Alvana Community Bank Limited was incorporated under the Companies and Allied Matters Act of 1990 as a Limited Liability Company with Corporate office situated in Alvan Ikoku Federal College of Education, Owerri with a Memorandum and Articles of Association (MEMART), initial Capital base of N250, 000.00(Two hundred and fifty thousand naira only), the Central Bank of Nigeria authorized the Bank to commence operations in August 1993, under the watch of Prof. E. N. Emenyeonu, the then Provost of the College.

Serving as the pioneer Manager and on the Board were:
1. Chief Dr T. O. Akumadu – Chairman
2. Mr. C. N. Nwohiri – Manager
3. Dr. A. C. Okere – Member
4. Dr. M. N. Onunka – Member
5. Dr. Mrs. R. N. Amadi – Member
6. Dr. S. I. Emenalo – Member
7. Chief O. C. Ogu – Member

After some years in operation, the Bank witnessed a set-back as a result of administrative issues in 1998 which led to Mr. M. N. Nwabuwanne, Head Banking Operations held sway till 2000 when the Bank was resuscitated under Dr. Dan N. Onwukwe, the then Provost of the College and acting Chairman of the Bank. Pastor I. O. E. Onwukanjo was engaged as a new Manager. The Bank commenced full operations on 16th Jan., 2001 with the following on the Board:

1. Dr. D. N. Onwukwe Provost/Ag. Chairman
2. Chief Dr. T. O. Akumadu Member
3. Dr. A. C. Okere Member
4. Dr. Mrs. R. N. Amadi Member
5. Chief O. C. Ogu Member

In 2004, the Bank started the process of conversion to Microfinance Bank and later in 2007, Alvana Community Bank Limited was changed by a special resolution to Alvana Microfinance Bank Limited and incorporated under the Companies and Allied Matters Act of 1990 as Limited Liability Company with a Memorandum and Articles of Association (MEMART) in place.

The Bank grew in all fronts despite challenges to become one of the key players in Microfinance industry in Imo state. The Bank witnessed series of changes in the leadership of the Bank, Prof. L. E. Amadi was succeeded by Dr. D. N Onwukwe, Prof. C. N. Uwazurike succeeded Dr D. N. Onwukwe, Dr H.C Amadi took over from Prof. C. N. Uwazurike, Dr.(Mrs) B. C. Ijioma succeeded Dr. H. C. Amadi while Dr. Dan C. Anyanwu took over from Dr.(Mrs) B. C. Ijioma.

From 2008 till 2015 the Bank witnessed tremendous growth under the Provost/Chairman of the Bank, Dr. Mrs B. C. Ijioma and serving on the Board were:

1. Dr. Mrs. B. C. Ijioma – Provost/Chairman
2. Pastor I. O. E. Onwukanjo – Managing Director
3. Dr. S. U. Opara – Member
4. Dr. C. P. Nosiri – Member
5. Dr. I. U. Nwachukwu – Member
6. Dr. G. C. Osuagwu – Member
7. Mrs. R. I. Nwoke – Member

In 2015, a new Managing Director was engaged Mrs. C.C. Nwabueze who succeeded Pastor I.O.E. Onwukanjo.

In September 2017, Dr Dan C. Anyanwu was appointed as the Acting Provost of the College; and serving on the Board of Directors of the Bank were:

1. Dr D. C. Anyanwu – Acting Provost/Chairman
2. Mrs. C. C. Nwabueze – Managing Director
3. Mr. E. O. Okafor – Member
4. Mr. B. N. Ngobiri – Member
5. Mrs. N. C. Obimba – Member
6. Dr. B. F. C. Nwokedi – Member
7. Dr. Mrs. A. C. Izuagba – Member