BSP OKs new name of Premiere Dev't Bank
By Prinz Magtulis (The Philippine Star) Updated July 15, 2012 12:00 AM
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Manila, Philippines - All branches of Premiere Development Bank will now
be known as Security Bank Savings Corporation.
This was after the Bangko Sentral ng Pilipinas (BSP) approved last
Wednesday the change of corporate name of the thrift bank after it was
acquired by Security Banking Corp. June last year.
"The (BSP) has approved the change of corporate name of Premiere
Development Bank to 'Security Bank Savings Corporation' and adoption of
the following business names and styles: 'Security Bank Savings;
Security Savings Bank; and SBS Security Bank Savings," Circular Letter
No. 2012-051 posted on the BSP web site Friday stated.
"The (Premiere Development) Bank has registered with the Securities and
Exchange Commission its amended articles of incorporation and amended
by-laws bearing its new corporate and business names and styles on 14
June 2012," the circular added.
Premiere Bank has a total of 38 branches in Luzon, 21 of which is
located within Metro Manila, while the rest are spread out in the
provinces of Bulacan, Rizal, Laguna, Cavite and Batangas.
In a disclosure last June 25, 2011, listed Security Bank bought 98
percent of Premiere Development Bank for P1.3 billion to "expand its
branch network, build its loan portfolio and expand its customer base."
Last Jan. 20, the acquisition was approved by the BSP's policy-making
body, the Monetary Board, authorizing the transfer of voting shares
equivalent to 96.42 percent of the outstanding capital stock of Premiere
Development Bank in favor of Security Bank.
Before the acquisition, Security Bank had an estimated loan portfolio of
P3 billion from 20,000 customers. It also had P4.7 billion in deposits
from 37,000 depositors.
Listed Security Bank booked a total of P1.092 billion in net income in
the first quarter, up 8.2 percent from same period last year.
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