The Bank started in 1939, with 50 members and capital of Rs.500/- each, the bank now has grown to 23073 members and Rs. 149.70 Lakhs Share Capital. Esteemed individuals have put huge amount of effort put to bring the bank into such a position.

Senior Raja Sri. T.N. Manavedan Tirumoolpad of Nilambur Kovilakam was the first member for the bank. The foremost presidents of the bank were Sri. T.N. Veerarayan Raja, Sri.Manavikraman Raja, Sri. T.N. Kochunni Tirumoolpad and with their outstanding performance they were able to get the strong belief from the people.

After that continuously for 35 years Sri.Pulakkal Kuttikrishnan Nair was the President of the Bank. Due to aging reasons, in 1980 he kept away from administrating the bank. By the time he was able to open branches at Vandoor and Kalikave. He was able to bring 17 panchayaths under the banks operation area and also was able to make the bank financially strong by this time.