By 1920 the Banks began operating Land Settlements and assist small farmers to purchase their own land. Hon. A.A Barclay of Western St. Mary was an outstanding individual, acquiring four sizable properties.
Mr. W. S Robinson was the first Land Settlement Officer who later became Chairman of the Western St. Mary (Gayle) Bank. Over 59,000 loans were made to members enabling to acquire various properties throughout the island.
By 1930, 29 registered loan societies began borrowing from the Loan Societies Board, mainly for on lending to farmers whose buildings or farms sustained repeated damage by the hurricane of that period.
Meteoric Growth in PC Banks
By 1950, the number of PC Banks rose to 175 of which 55 were formed during the 1940’s influenced by World War II and the hurricane of August 1944. With World War II and Jamaica now required to be less dependent on imported food, a food production campaign was initiated with over 250,000 being made available mainly to farmer whose properties were damaged.
Attempts were also made during the period to form an association of banks was also formed under the Chairmanship of Mr. E. C Welds of the Claremont Bank.
Greater Flexibility in Farm Loans
During this period, an additional six banks were formed. An important milestone was reached in 1955 when the Facilities for Title Law was passed to enable persons who owned land for a period of over seven (7) years with the proper documentation, to qualify for farm loans through the PC Bank. The first Certificate was presented to the Chief Minister Honourable N. W. Manley at a ceremony at the St. Dorothy Bank on July 19, 1956. Thereafter in 1960, the Agricultural Credit Board Law #70 of 1960 came into being to provide more flexibility to the machinery for agricultural loans and improve the supervision of the Banks.
By the time, the banks had paid up share Capital of Four Hundred and Seventy One Thousand Pounds with a membership of One Hundred and Forty Thousand (140,000) individuals. The Farmers Saving Scheme was also implemented.
Recommitted to Serve
The growth of the bank’s business continued and the range of services expanded by an agreement between itself and CUNA Mutual Insurance Society in 2004. NPCB started marketing the Family Indemnity Plan Insurance. This plan allows members to pay one monthly premium to cover up to six family members with a death benefit attached. Our savings portfolio experienced growth of over twenty-five percent for each year and now stands at $830M.
The PC Bank still see itself as the best institution to provide a full range of banking services to rural people and most suited to raise the standard of living of small and medium scale farmers and entrepreneurs.
The Leadership of the Bank has recommitted itself to achieve its potential to offer excellent service to improve the quality of life of its members and the wider Jamaican community.
