BREAKING: ECCB Places First St Vincent Bank Ltd Under Receivership

Statement published by the Eastern Caribbean Central Bank

The Eastern Caribbean Central Bank (ECCB) in exercise of the powers conferred under Section 138 of the Banking Act

No 4 of 2015 of the laws of Saint Vincent and the Grenadines has appointed a Receiver for First St Vincent Bank Ltd (FSVB) with effect 26 May 2023.

FSB has been providing banking services to the people of Saint Vincent and Grenadines since 1909. As at 31 March 2023, FSVB reported $46.8 million in total assets, which accounted for 1.6 per cent of the total banking assets ($2,953.4 million or approximately $3 billion) in Saint Vincent and the Grenadines.

What does the Receivership of First St Vincent Bank Ltd mean for its customers?

The bank is closed with effect from 26 May 2023.

Depositors’ accounts valued up to the sum of $100,000 will be transferred to BoSVG.

For accounts valued over $100,000, the sum of $100,000 will be transferred to BoSV 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 BoG’s Card Distribution Centre, 1st Floor, Halifax Street Branch.

Depositors who wish to obtain more information about their accounts may contact BOSVG at 784 452 4385/4395 or email address: process@bosvg.com or the Receiver at 784 456 1873 or email address: FSB@interpathadvisory.com.