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The history of Tamilnad Mercantile Bank dates back to 1921. The idea to establish a bank for the Nadar business community was first proposed at the annual meeting of the Nadar Mahajana Sangam held at Thoothukudi in 1920.
The bank was originally registered on 11 May 1921, as Nadar Bank Limited, under the Indian Companies Act, 1913. M. V. Shanmugavel Nadar was elected as the first chairman on 4 November 1921. The bank was opened to the public by T. V. Balagurusamy Nadar on 11 November 1921 in Ana Mavanna Building at South Raja Street, Thoothukudi.In 1937, Nadar Bank opened a branch in Sri Lanka, but by 1939 it had closed it.By 1947, the bank had only four branches: Thoothukudi, Madurai, Sivakasi and Virudhunagar. The bank opened its first Indian branch outside the state of Tamil Nadu in 1976 at Bengaluru.
The first fully computerised branch was opened at WGC Road, Thoothukudi on 9 December 1984. The Bank launched its ATM Card on 11 November 2003.
On 6 September 2021, the Tamilnad Mercantile Bank filed a draft red herring prospectus with the Securities and Exchange Board of India to raise funds through an initial public offering. On 7 June 2022, the company received approval from the Securities and Exchange Board of India for its Initial public offering.
