Two thrift banks merge
THE MERGER of Producers Savings Bank Corp. and Iloilo City Development
Bank (ICDB) has been granted regulatory approval, with the former being
the surviving entity.
"The Securities and Exchange Commission (SEC) approved on Oct. 31 the
agreement and articles and plan of merger of Producers Savings Bank
Corp., the surviving corporation, and Iloilo City Development Bank, the
absorbed corporation," the central bank said in Memorandum Circular No.
063 issued on Nov. 18.
All assets and liabilities of Iloilo Development Bank will be
"transferred to and absorbed by Producers Savings Bank Corp.," it added.
Producers Savings Bank started its operations as a merged thrift bank on
Nov. 12. ICDB is a 46-year old thrift bank based in Iloilo. It had three
branches.
In 2009, the Monetary Board approved Producers Savings Bank's request to
purchase up to 49% of the issued and outstanding common shares of ICDB.
Later on, it allowed the application of Producers Savings Bank to
convert its banking license from a rural bank to a thrift bank.
Producers Savings Bank was formerly known as Producers Rural Bank of San
Jose City when it was incorporated in October 1995.
As a rural bank, it had the largest branch network in Luzon and
second-largest nationwide.
In 2003, it merged with the Rural Bank of Rosales, Inc., which had 11
branches and was headquartered in Pangasinan.
In 2010, Producers Savings Bank also acquired New Rural Bank of
Victorias, Inc. (Bank Victorias). -- ARRG
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