Prudential Co-operative is one of seven clans in Essien Udim Local government Are of Akwa-Ibom state,Nigeria. The Clan comprises fourteen villages with many nursery and primary schools, two secondary schools, a health centre and a general hospital but no presence of any financial institution in this area. The inhabitants are predominantly farmers. The community is endowed with abundant, human and agricultural and natural resources such as oil palm trees, raffia palm trees, Etc. however despite these abundant resources the community is poverty stricken because these resources are yet o be fully tapped or effectively utilized.
To reduce poverty among the inhabitants of the community, the ikpe Annang Development Association and some prominene individuals met and conceived the ideaof establishing a community banking system to mobilize savings and carter for the financial needs of the community. Thus, in 1994, the Prudential Co-operative Microfinance Bank(PCMFB) limited was incorporated with operational base at Prudential Co-operative, kilometer 5 IkotEkpene/Uyo road In Essien Udim Local Government Area, Akwa-Ibom state.

The bank has since been functioning effectively and assisting the inhabitants of the community in their respective small-scale businesses, with a rich experience of over thirteen(13) years of community banking, Prudential Co-operative Microfinance Bank(PCMFB) limited is now well placed to to formally evolve into the Micro Finance bank. It has concluded the process of increasing her share capial to N40m. It has also transformed its legal and operational structure and is now I good position to take advantages of the opportunities this has provided. IACB Limited is well prepared and arrangements at advanced stage of transformation into Prudential Co-operative Micro-Finance BankLimited.

Prudential Co-operative Microfinance  Bank(PCMFB) Limited was incorporated as a private liability company on 22nd November, 1994, with registration number RC 258,100, received a provisional license number 3932 to render community banking services by the National Board of  Community Banks(NBCB) on 7th April, 1994 and thereafter commissioned for business. A final license number 100,296 was issued by the Central Bank Of Nigeria(CBN) on the 25th may, 2004. Prudential Co-operative Microfinance bank Limited commenced the process of conversion to Micro- Finance bank in late 2006. The bank commenced business with one million authorized share capital of N1.00 each.
On 27th October 1998, the authorized share capital was increased to three million Naira(3,000,000.) by the creation of additional Two Million ordinary shares of N1.00 each ranking pari-passu in all respects with the existing ordinary share capital of the company. This was registered with corporate affairs commission (CAC) on 3rdNovember, 1998.
On the 18th August, 2001, the authorized share capital was further increased o Five million(5,000,000.) by creation of additional two million ordinary shares.
On 26th October ,2006, the shareholders of the bank at the Extra-Ordinary general meeting (EGM) increased its authorized share capital to forty(40) million naira by the creation of Additional N35,000,000. (Thirty five million naira) ordinary shares of N1.00 each ranking pari-passu with the banks existing ordinary shares.
As at may 2007, twenty million , seven hundred and thirty five thousand(N22,735,000) had been subscribed , thereby bringing total equity unimpaired by losses to twenty four million, six hundred and eighty four thousand and twenty six naira (N24,684,026.).