1905 First PC Bank Opened
What is now the National Peoples Co-operative Bank of Jamaica Limited first began when on the 19th of April 1905 the first loan society (as it was then called) was launched in Christiana, Manchester by Mr. Jock Palache, a French Canadian who worked in the Island as an Agricultural Extension Officer. Following a successful start another P.C Bank was set up in Mile Gully on June 21, 1905. Both were registered under the Industrial and Provident Society Law #33 of 1902.
The initial objective of the PC Bank was to carry on the business of the Banker, Bill Discounter and a Dealer in Stocks, Shares, Bonds Debentures, Mortgages, and other Securities and to make advances for Cooperative and agricultural purposes.
Since the start of operations, the PC Banks were mainly engaged in the provision of financing for agricultural purposes.
