The bank which was commissioned on 8th July, 1994 commenced business with little or no working capital as the authorized share capital was not fully subscribed. Early operations,  with special reference to settlement of overhead became a problem. This situation not withstanding, the management of he bank decided o take the bull by the horns. The result of the managements determination and hard work made the bank to record favorable operational performance during the period between 1997 and 2001, with profit before taxation rising to N650,230 by 2001.

An ensuing poor management between 2002 and 2004 resulted in he inability of the bank to meet maturing obligations as at when due, thereby eroding customers confidence with resultant declining profitability and impairment of equity. During the periods under review, losses peaked at N5,658,271 bringing accumulated losses to N8,421,673 in 2004.
However, the periods between 2005 and 2006, witnessed a reversal of the trend under a new dynamic management, which saw the losses reducing from N5,658,271 to N837,171 and a profit of N302,698 were recorded in 2005 and 2006 respectively.