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History

History

From a humble beginning the bank had turbulent early years. In 1984 the bank recorded a net loss of ¢355,000. In 1985, a loss of ¢846,668 and a loss of ¢777,277 in 1986. The bank had to look for alternative means of survival. In 1986 the first agency of the bank was established at Santasi. In 1987 the bank declared a profit of ¢152,963.00. This inspired the Board to open the second agency at Old Tafo in 1988.

The fate of the bank started to deteriorate from 1989. The bank had to change as many as six (6) managers between 1983 and 1992. Staff turnover was very high as the then board dismissed staff at will. Dismissed staff turned against the bank filing several legal cases against the bank and causing damaging publications against the bank, this led to low confidence in the bank by the public.

There was a huge capital deficit of ¢121million and imbalances in the banks books. The confidence in the bank was lost. After the restructuring exercise, a new management was put in place in 1992 and since then there has been no turning back for the bank. Atwima Kwanwoma Rural Bank Ltd. Started as a small entity in the rented premises opposite the present Head-Office at Pakyi No.2

The first directors who happened to be the promoters of the bank were:
1.Nana Okyere Taa Amoantwi II (Deceased)
2.Mr. James Asomaning
3.Mr. Adi Darko
4.Opanin Kwabena Adu (Deceased)
5.Mr. Yaw Bio
6.Mr. K. K. Mensah

FORMATION OF THE BANK

Nana Gyamfi Sakyi II, Chief of Pakyi No. 2, Nana Okyere Taa Amoantwi II and the elders of Pakyi No. 2 initiated the formation of the bank. Nana Gyamfi Sakyi II coordinated all activities and was elected as the patron of the bank. Nana Okyere Taa Amoantwi II was elected as the 1st Board Chairman. He saw to the initial establishment of the board and had to struggle with the initial problems until he died in 1993 after 10 years of service.

COMMENCEMENT OF OPERATIONS

The Bank started operation on 6th September, 1983 with an initial capital of GH¢53.83 contributed by the inhabitants around Pakyi area and GH¢12.50 preference shares contributed by the Bank of Ghana. From a humble beginning, the bank had turbulent early years. The bank had to look for alternative means of survival to continue operations.

Generally, customer base was low resulting in low deposit base and this was due to limited business opportunities at Pakyi. It was in 1986 that the then Board of Directors took a giant step to establish the first agency of the bank at Santasi. In 1987, the bank recorded its first profit of GH¢ 15.296. This inspired the board to open the second agency of the bank at Old-Tafo in 1988. In 1992, the third branch was opened at New-Tafo while the fourth at Ayigya in 2002. Atonsu-Agogo branch was opened in 2007 and since it coincided with the Golden Jubilee celebration of the nation, hence, the Jubilee Branch. The Head Office Complex was completed in 2002 and new departments created.