It was founded in October 1983 in order to maintain the stability of the East Caribbean dollar (EC$) and the integrity of the banking system in order to facilitate the balanced growth and development of member states. Its headquarters is located in the city of Basseterre, on the island of St. Kitts. It is overseen by a bank governor. ECCB's current Governor is Sir K Dwight Venner.
All of the ECCB members are also a part of the Organisation of Eastern Caribbean States (OECS). In early 2015, the bank announced plans to phase out the production of the 1 and 2 cent pieces. The date was finalised as July 1st, 2015. When a motive was sought, it was stated that it takes about six cents to make one cent pieces and about eight cents to make a 2 cent piece. Also, most people after receiving them almost immediately discard them.