Found at: http://www.anguillaguide.com/article/articleprint/4062/-1/135/
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CCB Congratulated On Successes Over 30 Years
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The Caribbean Commercial Bank, the first of two indigenous banking institutions established in Anguilla, has been highly congratulated for its successful operations and the important role it has admirably performed on the island since its establishment thirty years ago.
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Government, Banking Officials and others
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The commendations, which began at a special service for CCB at the Church of God (Holiness) on the Queen Elizabeth Avenue on Sunday, November 5, reached a climax the following day, Monday, at a formal gathering at the Bank’s premises. There, Government officials, representatives from various businesses, including financial organisations, shareholders, members of the public and CCB’s Directors and Staff, met for the Official Opening Launch of the Bank’s 30th Anniversary Celebrations.
Senior Manager Trainee, Trevor Woodley, did an excellent job in chairing the proceedings during which he provided some useful insights into the Bank’s operations. The Invocation was by the Rev. Dr. Ambrose Richardson, one of CCB’s Directors.
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CCB’s Staff members singing of their Bank
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In his opening address, Managing Director, Preston Bryan, was grateful to all for joining in celebrating the milestone in the history of the Bank. Early in his address, he disclosed that he would be retiring next year, but quickly pointed out: “I will leave the Bank with the confidence that we have a staff that is well-trained and efficient, competent and innovative, talented and motivated and academically qualified.” He noted that 32 percent of the staff had an Associate Degree, Banking Diploma and a first Degree or higher, most of the training funded by the Bank.
Mr. Bryan reported that while there were 65 shareholders on record, that was a misnomer as many of the certificates were issued to various family members on the island, thus in fact amounting to some three thousand shareholders. He was grateful to three persons whose vision led to the establishment and incorporation of CCB on November 5, 1976. He named them as Ronald Webster, Vice Chairman and Father of the Nation; the late Dr. W. V. Herbert, Founder & Architect, First Chairman and Managing Director; and the late Jeremiah Gumbs, Co-founder and Director.
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A section of the invited guests
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He stated that the Bank had seen tremendous growth over the past 30 years, ranging from 12 to 25 percent increase in assets annually and that this year (2006) had been phenomenal with assets in excess of EC$650 million. “A stable government and buoyant economy have been responsible four our growth,” Mr. Bryan continued. “I take no credit for the Bank’s success in its overall performance. In fact, a hard-working, loyal and dedicated staff equally supported by a devoted Board of Directors, has ably assisted me.”
“While the Bank’s main function, as a corporate entity, is to provide financial services, we have demonstrated that we are not just here to make profit. We have allocated a sizeable portion of our Annual Budget in support of Sports, Education, Health, Arts and other numerous worthwhile ventures.”
“I would like to say thank to all of our Shareholders, Customers, Investors, Staff, Government and Regulators for their confidence, loyalty and support. You are the reason we have been in existence for 30 years.
“This is not the last time you will be hearing from us as we have a packed schedule of activities that will take us straight through to July 15th , 2007 and, again, we will be soliciting your support.”
CCB’s Chairman, Chief Minister, Osbourne Fleming, asked for a round of applause for the Bank in recognition of its sterling performance and for all who contributed to its success over the 30 years. “I was really heartened when Mr. Bryan said that the success of the Bank was also because of the stability of the government – not only this government, but past governments,” he stated. “We pledged to bring stability to the island and we have done just that.”
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CCB’s expansion plans
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Mr. Fleming said he was a Director of the Bank for 20 years. He recalled that when he came from St. Croix he was asked by Mr. Webster to invest in the Bank. He became a shareholder and was now delighted with his investment. “I am happy to know that I have been a part of the sector of people who made this Bank a success. I see no way other than upward for the Caribbean Commercial Bank,” he added. “I want to thank the Shareholders, Directors and Staff and the Customers for their patronage and we look forward to serving you in the future.”
Marilyn Bartlette-Richardson, Resident Representative of the Eastern Caribbean Central Bank, was the next speaker. She congratulated CCB, the island’s first indigenous Bank on its milestone. “The Bank, incorporated in November 1976, began operations on July 15, 1977 with a staff complement of two including the Manager. The Bank then offered the basic banking services, she went on. “Today, 30 years later, CCB offers a wide range of personal, corporate and offshore services. The staff of two has grown to 51 and will continue to grow as the Bank expands.”
The ECCB official went on: “According to the audited report of October 2005, CCB recorded capital and reserves of 51 million compared with 500,000 dollars in 1977. Its loan portfolio stands at 193 million with deposits totalling 511 million and growing. CCB’s remarkable growth is due in part to the customers’ satisfaction and confidence. In 1977 when CCB entered the banking arena, it was to meet the community’s financial needs that were inadequately addressed by the two international banks, then Barclays and the Bank of America. Today, we all can agree that those goals have been accomplished. CCB, you have made Anguillians proud. You have given many the opportunities to realise their dreams thus enhancing their lives.”
Patricia Hamilton, Chief Executive Officer of the Caribbean Association of International Banking (CAIB), of which CCB is a member, said the Bank had transformed the financial landscape of Anguilla.
“We are indeed confident that Caribbean Commercial Bank shall remain poised to capitalise on new opportunities and conquer new challenges in the domestic, regional and international financial services sector ready, as they always are, to embrace new strategies to continuously strengthen and renew their position,” she stated. “I am very proud that whilst the competitive threat facing the region’s indigenous banks is formidable, and the complexity of the regulatory requirements locally, as well as internationally, is constantly increasing, banks, like Caribbean Commercial Bank, have been very proactive in their response.”
Chief Executive Officer of the National Bank of Anguilla, Valentine Banks, said following CCB’s establishment, NBA joined that Bank some years later and together were able to bring about the waning of the influence of foreign-controlled banks on the pace and direction of business in Anguilla.
Mr. Banks continued: “The growing strength of the Caribbean Commercial Bank and the National Bank of Anguilla throughout the 1990s, resulted in the following: Government, non-governmental organisations, community, sports, social groups etc, began to receive much greater support from the banking sector. The market saw the introduction of more relevant and needed services; a very significant part of the profits from the banking sector began to remain in Anguilla for Anguillians, the main shareholders. Those who were brave and visionary enough to invest in local banks received excellent dividends and saw the value of their original investment increase tremendously; personal lending for education, consumer goods and housing became accessible to all; the Anguillian business sector began to find a more receptive ear to their request for loans.
“Today, our banks are well established, largely by OECS standards and even by US community banking standards. They are sound, well-run, relevant and staffed with people we have spent much money to train to provide excellent service… The Caribbean Commercial Bank and the National Bank of Anguilla’s combined influence on this island is enormous and I believe that influence should be used to effect positive things for our people.”
Deputy Governor, Stanley Reid, speaking on behalf of the Government, said CCB could proudly take credit for a number of achievements in Anguilla. “The people of Anguilla are grateful to the Caribbean Commercial Bank for the role it has played to date for securing for us a comfortable lifestyle,” he said. “The Bank now has a responsibility of ensuring that it remains a source of strength and stability for Anguillians as we respond to the many challenges facing Anguillians, and the Anguilla community generally, as a result of the infrastructural and economic development being experienced on the island.”
Mr. Reid described CCB as being “proactive” as it clearly took on board social concerns in advance of the recent call for more attention to be paid to social development.”
Minister of Finance, Victor Banks, delivered the feature address. He said the pioneers established CCB at a time when the idea of local ownership of a bank would have been looked upon with much suspicion. “Their success, therefore, must be viewed as the beginning of a culture change and perhaps they unknowing paved the way for the founders of the National Bank of Anguilla,” he said. “The precedent which they established will undoubtedly accord them many accolades for that contribution as we celebrate them, throughout this milestone year.”
Mr. Banks said that perhaps it was not a coincidence that three of the foundation members of CCB were leading personalities in the Anguilla Revolution and were therefore strong proponents of the concept of national empowerment. “I strongly believe that it is the general vision of empowerment which has made us most proud in everything we have undertaken as a united people since that time. I say this because I believe that our two indigenous banks have played a critical role and are continuing to do so in the furtherance of national empowerment.”
Another speaker was Evan Brooks, who gave a customer perspective of the service of CCB. He praised the Bank for its general performance and on a personal basis for the financial assistance he had received for the development of his business.
Towards the end of the meeting, Marjorie Horsford, CCB’s first employee, unveiled plans for a new extension of the Bank designed by Ian Smith. The drawings provide for 10,000 square feet of floor space for additional offices and archives.