the first female in the Bank’s sixty seven year history to hold such a prestigious position. The new President who has been a Director since 1990 replaces Mr. Ferrel Charles, who recently retired as President. Mrs. Gardner who was educated at St. Joseph’s Convent in Saint Lucia, and at the University of Western Ontario in Canada brings to the position a wealth of experience based on her involvement within both the private and public sectors. A well established business entrepreneur, she is the Managing Director of Carasco and Son Limited; She has served as President of both the St. Lucia Chamber of Commerce, Industry and Agriculture as well as of the Caribbean Association of Industry and Commerce. She is the current Chairperson of the Centre for Management Development of the Cave Hill Campus of the University of the West Indies, as well as a member of the Finance, Audit and Capital Grants Committees of the University of the West Indies. Mrs. Gardner serves as a Director of both Microfinance (St. Lucia) Limited and Caribbean Microfinance (Trinidad and Tobago) Limited.

MRS. CHARMINE GARDNER

1st NATIONAL BANK ELECTS NEW PRESIDENT

Mrs. Gardner is the recipient of the Saint Lucia Medal of Honour (Silver) (SLMH) for long and meritorious service in the business community and for community enrichment. She continues her voluntary service mainly in the areas of Education and Women’s Affairs. In October, 2006 the University of the West Indies conferred on Mrs. Gardner the award of Doctor of Laws (LLD), honoris causa in recognition of her thirty years of outstanding service to that institution, and of her significant contribution to the private, public and NGO sectors in St. Lucia and the region.

BOARD OF DIRECTORS

Charmaine Gardner

Cyril Matthew Ferrel V. Charles Aidan Floissac Brenda Floissac-Fleming

President and Chairperson, Board of Directors 1st Vice President 2nd Vice President Director Director

Nigel Fulgence Joseph Maxwell Guy Mayers Christian Husbands Carole Eleuthere-Jn. Marie G. Carlton Glasgow

Director Director Director Director Director Managing Director

MANAGEMENT TEAM A. Managing Director B. Operations Manager Human Resource Manager and Corporate Secretary Internal Auditor

- G. Carlton Glasgow - Joseph Fedee - Beryl Carasco-Alleyne

- Valery Marshall-St. Omer C. Assistant Manager, Recoveries - Clarette Auguste-Taylor Manager, Rodney Bay Sub Branch - Sylvia Alcee

D. Assistant Mangaer, Loans Finance Manager Manager Projects & Services

Patricia Howell Aurea Lafeuillee Robert Fevrier

Staff of the Bankâ&#x20AC;&#x2122;s Head Office

Staff of Rodney Bay Sub-branch

Staff of Vieux Fort Sub-branch

Staff of Risk Management Department

Staff of Castries Branch

1st National Bank St. Lucia Limited 21 Bridge Street P. O. Box 168 Castries, Saint Lucia, West Indies

1st National Bank St. Lucia Limited J.Qâ&#x20AC;&#x2122;s Mall Rodney Bay, Gros Islet Tel : (758) 452 8882/3 Fax: (758) 452 8884

1st National Bank St. Lucia Limited P. O. Box 342 Commercial Street Vieux Fort Tel : (758) 454 6213 Fax: (758) 454 6137

CORPORATE DATA

SWIFT ; LUOBLCLC Tel : (758) 455 7000 Fax: (758) 453 1630 Email : manager@1stnationalbankslu.com Website : www.1stnationalbankonline.com

1st National Bank St. Lucia Limited G.F.L. Charles Bureau de Change G.F.L. Charles Airport Vigie, Castries Tel : (758) 453 1683 Fax: (758) 451 8482

1st National Bank St. Lucia Limited SLASPA Ferry Terminal Faux-a-Chaux Castries Tel: (758) 453 0041 Fax: (758) 459 0730

SOLICITORS Floissac, Fleming & Associates AUDITOR PricewaterhouseCoopers