Nov. 10, 2005 — The V.I. Banking Board, chaired by Acting Gov. Vargrave Richards, approved the request of a local St. Croix bank to expand its current operations when it met Wednesday at Government House on St. Croix.
The board unanimously approved the request of Bank of St. Croix to establish a new branch in a location near Peter's Rest. The bank currently has one branch in Gallows Bay.
According to a press release from Government House, Bank of St. Croix's President and CEO James Brisbois and Development Director Roger White told board members that the bank has grown significantly in its 10 years of existence and has outgrown its current facility.
Brisbois said the bank, which opened in 1995, now has more than 3,000 account holders, 23 employees and approximately $80 million dollars in deposits. He said the bank wanted to attract more customers from a cross-section of the community.
"We want to be more accessible to our customers," Brisbois said.
White said the new branch will be built by the Bank of St. Croix and will feature a 5,300 square feet, single-story building with a large lobby and drive-thru capabilities. He said the central location will be more convenient for customers unwilling or unable to travel frequently to Gallows Bay and noted that 102 businesses are within walking distance of the proposed site near Peter's Rest. The estimated cost of the new branch will be over $1 million.
"Our emphasis is very much on providing customer service," White said.
Richards called the expansion a "wonderful development for St. Croix."
"It is in the best interest of St. Croix and it signals a movement in economic development on St. Croix," Richards added.
The board also approved the application of V.I. Loan Store LLC, a small loan company, which is to be based on St. Thomas. Sole owner John Campbell has stated that his company seeks to allow access to credit for people who need it.
Along with Richards, board members Winston Bennett, Pablo O'Neill, Ernesto Gutierrez, Commissioner of Finance Bernice Turnbull and Deverita Sturdivant, director of the Division of Banking and Insurance, attended the meeting.
