The Eastern Caribbean Central Bank today (Friday) placed the 114-year-old indigenous First St. Vincent Bank Ltd. (FSVB) under receivership.
The ECCB said this means that the bank is closed effective today, May 26.
The ECCB, acting under the SVG banking law, appointed a receiver for FSVB, effective today. The ECCB has appointed David Collins of Interpath East Caribbean Ltd. (trading as Interpath Advisory), as receiver to assume control of, and secure the assets of FSVB for an initial period of six months.
“Depositors’ accounts valued up to the sum of $100,000 will be transferred to BoSVG,” said the ECCB, which is the monetary authority for SVG and seven other economies in the Eastern Caribbean.
For accounts valued over $100,000, the sum of $100,000 will be transferred to BoSVG and the balance (exceeding $100,000) will remain in the receivership.
“Depositors with balances up to $100,000 will have full access to their funds from 1 June 2023 at BoSVG’s Card Distribution Centre, 1st Floor, Halifax Street Branch.”
ECCB said that as at March 31, the bank reported $46.8 million in total assets, which accounted for 1.6% of the total banking assets ($2,953.4 million or approximately $3 billion) in SVG.
ECCB has invited the media to a press conference next Tuesday to explain the receivership.
The monetary authority said that depositors who wish to obtain more information about their accounts may contact BoSVG at 784 452 4385/4395 or email address: [email protected] or the receiver at 784 456 1873 or email address: [email protected].
This article was updated to include the name of the receiver.