TAMILNAD MERCANTILE BANK LIMITED
The History of Tamilnad Mercantile Bank Ltd., then Nadar Bank Ltd., dates back to 1921. The Bank was registered on 11.05.1921 as "THE NADAR BANK LTD". The Bank opened its doors to the public on 11 November 1921 in Tuticorin.
A group of dedicated men with keen business acumen and sound integrity were constituted as the first Board of Directors and Shri.M.Shanmugavel Nadar was elected chairman on 04.11.1921. The Bank was inaugurated by Shri.T.V.Balagurusamy Nadar, then chairman of the Nadam Mahajana Sangam and the bank opened its doors to the public on 11.11.1921 at 09.00 A.M at the Aana Mavanna building on South Raja Street, Tuticorin.
The Bank became a Scheduled Bank under the Reserve Bank Act of India on 11.05.1935. Nadar Bank Ltd., had changed its name and assumed its present name TAMILNAD MERCANTILE BANK LTD., The 26 of November of 1962.
Now the Bank is 90 years old and celebrates its 90th anniversary on 11.11.2011. It has always been a proud moment for any organization to celebrate its Founders Day, which is an occasion to appreciate the old values and reinvent the future in order to fulfill the vision of our founding fathers. Excellence in Management
The bank's increasing profit figures represent the efficiency of management. The bank, which was opened with a small capital of 5 lakhs, has an impeccable record of having a networth of 1,366.01 crore as at 03.33.2011 making it a strong bank.