Oct. 12, 2006 Merchants Commercial Bank, a locally owned and operated commercial bank, has been approved for a license by the V. I. Banking Board after having completed all of its requirements to obtain insurance from the Federal Deposit Insurance Corporation.
MCB will be providing full commercial banking services to the entire territory when it opens its doors for business Oct. 30 in its Port of Sale offices in Havensight on St. Thomas, a release from bank president Jim Crites said.
According to the release, Merchants will offer local decision-making and responsive service from its headquarters on St. Thomas.
The bank started the application process more than two years ago.
At a Banking Board meeting in February, principals of the bank asserted their commitment to making it easier for Virgin Islanders to get commercial loans.
(See "Board 'Close' to Approving Merchants Commercial Bank").
Believing there is a significant need for a locally owned and operated bank to serve the V.I. business community, Merchants will be focused on providing personalized banking services to small, mid-size and large businesses alike, Thursday's release said.
The release added that bank's strong capital base will ensure the available financial resources to serve its clients' needs.
"We are thrilled to be able to provide the business communities on St. Thomas, St. John and St. Croix with a locally owned bank that knows the communities and understands the needs of V.I. businesses. We are truly a homegrown bank returning to traditional hometown banking," Crites. said.
The directors of the bank include St. Thomas businessman William Cashion as chairman, St. John real estate investor Steve Simon as vice chairman, veteran St. Thomas developer James S. Armour, private business investor Michael Burgamy of St. John, and St. Thomas community activist Alda Monsanto.
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