Community Corner

Happy 50th Birthday to Commonwealth Bank

Tuesday April 20th, 2010

Congratulatons to Commonwealth Bank on celebrating its 50th Anniversary. President & CEO William B. Sands, Jr. says, “Celebrating five decades of service excellence is a proud accomplishment and a true testament of our unwavering mission to provide the best banking services in an expeditious and friendly manner.”

He continues, “Our Golden Anniversary milestone could only have been achieved thanks to the trust and support of our most valued customers, dedicated management and staff, loyal shareholders and the outstanding members of our Board of Directors.”

Commonwealth first opened its doors in 1960 as a subsidiary of the Laurentide Financial Corporation Limited, a Canadian based company. In 1984 the Bank became fully Bahamian owned, and in 1990 made banking history when it became the first Bahamian-owned financial institution to achieve full clearing bank status. At the dawn of the new millennium, Commonwealth Bank offered three million common shares to the public, in a tremendously over-subscribed IPO – deemed the most successful in the history of The Bahamas. Today, Commonwealth Bank has more than a billion dollars in assets, 98 million common shares and 6,500 shareholders, operating from eleven branches located in New Providence, Grand Bahama and Abaco.

Mr. Sands says, “With accomplishments of the past 50 years as the foundation for our future success, we will continue to work together and strive to build a greater organization and a better Bahamas.”