Spring Bank

Spring Bank Plc., also referred to as Spring Bank, is a commercial bank in Nigeria. It is one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.

Overview

Spring Bank is a large financial services provider in Nigeria. As of June 2010, the bank's total assets were estimated at about US$1.31 billion (NGN:201.3 billion). The stock of Spring Bank is listed on the Nigerian Stock Exchange, where it trades under the symbol: SPRINGBANK.

History

Spring Bank was formed in December 2005 by the merger of six (6) Nigerian financial institutions, namely:

At the time it was formed, Spring Bank had a capital base of approximately US$224 million (NGN:34.5 billion) with total assets estimated at approximately US$988 million (NGN:152 billion).

Failure and liquidation

In 2009, following an industry-wide audit of all commercial banks in the country, the Central Bank of Nigeria (CBN), the banking regulator in the country, found nine commercial banks under-capitalized and badly managed. Spring Bank was one of the troubled banks. The CBN intervened by injecting new capital to maintain solvency and appointing new management. On 5 August 2011 the CBN revoked the banking license of Spring Bank.

Spring Bank (Lunenburg Courthouse, Virginia)

Spring Bank, also known as Ravenscroft and Magnolia Grove, is a historic plantation home located near Lunenburg, Lunenburg County, Virginia. It was built about 1793, and is a five-part Palladian plan frame dwelling in the Late Georgian style. It is composed of a two-story, three-bay center block flanked by one-story, one-bay, hipped roof wings with one-story, one-bay shed-roofed wings at the ends. Also on the property are the contributing smokehouse, a log slave quarter, and frame tobacco barn, and the remains of late-18th or early-19th century dependencies, including a kitchen/laundry, ice house, spring house, and a dam. Also located on the property are a family cemetery and two other burial grounds. It was built by John Stark Ravenscroft (1772–1830), who became the first Bishop of the Episcopal Diocese of North Carolina, serving from 1823-1830.

It was listed on the National Register of Historic Places in 2007.

References