The 57th ANNUAL GENERAL MEETING of Shareholders of the ANTIGUA COMMERCIAL BANK was held at the City View Hotel situated at Newgate Street, St. John's, Antigua on Thursday, May 23, 2013.

The ANTIGUA COMMERCIAL BANK GROUP maintained its strong financial position with total assets in excess of $916 million as at September 30, 2012 and realized a net profit for that year of $15.1 million.

ACB MORTGAGE AND TRUST COMPANY LIMITED, the Bank’s wholly- owned subsidiary, continued its good performance within the Mortgage Industry. The Trust Company ended fiscal 2012 with assets in excess of $266 million and a net profit of $6.5 million.

On the issue of dividend, a cash dividend of $0.40 for each unit of share for the financial year ended September 30, 2012 to shareholders on record date of April 30, 2013 was declared. Shareholders also approved a share dividend of one (1) new share for each existing one (1) share held by shareholders on record date of July 12, 2013.

Special Resolutions to remove the par value attached to the existing shares in the Company on record date of June 28, 2013, to amend the Company’s Bylaws, as recommended and to amend a previous Shareholder Resolution dated December 21, 2006 were also duly approved.

At the Meeting, Mr. Peter Blanchard, Mr. Craig J. Walter and Mrs. Alincia Williams - Grant were re-elected as members of the Board of Directors.

The present members of the Board of Directors of Antigua Commercial Bank Ltd. are:

  • C. Davidson Charles- Chairman
  • Gordon Derrick - Vice Chairman
  • Peter Blanchard - Vice Chairman
  • Michael Roberts - Vice Chairman
  • Philip Harris
  • Craig Walter
  • Alincia Williams- Grant
  • Mavis George
  • Lorraine Headley
  • Reginald Peterson

Shareholders also approved an increase in the present Directors’ fees, as recommended.

PricewaterhouseCoopers were re-appointed as the Group's External Auditors for the year ended September 30, 2013.

BY ORDER OF THE BOARD

RHODETTE PAIGE
LEGAL COUNSEL/CORPORATE SECRETARY