Bhimavaram is situated in the West Godavari district of the Indian state of Andhra Pradesh. The administrative headquarter of the Bhimavaram Mandal in the Narasapuram revenue division is situated at Bhimavaram. The city has around 1.5 lakh residents who speak in Telugu. Bhimavaram was under the reign of the Chola dynasty, proven by many stone inscriptions found in the town from this era. The name Bhimavaram literally translates to "the gift of Bhima". Legend says that a king named Chalukya Bheema had built a Siva temple in the 1st century which led to the foundation of this town. It was earlier called "Bhimapuram", which gradually changed to "Bhimavaram." This town is in the epicenter of the fertile Godavari delta region, which makes it a principal trade center of paddy. Agriculture-based businesses thrive in the area. Food processing, aquaculture, rice mills, etc., are the main sources of economic growth of the town. Bhimavaram is the regional center for higher education as well as specialized health services. Bhimavaram is recognized for the Gunupudi Someswara temple. Built during the 3rd century AD, this temple is one of the five holy Pancharamas. The Shiva lingam idol in this temple is known for changing its color. As per the lunar calendar, it turns black during the new moon and white during the full moon. It is a place of major tourist attraction.
The Federal Bank Limited or the Travancore Federal Bank Limited was incorporated on 28th April 1931 with an authorized capital of Rs.5000/- at Nedumpuram, a place near Tiruvalla in Central Travancore under the Travancore Companys Act. It started the business of auction and other banking transactions, connected with agriculture and industry. Shri K P Hormis and his close relatives or friends obtained a controlling interest in the Bank in 1944. On 26th January 1946, the Bank opened its second branch at Angamally. The Bank was licensed under Section 22 of the Banking Companies Act, 1949 on 11th July 1959. In 1970, the Bank got the license of a Scheduled Commercial Bank, which also coincided with the Silver Jubilee Year. In 1972, It witnessed expansion beyond the home state, and the Bank became an Authorised Dealer in Foreign Exchange in 1972. International Banking Department started functioning from Mumbai in 1973. Since then, the Bank could substantially increase its market share of the NRI business. In 1982, the International Banking Department of the bank was later moved to Cochin for centralization of activities. The Bank opened 53 branches during the year 1975 and 42 offices 1976. The total number of offices reached 276 from 114 in 1973. Commenced Merchant Banking Operations in 1989.