Established in the spirit of empowerment and community service, the Mayyil Service Co-Operative Bank has been a cornerstone of financial support for the people of Mayyil and surrounding areas since its inception. With a rich history dating back to the 1940s, the bank has evolved from humble beginnings to become a trusted institution, dedicated to meeting the financial needs of its members.

The journey began with the formation of the Mayyil and Kayaralam Primary Credit Societies (Aikya Nanaya Sangham) in the 1940s. On 2nd July 1970, the society was restructured and registered as the Mayyil Panchayath Service Co-Operative Society (C-343). Official operations commenced on 1st July 1970, with a modest membership of 802 A-Class members, a paid-up share capital of ₹27,111, and a working capital of ₹1,01,450. Over the decades, the bank transformed into the Mayyil Panchayath Service Co-Operative Bank and was later renamed the Mayyil Service Co-Operative Bank.

Today, as of 31st March 2024, the bank proudly serves 20,157 A-Class members, with a paid-up share capital of ₹5.52 crore and 90 lakhs and a working capital of ₹90 crore.

The bank's foundation and growth were guided by visionary leaders who prioritized the welfare of the community. The inaugural president, Sri. K.K. Kunhanandan Nambiar, set the tone for a legacy of service. Successive presidents, including Sri. Araakkal Kunhiraman, Sri. P.K. Kunhikannan Nambiar, Sri. A.V. Gopalan Nambiar, Sri. P.V. Raghavan, Sri. T.O. Narayanan, and Sri. P. Padmanabhan, have built on this foundation to make the bank a beacon of trust and reliability.