THE WINDWARD ISLANDS BANK LTD. • 1 • ANNUAL REPORT 2010
Management Report on Operations of 2010
The ongoing economic and financial crises continued
to affect the business activity throughout most of the
year and during the last quarter we noticed a gradual
strengthening with tourist arrivals at year end being
slightly up by 3%. Sales volumes remained at the same
level as 2009 and by showing the usual support to our
customers we can proudly state that we have been able
to turn around the downward trends of 2008 and 2009.
The constitutional changes for St. Maarten obtaining
a Country status and the islands of St. Eustatius and
Saba becoming Municipalities of the Netherlands,
have been two major events bringing along important
changes in the way of doing business. St. Eustatius
and Saba have been officially dollarized, an operation
which took great efforts to be completed for our Bank
in order to successfully adapt the entire administration
before switching over on January 1st 2011.
In December 2010 our Bank celebrated its 50th Anniversary with many activities involving the youth, our
senior citizens, our customers and many other worthy
causes in our community.
Our Total Net Loans (Less Reserves for Loan losses
and unearned interest) now stands at NAF 487.494.00.
The global financial crises had a negative impact on
the domestic credit market of our island. Our Credit
Team took on the challenge to record a net growth of
6.3% and for a soft economy we consider this a good
effort. Despite the growth in loans, the interest income
THE WINDWARD ISLANDS BANK LTD. • 2 • ANNUAL REPORT 2010
recorded was slightly below 2009 while yields dropped
in all categories in 2010.
Demand deposits remained stable throughout the year
while we note a healthy 21% increase in other deposits
and this we consider a measure of the confidence of
the community in our Bank. Our Total Deposits are
now NAF 893.720.000 being an increase of 11% over
the previous year.
A combination of increase of business volumes and
expense reduction in most categories has resulted in a
substantial improvement of our net operating profit in
2010. The Credit Team achieved their targets for the
production of new Commercial and Personal loans by
remaining pro-active and providing the customers the
necessary support and advice to make the right decisions in these times. The activities of Sales and Services
rolled out in the branches during 2009 have been finetuned in 2010 to achieve better results for the customers and for our staff.
Our Marketing team has been very active assisting all
departments with the promotion of loans, services and
products while the introduction of Fun Miles with our
new Bankomatiko CHIP card is another proof of our
commitment to offer modern banking service to our
customers.
The BankCard Services Department has been reorganized to increase the service and the efficiency with
good results. Internet Banking is now well accepted by
the business community to provide fast access to the
account information and to execute transfer orders.
Managing our delinquency became a matter of great
importance in these tough economic times and we
managed to record satisfactory results to minimize our
losses.
The administrative and financial controls have been
improved by strengthening the teams and we have
successfully applied the improvement of the Sales and
Service program, proactive Marketing activities, dollarization on Saba and St. Eustatius while organizing
many training and coaching sessions to bring job performance and the service at a higher level of efficiency
and quality.
For the branches of St. Eustatius and Saba we expect
some changes to be introduced by De Nederlandsche
Bank (Dutch Central Bank) and other Monetary Authorities of the Netherlands and look forward to assist
with reviews and preparation of plans to gradually
introduce these new policies.
The Compliance Office of Maduro & Curiel’s Bank
N.V. has provided good assistance by conducting a
review which assured us that our Compliance Department continues to be well managed with the proper
controls and reporting in place.
The construction of our new Banking Center next to
our main building is ongoing and the structural work
is almost completed. Considering the inside work of
creating office spaces, electricity, communications, air
conditioning etc, the building is expected to become
operational during the last quarter of 2011.
There are so many good organizations active in our
community being in constant need of resources and
we encourage our staff to continue their direct involvement to assist these organizations for the good of our
community. The Bank believes in good corporate
citizenship and has contributed NAF 200.000 to well
over 120 social, educational, youth, religious and other
organizations to support our community.
The uncertainties in the financial markets, the tensions
and changes occurring in some countries causing steep
price increases on the commodities and food markets
will have negative effects on our local economy which
together with the turnover tax increase will certainly
affect the disposable income of households and businesses on the islands.
The year 2010 has been a “turnaround year” and a big
thank you goes out to our staff and to our customers,
as without their assistance and trust this turnaround
could not have been achieved.
We thank the Management of the Maduro & Curiel’s
Bank N.V. and our Supervisory Directors for their
excellent support and look forward to improving our
results in 2011.
Jan J. Beaujon
Managing Director
THE WINDWARD ISLANDS BANK LTD. • 3 • ANNUAL REPORT 2010
Philipsburg - Past
Board of Supervisory Directors
Lionel Capriles II – Chairman
Ronald Gomes Casseres
Joseph van Dongen
Lodewijk Govaerts
Miguel Alexander
Norman Wathey
Brenda Wathey
Lionel Capriles – Honorary Supervisory Director
WIB Management Team
Jan Beaujon – Managing Director
Anthony Da Costa Gomes – Managing Director
Derek Downes –Deputy Managing Director
Bruce Mayers – Asst. Managing Director
Carl Snijder – Asst. Managing Director
Kelvin Bloyden – Asst. Managing Director
Alfred de Windt – Asst. to the Managing Director – Credit
WIB International Management
Jan Beaujon – Managing Director
Moira Blok – Managing Director
THE WINDWARD ISLANDS BANK LTD. • 4 • ANNUAL REPORT 2010
Philipsburg - Present
Front Street - Past
Front Street - Present
To The Board of Supervisory Directors and Shareholders
The Windward Islands Bank Ltd
The Windward Islands Bank International N.V.
St. Maarten
INDEPENDENT AUDITORS’ REPORT
We have audited the financial statements of The Windward Islands Bank Ltd and The Windward Islands Bank
International N.V. (together the “Bank”) for the year ended December 31, 2010, from which the accompanying
condensed combined balance sheet and explanatory notes were derived, in accordance with International Standards on Auditing.
In our auditors’ reports dated January 21, 2011, we expressed an unmodified opinion on each of the financial statements from which these condensed combined balance sheet and explanatory notes were derived.
In our opinion, the accompanying condensed combined balance sheet and explanatory notes are consistent, in all
material respects, with the financial statements from which they have been derived.
For a better understanding of the Bank’s financial position, the results of its operations for the period and the scope
of our audit, the condensed combined balance sheet and explanatory notes should be read in conjunction with the
financial statements from which they have been derived and our auditors’ reports thereon.
Curacao,
July 6, 2011
KPMG ACCOUNTANTS B.V.
Sanjay Agarwal, FCA
THE WINDWARD ISLANDS BANK LTD. • 5 • ANNUAL REPORT 2010
Condensed Combined Balance Sheet
as of December 31st 2010 and 2009
THE WINDWARD ISLANDS BANK LTD AND THE WINDWARD ISLANDS BANK INTERNATIONAL N.V.
Amounts in Naf 1 000
December 31, 2010
Balance sheet
Cash and due from banks
148,133 Due from affiliates
304,366 Loans and advances
487,494 Bank premises and equipment
14,345 Other assets
28,819 Total assets
983,157 Customers’ deposits
893,720 Due to affiliates and other banks
4,848 Profit tax payable
4,859 Accrued interest payable
1,816 Other Liabilities
14,865 Total liabilities
920,108 Capital stock
8,870 Other reserves
24,679 Undistributed profits
29,500 Total Stockholders’ equity
63,049 Total liabilities and stockholders equity
983,157 THE WINDWARD ISLANDS BANK LTD. • 6 • ANNUAL REPORT 2010
December 31, 2009
145,851
253,519
458,472
12,616
17,657
888,115
808,413
6
4,133
2,544
14,667
829,763
8,870
23,125
26,357
58,352
888,115
Philipsburg - Past
Philipsburg - Present
Explanatory notes to the condensed combined balance sheet as of
December 31st 2010.
Accounting Policies
1. GENERAL.
The principal accounting policies adopted in the preparation of the condensed combined financial statements of
The Windward Islands Bank Ltd. and The Windward Islands Bank International N.V. are set out below.
These explanatory notes are an extract of the detailed notes included in the financial statements of both Banks
and are consistent in all material respects with the financial statements from which they have been derived.
2. BASIS OF PREPARATION.
The financial statements, from which the condensed combined balance sheet has been derived, are prepared in
accordance with International Financial Reporting Standards (“IFRS”). The figures presented in the condensed combined balance sheet are stated in thousands of Netherlands Antilles
Guilders and are rounded to the nearest thousand.
The policies are consistent, in all material respects, with those used in the previous year.
3. LOANS AND ADVANCES TO CUSTOMERS
Loans and advances are carried at amortized cost, less an allowance for loan impairment.
An allowance for loan impairment is established if there is an indication that the Bank will not be able to collect
all amounts due according to the original contractual loan terms.
THE WINDWARD ISLANDS BANK LTD. • 7 • ANNUAL REPORT 2010
A LITTLE HISTORY ON THE BIRTH OF THE 1ST
W.I.B. IN ST. MAARTEN 1960-2010
It was on December 1st in the year 1960 that the
Windward Islands Bank was opened. As we all
know, the same W.I.B. doors are still wide open up
today 50 years later and being as the leading bank
in St. Maarten. It is therefore for that reason we are
celebrating the life of the W.I.B.
being a very young man at that time, I taught him
how to type. After him came Violet Ambrosina,
Julian Lynch and Marius Romeo. It was just the few
of us who started running W.I.B. at first.
Thereafter, we got a new boss in the person of Mr.
Frank Jansen who was the son-in-law of Mr. Cyrus
Wathey. He then became the boss of Mr. Soree and
myself until he passed away. His assistant was
Ernie West who did the bookkeeping, and in the
Let’s recall how it all started. It all started here un- afternoons teacher Miss Claire Connor also used to
der the leadership of the Wathey’s family, namely come to help out with the bookkeeping.
Mr. Cyrus W. Wathey. The first boss that came here
to open the bank and set it up was a gentleman by I worked for the bank for nearly 4 years. In those
the name of Mr. Soree from Curacao, who was all days you would know that W.I.B. had all the bankby himself for the first few days.
ing business on St. Maarten, both French and Dutch
This is where I, Ruby P. Flanders,
side, as well as serving all the other neighboring
came in as the bank’s very 1st
islands that used to have to come here to do their
employee. I was employed and
business as well.
directed over to him. As soon as
Well it is so much different nowadays to see how
I went to Mr. Cyrus Wathey and
the banking industry (business) has grown on St.
asked for a job, he said to her,
Maarten. When we see how many other banks
“SURE GIVE RUBY THE JOB BECAUSE FOR have sprung up since over the past 50 years when
SURE RUBY IS A GOOD HONEST PERSON” So W.I.B. first existed.
straight from Mr. Wathey’s office I walked directly While we are celebrating this historic event, I find
over to the bank on the other side of the square. it extremely befitting to say “CONGRATULAThis bank was but a little one room space, located TIONS” to all the other banks that have looked and
on the bottom floor of a building, with a little glass followed the example of W.I.B. as the oldest bank
door to the front with louvers, one back door and on St. Maarten.
maybe a window or two. The bank consisted of a Best wishes and God’s speed are going out to The
small counter not even surrounded by glass or any Windward Islands Bank upon this achievement,
bars (as far as I can recall or remember). There was and we the people of St. Maarten wish that this
a small cash pan and one big safe, a table or two and bank may be privileged to enjoy another 50 years.
one or two chairs at first.
Long live The Windward Islands Bank, Management & Staff.
In those days everything was hand written at the 3 cheers for W.I.B.
counter until we got a typewriter and an adding machine with a pull handle. Back to me being the first
employee: After me, then came Mr. Carl Thomas,
THE WINDWARD ISLANDS BANK LTD. • 8 • ANNUAL REPORT 2010
THE WINDWARD ISLANDS BANK LTD. • 9 • ANNUAL REPORT 2010
THE WINDWARD ISLANDS BANK LTD. • 10 • ANNUAL REPORT 2010
THE WINDWARD ISLANDS BANK LTD. • 11 • ANNUAL REPORT 2010
THE WINDWARD ISLANDS BANK LTD. • 12 • ANNUAL REPORT 2010
THE WINDWARD ISLANDS BANK LTD. • 13 • ANNUAL REPORT 2010
Cyrus Wathey Square - Past
WIB Employee since 1974
Cyrus Wathey Square - Present
Saba and later passed on. Following was Mr. Victor
Henriquez. Then the bank really started to expand to
Looking back at when I joined the Windward Islands the Pond fill Branch. That was the beginning of prosBank 36 years ago. I was invited to start working part perity of St. Maarten. Vic appointed my person as the
time in the mailing and filing department by Assistant first President of WIB employees association. This
Managing Director Franklin Brison.
group was so active, we organized many trips to the
I worked various areas from Mailing
neigbouring islands, Saba, St. Eustatius, St. Barths and
and filing, to Bookkeeping, Savings,
Anguilla. One of the biggest highlights was our Annual
assisting with Foreign Exchange
Local Banks song festival, of which we won about 7 to
when someone went on vacation,
keep the rotating cup. Our annual employees Christto Reconciliation, and then to bemas dinner is still a major event.
coming the Collection Department
Our bank started to grow and I used to do the profit and
Mr. John Hodge
Head. In those days the bank was
loss every month until taken over by Mr. Marius Romeo
small and you learned a lot, as you
could have assisted many colleagues when they went on and Mr. Handel Gumbs. Carl Snijder, our first auditor
vacation and learned from each department. We used came from MCB and he also spearheaded the migration
to input everything by hand, writing all transactions in towards computer technology in the bank And from
large ledger books. It was like a family of just about 30 there the bank just started expanding until today with
persons including Managing Director Mr. Jansen and Branches in Simpsonbay, Cole Bay, Bush Road, A.T. IlAssistant Managing Director Mr Franklin Brison all lo- idge Road, in St. Eustatius and on the island of Saba, not
cated at the AC Wathey Square. There were 4 tellers counting the many ATM machines. Finally our brand
one Head Cashier, and one remittance teller. Savings new four story building in Philipsburg will be ready in
Department two persons for the entire bank, Exchange the new year 2012, so many of our offices can be in one
Tax Department one person, Mr. Daniel Brown, Book building.
keeping three persons headed by Mr. Kenneth Rombley, May God continue to bless the best bank,
and Reconciliation by Mr. Marius Romeo, Savings De- The Windward Islands Bank Ltd.
partment by Oriel Roumou, Collection Department by
Mr Carl Thomas, Current account ledger posting Department by Mrs Felicia Thomas, Consumer loans and
It is with great pride that I look
Mortgage by Mr Alphonso O’ Connor and Mrs Greta
back on the history of The WindWilliams. Typing Department by the late Mrs Jacky
ward Islands Bank Ltd., of which
Williams and Mail and Filing department by the late
I have been a part for the past 41
Esmond Livingstone.
years. Technology has brought
many changes in just about every
After the death of Mr Janssen, Mr West became the
aspect of our banking system, and
Managing Director, until he retired on the Island of
the way the bank has grown in
Greta D. Williams
THE WINDWARD ISLANDS BANK LTD. • 14 • ANNUAL REPORT 2010
Princess Juliana Airport- Past
Princess Juliana Int’l Airport - Present
the last 50 years. Since September 1969, I’ve watched
the bank grow from 30 to 220 employees. I’ve worked
with 5 Managing Directors; Messrs. Frank Jansen, Ernest West, Wim Strijbosch and Victor Henriquez, and
at present Mr. Jan Beaujon.
ers of the Windward Islands Bank.
As the main banker for TelEm Group, The Windward
Islands Bank has attained significant milestones with
which both companies have been associated. These have
included capital investment loans for several technical
The services offered by WIB to our clients, in all aspects innovations and more recently a multi-million dollar
of banking, are the best on the island. Also, our employ- loan agreement for the new TelEm Group Building and
ee benefits package can be considered one of the best. Warehouse on Pond Island.
I look forward to being a part of our bank’s continued Another important milestone was the introduction of
success, of which I have no doubt.
the first e-payment system to facilitate TelEm Group
customer payments at the Windward Islands Bank.
The conservative lending and borrowing policy of The
Chief Financial Officer (CFO) TelEm Group
Windward Island Bank is an important reason why the
bank presently handles the largest number of payment
A professional business relationship between the Wind- transactions originating from the TelEm Group, includward Islands Bank and TelEm Group has existed for ing monthly salary payment of personnel and creditor
many years, far exceeding the payments.
conventional
relationships
that exist between a bank and Chief Financial Officer (CFO), TelEm Group, Mrs. Helma Etnel says it has been proven time and again that it is
its corporate client.
the long-standing relationship between the Windward
Over the years, we are proud Islands Bank and TelEm Group that has made it easy for
of the fact that both compa- any differences that arise in the daily course of conductnies have nurtured, and con- ing business to be quickly addressed and settled.
tinue to build sound business
Mrs. Helma Etnel
“The Windward Islands Bank offers a broad palette of
relations in the interest of the
financial services that TelEm Group has been able to
wider St. Maarten economy and community. Such a remake use of over the years, including the raising and
lationship is built on the premise that mutual underinvesting of capital that has allowed our company to
standing and respect are paramount.
grow. Another important component is the level of trust
Both companies share a belief in the development of lo- that currently exists between both companies and will
cal talent and resources and have indeed become “Part- continue in the foreseeable future,” said Mrs. Etnel, she
ners in Progress” through strong historical links.
also said TelEm Group is indeed fortunate to have The
These links are firmly rooted in the fact that TelEm Windward Islands Bank as a partner in the continued
Group and its associate company, SMITCOMS N.V. progress of the incumbent telecommunication comcan count amongst their former and present Supervi- pany.
sory Board members, no less than four executive officTHE WINDWARD ISLANDS BANK LTD. • 15 • ANNUAL REPORT 2010
Philipsburg - Past
Boolchands
In the early 1960’s Dr. Claude
Wathey invited a few successful
entrepreneurs from Curacao to
St. Maarten. Some were from well
known establishments in Curacao,
namely the “Yellow House”, SEL
Maduro and Sons (Curacao) Inc.
and the “Boolchand’s” group. On
Front Street in those days most of
the business activity was centered
Haresh D. Nandwani near the Sea View Hotel (still exbetter known as
isting today) there were not many
Haresh Boolchand
automobiles. St. Maarten’s economy was slowly changing from the
salt and fishing community to a tourist based economy
with the visits of a few small cruise ships.
Mr. Doulatram Nandwani (father of Haresh) of the “Boolchand’s” enterprises in Curacao, came to St. Maarten and
rented a property across from “Risdon’s Snack Bar” and
established the first store called “ Boolchand’s”. Fours
years later across from the “Sea View Hotel” (where the
existing “MacDonald’s” is located), he opened his second
store, called “Tajmahal”. While the windows were being
installed, they can recall a few curious residents asking
questions as to what was being built. During construction Mr. Nandwani Sr. slept in the same property. The
stores mainly sold clothing and gift items. During cruise
ship visits, they also supplied them with liquor.
Tourism continued to grow on St. Maarten and Mr. Nandwani Sr. decided to invest in real estate rather than renting and bought a house, located on Front Street, from the
Peterson family in 1969, operated it as “Kohinoor” for 2
years, then demolished it and built the present “Boolchand’s” in 1972. . His son, Haresh, after completing his
Philipsburg - Present
studies in India, joined the management team in 1973,
and continue today to manage the St. Maarten stores.
In 1969 the Boolchand group suffered a set back as their
building located on Heerenstraat in Willemstad, Curacao, was destroyed by the fire. Mr. Nandwani Sr. was very
depressed and remembers Mr. Lio Capriles (former MCB
Bank President) walking onto the premises and handing
him a checkbook and stating “Write out the amount you
want, no discussions”. Realizing this was a way to recuperate his loss, Mr. Nandwani rebuilt the building and
re-opened the business. With tourism on St. Maarten on
the incline, new businesses such as; “Bye Bye Store”, and
“Boolchand’s” at the Harbor were established. The “Boolchand’s” group also opened a store on Bonaire in 1969 ,
and in 1970 on both Aruba and St. Thomas.
Quoting Mr. Nandwani: “The Boolchand’s group has
strong sentiments towards The Windward Islands Bank
Ltd. and Maduro & Curiel’s Bank N.V., because of its
team, service and slogan “Your partner in Progress” and
because they have been there for us. We congratulate
WIB for reaching this milestone, maintaining market position, and we wish you success with your new building
investment, in order to better serve the public and face
challenging competition”.
Prime Distributors
In 2001 when fire destroyed
Prime Distributors and when
we were in desperate need
of financial help it was WIB
that came to our assistance.
We were back on our feet in
30 days due to the loan given
to us to buy a existing Warehouse. So I have to say Thank
THE WINDWARD ISLANDS BANK LTD. • 16 • ANNUAL REPORT 2010
Danny Ramchandani
Front Street - Past
Front Street - Present
you WIB for being there for us, our employees, our customers and all our family, Congratulations on your 50
years. Please continue to help people of St. Maarten.
Managing Director Orlean’s Hardware Corp.
St. Martin, F.W.I.
Mr. Laurent Flanders started
his hardware business in French
Quarter back in 1982 from a
small one room building. As
sales increased he saw the need
to expand his business by adding another room. His brother
Mr. Laurent Flanders
Felix Flanders joined him in the
business and together the business grew to a successful
hardware store. Today New Orleans Hardware has 15
employees.
Mr. Laurent Flanders opened his first account with another bank, in the early 80’s. “In the 90’s I decided to
move to WIB, because it is the only local Bank, and I
knew the staff whom were very helpful. In fact I have
passed through a number account managers. I have had
personal loans to purchase trucks for my business and an
overdraft without any problems at WIB. WIB has had respect for the people of this Island and I congratulate you
for many more years to come.”
Restaurateur
Mr. Roger Petit has managed and owned together with his
brother, some of the best restaurants on both the French
and Dutch side of St. Maarten. He recalls as a young Mr.
Luke Peterson managing the old “ Printemps” in Marigot
which went from a smalltown grocery to become, one of
the first tourist gift shops on the French Side. “There was
no bank on the French side in those days. On the Dutch
side there were Banko Popular, Post Bank and The Wind-
ward Islands Bank.”
“As a young boy going to St. Joseph school on the Frontstreet, I
saw the birth and growth of the
Windward Islands Bank becoming a leading financial institution. My friends worked at the
Mr . Roger Petit
bank (Ruby Flander, Julian Lynch,
and Carl Thomas) during its pen and paper days on the
Ruyter plein (Cyrus Wathey Square).” “ I wish WIB continued success and high winds from astern.”
Managing Director of G.E.B.E.
“Management and Staff of N.V. G.E.B.E. would like to
sincerely congratulate you.
In 2010 both our companies reached a milestone with
half a century under its belt and we have shared great professional relationship all these years. The WIB continues
to stand out as a leader in the banking industry and it has
never been more apparent than
it is today, that the correct strategy was used to keep the bank
strong even in a challenging
economy.
Both of our companies have
benefitted from a mutual and
rewarding relationship and we
Mr. W. Brooks
look forward to many more years
of cooperation.
Our best wishes to you and your associates.”
THE WINDWARD ISLANDS BANK LTD. • 17 • ANNUAL REPORT 2010
The WIB/Fun Miles launch was another successful event held on November 26th. The launch
started with a press conference. The Press, Management, Fun Miles team members and some
WIB staffers then went on the party bus. They
drove around town playing the WIB/Fun Miles
jingle and sharing t-shirts and promotional items
to the general public. The fun continued with
the public at Taloula Mango’s on the boardwalk
where there were entertainment by the Control
Band and snacks and drinks served. During this
time volunteers sold fun miles cards to the public
and promotional items were also given out. Buyers of the card also got a chance to enter into the
Fun Miles cash machine where they had a chance
to win Fun Miles based on the amount of tickets
they caught.
THE WINDWARD ISLANDS BANK LTD. • 18 • ANNUAL REPORT 2010
Some of WIB staff members and management who volunteered to paint the center. Also in photo, the center before and after the painting project.
As a very special task to our community, 19 staff members
and management got together to show their community
spirit by painting the Senior Citizen Recreational Center in
Hope Estate. The building was in much need of a paint job,
however finding the funds to do so was difficult for the Center.
The painting of the building was a big job as it took two days
to complete. The bank provided all the necessary materials
while a special thank you goes out to Kooyman who provided all the paints needed for the project. Kooyman has also
proven to be very helpful in giving back to the community
of St. Maarten. The bank also provided breakfast and lunch
for the volunteers. The project started at 7:30am on Saturday
and was completed by 2:30pm on Sunday. WIB is looking
forward to having many more of such projects to help the
needy in the community.
As part of its 50th celebrations
WIB held a treasure hunt for
some students of the various
high schools on St. Maarten on
Friday October 22nd. 8 schools
participated with about 3 students each. The students had
to go around Philipsburg looking for facts about the Island’s
history and locating its monuments with simple clues. They
also had to answer several questions about the bank and
its history as well. After 90 minutes of intense searching,
Caribbean International Academy students emerged the
winners of the WIB’s Treasure Hunt. St. Maarten Academy
placed second and Sundial School was in 3rd place.
The students of the 3 winning teams received WIB Money
cards. All participating students received certificates of
participation and vouchers to attend a movie of their choice.
Aside from clues, the students were armed with a special
WIB anniversary backpack and a water bottle. At the end
they gathered at WIB’s main office for the results and announcement of the winners. WIB’s MD Jan Beaujon entertained the students by sharing the answers while the results
were being tallied. Management Team members Kelvin
Bloyden and Alfred de Windt made the presentations to
the students. In addition, the United Student Government
Front (USGF) received US $1,000.00 for the construction
of a Website for the group as its reward for its collaborative
efforts with WIB in organizing the treasure hunt.
THE WINDWARD ISLANDS BANK LTD. • 19 • ANNUAL REPORT 2010
A Bike-A-Thon was held on October 30th for the children in the community ages 5 to 14 years old. This event was
part of WIB’s 50th Anniversary celebrations. The Bike-A-Thon started with registrations at 7:30 am where all participants received free WIB backpacks containing a water bottle and a frisbee. The children were placed in different
categories based on their ages. Each category was identified by placing different colored stickers on the bicycles.
At 8:30 the children departed from the Sr. Borgia School on the Cannegieter Street next to WIB’s main office. They
rode along Pond Fill Road, the “salt pond” and returned to the Sr. Borgia School. There was a pit stop at the A. T.
Illidge road branch where the children got refreshments before they continued on to their final destination. At the
end of the Bike-A-Thon there was water, juices, oranges, sweetbreads and pizza for everyone. Kompa Leon was
also present during the Bike-A-Thon to encourage the little riders. The Bike-A-Thon was such a great success that
the participants have requested for the bank to have it as an annual event. The purpose of the Bike-A-Thon was to
provide a recreation outlet for the youngsters on the island.
THE WINDWARD ISLANDS BANK LTD. • 20 • ANNUAL REPORT 2010
As the Bank celebrated its jubilee anniversary, the institution felt it important to organize
an event in appreciation of those who have supported it since 1960 and through the years.
WIB 60+ Senior Customer’s Bingo Time was held on November 10th at the Senior Citizens
Recreational Center in Hope Estate, from 10am to 2pm. As the seniors entered the hall of
the Center they were greeted with a gift bag containing promotional items that they can use,
such as a pill box and mini purse and goodies. During the bingo the seniors won various
prizes. The main prizes were 2 gift vouchers for NAF 500.00 each. There was also a quiz
time during the breaks where Rolando Tobias would ask questions of WIB back in the days
and the winners also received prizes. Before bingo began WIB staffers were served soup and
baked johnny cakes, and for lunch there were various snacks. The bingo was a huge success
with more than 130 seniors attending and looking forward to more of such events in the
future. Management was also present to address the seniors with a word of thanks for doing
business with the bank for all these years. At the end of the bingo day a beautiful cake was
presented and shared with everyone present.
THE WINDWARD ISLANDS BANK LTD. • 21 • ANNUAL REPORT 2010
THE WINDWARD ISLANDS BANK LTD. • 22 • ANNUAL REPORT 2010
The Motor Show that was held in Statia on October 23 was a great success. It has been 2 years since WIB held the
1st show on St. Eustatius as a part of Statia branch’s 15th anniversary in 2008. This year the focus was more on the
sale of cars. 4 car dealers from St. Maarten were present with 5 cars each. More than 50 loan applications were taken on that day. City Furniture, greenfingers and Obersi Electronics were also at the show to display their products
and services to the general public of Statia. A boat was chartered to take all the cars and other items to Statia. Some
WIB staff members volunteered and flew over to Statia to assist in every way during the show and WIB Personal
Loans and Mortgage loan officers were also present to take loan applications. A special thanks is also extended to
WIB Statia branch staff members for helping out during the show. The show started at 10am and ended at 8pm. A
raffle was held and 1 lucky winner won a Blackberry phone on that day. Also, a donation of $1000 was given to a
Foundation to host Santas Party in December.
THE WINDWARD ISLANDS BANK LTD. • 23 • ANNUAL REPORT 2010
THE WINDWARD ISLANDS BANK LTD. • 24 • ANNUAL REPORT 2010
THE WINDWARD ISLANDS BANK LTD. • 25 • ANNUAL REPORT 2010
Clem Labega Square, Philipsburg, St. Maarten
Telephone (599) 546 2313 • Fax: (599) 542 6355 • www.wib-bank.net