Merchants Commercial Bank, the newest bank in the Virgin Islands, recently achieved is capitalization as required by the FDIC and anticipates opening its doors in late October. The bank which is lead by island banking stalwart Jim Crites has secured offices in Port of Sale Mall in Havensight on St. Thomas and will concentrate its business activity in business and commercial loans. Merchants will be the only locally governed financial institution in the District of St. Thomas-St. John.
Virgin Islands consumers have grown frustrated at lack of commercial loan capacity in the United States Virgin Islands capital city. .Merchants joins St. Croix based Bank of St. Croix and Virgin Islands Community Bank as the only Virgin Islands chartered banks.