S/S E.Krishnan Nambiar,Nallakkandy Damu,Chooryayi Kanaran,Valiya Veettil Kunhu, Akkavil Kelu, VydiarKunhikanaran, Nallakkandy ChunnaKelappan, MadaiKrishnan, MadammalKoran, N.C.Kunhikannan, V.Kunhikannan, V.Kelappan, K.C.Ramunni and Payyanadan Gopalan have decided to form a Primary Credit Society-Aikya Naanaya Sangham at Dharmadam for which application was made and sanction was accorded for a Aikya Naanayaya Sangham and same registered before the Registrar, Madras State Service Society on 26-10-1914.It started functioning w.e.f.01-01-1915.The first governing body of the Sangham was officially named as Panchayath and the general body as Maha Jana Sabha.

S/S Nadukkandy Damu,Chooryayi Kanaran,Madai Krishnan and Nuchilot Sankaran were selected as Panchayath members and S/S Nallakkandy Damu and Chooryayi Kanaran were selected as President and Secretary respectively in the first Maha Jana Sabha held on 01-01-1915.Comparing the present day functioning of the bank the loan and aids distributed hundred years back was very meager which is evident on a perusal of Panchayath decisions of the Sangham held on 01-02-1915.For example in the above Panchayath decision for the repayment of outstanding loan, Sri V.Kunhikannan has granted Rs 30/- to Sri Achuthan For widening the business scope based on the official instructions and decisions Aikya Naanayaya Sanghan was converted as Dharmadam Multipurpose Co Operative Credit Society and subsequently converted it as Dharmadam Service Co Operative Society and w.e.f.01-08-1980 as Dharmadam Service Co operative Bank. During the onward journey of Sangham to the present stage, it has faced many hurdles and difficulties. From the very beginning the members were given agricultural and non agricultural loans un -interruptedly.