The Virgin Islands business community is about to get its first locally owned and operated commercial bank providing local decision making and responsive service from its headquarters on St. Thomas.
In action before the Virgin Islands Banking Board earlier today, licensing was approved for Merchants Commercial Bank which had submitted final documentation to the Division of Banking and Insurance to obtain a Virgin Islands banking license after having completed all requirements to obtain FDIC insurance from the Federal Deposit Insurance Corporation.
Merchants plans to provide full commercial banking services to the entire Territory when it opens its doors for business on October 30th from its Port of Sale offices in Havensight on St. Thomas.
The focus of Merchants Commercial Bank’s operations will be on small to mid-size businesses including professionals, retail businesses, commercial and residential real estate developers and contractors.
Believing there is a significant need for a locally owned and locally operated bank to serve the local business community, organizers raised over $11 million in capital to ensure adequate financial resources to serve its clients’ needs.
“We are enthusiastic about providing our business community on St. Thomas, St. John and St. Croix with a locally owned bank that understands Virgin Islands business. We are truly a homegrown bank returning to traditional hometown banking,” stated James Crites, CEO of Merchants Commercial Bank.
Merchants’ Board of Directors includes businessmen William Cashion of St. Thomas as Chairman and Steve Simon of St. John as Vice Chairman. Also on the board are longtime developer James S. Armour, Michael Burgamy, and community activist Alda Monsanto.