The story
The bank was established in January 1990, as a limited liability company. In February the same year, it was granted a commercial banking license and in March 1990, it commenced banking operations. In 2006, ETB successfully merged with the former Devcom Bank. The bank is a national bank, which has most of its retail outlets located in Nigeria's major urban centers.
In 2009, in an audit by the Central Bank of Nigeria, ETB was found to be under-capitalized and unsatisfactorily managed. Subsequent to those discoveries, CBN directed ETB to reduce company staff numbers to maintain profitability. 150 staff members, representing about 15% of the bank's work force were fired in March 2010. ETB was also added to a list of nine (9) Nigerian commercial banks that required the injection of new capital by the Asset Management Company of Nigeria (AMCON), a federal government agency.
ETB was taken over by Sterling bank in a deal that was sealed on 11 August 2011.
From Wikipedia’s article on Equitorial Trust Bank, shared under CC BY-SA 4.0.3