The Mayyil and Kayaralam Primary Credit Societies (Aikya Nanaya Sangham), formed in the Nineteen Forties were altogether transformed as Mayyil Panchayath Service Co Operative Society and registered as C-343 on 2-7-1970 and started functioning. This society was later converted as Mayyil Panchayath Service Co Operative Bank and then name changed as Mayyil Service Co Operative Bank

The bank started functioning as on 1-7-1970 with 802 A Class members with a paid up share capital of Rs 27111 and a working capital of Rs 101450 .The bank has 20157 A class members with a paid up share capital of Rs 3 crore and 90 lakhs and a working capital of Rs 219 crores as on 28-02-2017

At the time of formation of the bank as on 1-7-1970 Sri.K.K.Kunhanandan Nambiar was the President, followed by S/S Araakkal Kunhiraman, P.K.Kunhikannan Nambiar, A.V.Gopalan Nambiar, P.V.Raghavan, T.O.Narayanan and P.Padmanabhan. S/S K.K.Kunhanandan Nambiar, Araakal Kunhiraman, P.K.Kunhikannan Nambiar and P.V.Raghavan are now no more with us.

With an aim to relieve the poor farmers from the clutches of private finance mafias and intermediate agiencies whose only motive was to exploit the poor farmers and their products, the Sangham started its operation The sangam could survive only with the unblemished support of its farmer members at a time when there were no monetary supports from any Govt. agencies or other banking /non banking institutions.