This study is another significant attempt to study the impact of labour turnover in a development bank, the Nigerian Agricultural and Co-operative Bank Limited. It appears to be the first attempt to conduct a study of this nature on a financial service industry in Nigeria. The kind of study even though appears to be more suited to a manufacturing industry because of the care with which impact on productivity can be captured, it was in no means difficult to find a suitable criterion to accomplish a similar task in a financial service organisation. The criteria proxy was found in the loan operations data of the organisation, with specific focus on the debt repayment component of the data. Other objective criteria were to determine if there was labour turnover in the organisation for the period covered by the study and if so to what extent, to determine the most important facto among others which was responsible for this phenomenon and to identify areas of improvement in the organisation which may increase staff satisfactk n and maximize separation. With the use of some statistical computations and methods of analysis, the results have established that the NACB have been experiencing voluntary and involuntary staff turnover, but with a very stable work force within the range of 0.5 - 24 percent. It has been established that the most potent factor that would take away labour from organisation to another is higher wages and the second most important factor is better career prospects and motivation in terms of promotion and training. The accompanying recommendations for improvement are derived from these findings.