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Commonwealth Industrial Bank was founded in 1960 as a subsidiary of the Laurentide Financial Corporation Limited, a Canadian company. The office was located at the back of a local furniture store and opened its doors with three employees.
The principle upon which the bank was built revolutionized Banking in The Bahamas. For the first time, a Bank would become a financial partner to the working Bahamian. Bahamians without a lot of means could borrow money to buy furniture, take a vacation, purchase an automobile or put a child through school.