About the National Bank of Anguilla

History

In 1984, when Bank of America announced that it was selling its Anguilla Branch, a group of Anguillians came together with the vision of establishing a Bank. These visionaries comprised Messrs Fabian Fahie, Conrad Fleming, Kennedy Hodge, Ralph Hodge, Timothy Hodge, George Kentish, Albert S. Lake and Cecil Niles. The group recruited an experienced Banker Mr. Edmund Lawrence of St. Kitts (now Managing Director of St. Kitts-Nevis-Anguilla National Bank) as the Banking Advisor and Mr. Ian Donaldson Michell (now Justice Mitchell Q.C.) as Legal Advisor. On December 20, 1984 National Bank of Anguilla Ltd (NBA) was incorporated as a public company with limited liability under the Companies Act (Cap 335).

On January 10, 1985 NBA was licensed to conduct banking business in Anguilla. In 1985, the promoters raised EC$1.5 million in an initial public offering to acquire the Anguilla branch operations of the Bank of America N T & S A. The offering opened on February 1 1984 and was scheduled to close weeks later. This offering closed after a mere 2 days as a result of a heavy over-subscription. Over 400 subscriptions representing 600 persons or approximately 5% of the Anguillian population at the time were received and allotted shares. NBA's operations began on 8th March 1985.

At the time of opening, NBA had EC$15 million (US$5.6) in assets, EC$3.0 million (US$1.1) in loans, EC$13 million (US$4.8) in deposits and EC$ 1.0 million (US$370.4 thousand) in capital and reserves.

A number of Anguillians who were interested in participating in the issue were unable to do so due to the early closure. It had always been the intention of the Directors to expand the shareholder base by inviting a wider cross section of the Anguillian public into NBA's ownership. On January 15, 2001 therefore NBA placed 450,000 shares on sale to the public for a period of 10 weeks. On March 31, 2001 - the day of the close of the offering, it had been oversubscribed by approximately 2%. Support for this issue was widespread with applications coming from a wide cross-section of Anguillian nationals and many persons from around the Caribbean and outside the region.

As at March 31st, 2002 NBA had EC$359.1 million (US$133.0) in assets, EC$228.2 million (US$84.5) in loans, EC$309.1 million (US$114.5) in deposits and EC$45.5 million (US$16.9) in capital and reserves.