Southern Country International Bank-Ltd. (SCIB) opened in March 2014 under the U.S. Virgin Islands' new International Banking Entity statute.
Public filings show it never operated like a conventional bank, yet it kept its charter through 2019, accepted a surprise $15.5 million transfer from Jeffrey Epstein's estate four months after his death, and as late as 2025 was still being described by a New-York–based broker-dealer as an active "limited-purpose bank."
The dossier below assembles the record from 2014-2025, isolating what is documented, what remains opaque, and who is presently linked to the entity.
Charter and Legal Foundation (2014)
Epstein's lawyers filed for an International Banking Entity license on 21 March 2013; the Banking Board granted the charter effective 1 Jan 2014 after Epstein pledged to inject US $100 k in paid-in capital and issue one million shares at US$1 par value. The certificate lists 9100 Port-of-Sale Mall, St Thomas, as the proposed office.1
A separate corporate filing dated 4 Mar 2014 shows SCIB incorporated as a domestic profit corporation with Jeffrey Epstein (director), Darren Indyke and Richard Kahn (officers); resident agent: Business Basics VI LLC.2
Dormant Renewals (2015-2018)
SCIB renewed its license each January from 2015 through 2019; no customer lists, balance sheets, or prudential examinations appear in the file. In 2018 Epstein's counsel told regulators the bank "had not commenced operations," so the Division of Banking performed no compliance work.3
Status at the Time of Epstein's Arrest and Death (2019)
The estate told the probate court it did not plan to renew the banking license after 2019.7
Judicial & Regulatory Scrutiny (2020-2022)
- SCIB appears by name in USVI discovery requests seeking all records on Epstein entities, cash logistics and offshore transfers.8
- Probate transcripts show the court questioning two estate cheques—US$12 m and US$3.5 m—to SCIB and ordering full documentation.9
- Media coverage (NY Magazine, Daily Beast, New York Post) highlighted the absence of any business activity despite annual renewals.1011
Current Snapshot & Management Claims (2023-2025)
A 2025 FINRA BrokerCheck filing for Ronald S. Krolick lists him as SCIB's chief executive (start-date April 2019) and describes his role as "finding high-net-worth individuals to make deposits or take loans from the bank."12
The most recent business-entity report available (Feb 2020) still shows SCIB "Active/In Good Standing." No public license extension beyond 2019 is on file, and no new asset movements have surfaced in court dockets or regulator notices through July 2025.
Key Personnel and Governance
*No official corporate amendment reflecting Krolick's appointment is on the public register.
Outstanding Unknowns (as of mid-2025)
- It is unclear if SCIB ever accepted deposits from anyone other than Epstein; there are no client statements in the public records.
- The final destination of the $12.9 million withdrawn in late 2019 is unknown; the estate has not provided any accounting.
- There is no public record showing whether the USVI Banking Board renewed SCIB’s license after 2019 or let it expire; no renewal certificate is available.
- U.S. federal regulators do not list SCIB in their databases, indicating the bank likely had no U.S. correspondent relationships.
Conclusion
SCIB remains an officially registered Virgin Islands corporation whose banking charter expired on paper in December 2019 but whose legal shell persists, now linked to a New-York securities professional, Ronald S. Krolick. Public records give no sign of conventional banking operations, clientele, or balance-sheet activity beyond the estate's contested post-mortem transfers.