As a initiative of some of the greats personalities from Okkal Karshika Sahakarana Sangam. The (initial )promoters meeting was on 30/03/1958 with a strength of 32 people with strengthened thoughts for the upliftment of its members. The meeting was held at S.N.U.P.School, Okkal, by way of granting them ST loans promoting self help Co-Operation, thrift among the members. There were many social committed leading personalities present in all ways of the steady progress of the bank.

The bank has been functioning in profit for the last 30 Years. Now the bank has 12396 members and around 183 crore deposits, 142 crore worth loan outstanding from members. The bank is also undertaking many schemes and projects launched by cooperative departments like special trade fairs during festive seasons.The bank has a history of appreciable dedicated, integrated team work by the staff, since its emergence.

Golden Jubilee celebrations was held on 2008.