Objective: There is a dearth of studies on anxiety and depression among well-defined occupational groups. Current evidence suggests that both conditions may be found among workers exposed to stressful work conditions and they impact negatively on productivity. The aim of this study was to determine the prevalence of generalized anxiety disorder (GAD) and major depression (MD) and their associated socio-demographic and work-related factors among commercial bank workers in Abeokuta. Methods: Using a cluster sampling method, 286 bank workers in 14 randomly selected banks were assessed in a two-stage survey procedure. The first stage involved the administration of a socio-demographic questionnaire and the 20-item self-reporting questionnaire (SRQ-20) to all consenting bank workers to screen for general psychiatric morbidity, while the second stage involved interview of SRQ cases and a proportion of non-cases with the structured clinical interview for diagnostic and statistical manual-IV (DSM IV) axis I diagnosis (SCID) for the diagnosis of GAD and MD. Results: The prevalence of GAD and MD was 5.6% and 1.7%, respectively. Identified risk factors for GAD included female gender (odds ratio [OR] 5.1, 95% confidence interval [CI] 1.6-16.1), age <30 years (OR 17.1, 95% CI 2.2-131.6), single marital status (OR 4.2 95% CI 1.5-11.7), and middle occupational post (χ2=7.16, df = 2, P = 0.02). MD was associated with longer average daily working hours (t = −2.2, P = 0.026), complaints of health problems in the previous month (χ2= 8.8, P = 0.012), as well as use of sedative medication (OR = 17.2, 2.3-125). Conclusion: GAD and MD occur among bank workers, and they are related to socio-demographic, health, and occupational correlates. These findings suggest the need to adopt a holistic approach in developing effective prevention strategies, which may include the promotion of occupational mental health and stress management programs among vulnerable occupational groups for enhancement of health and productivity.