Producers Bank acquired two (2) rural banks in Camarines Sur such as Bangko Rural ng Pasacao (Cam. Sur), Inc. and Bangko Rural ng Magarao (Cam. Sur), Inc. and formally took over their management last February 19 & 21, 2018, respectively.
The said acquisitions are part of the Bank’s expansion program particularly in the province of Camarines Sur. Mr. Andres M. Cornejo, President & CEO believes and supports the policy of the Bangko Sentral ng Pilipinas (BSP) in promoting mergers and consolidations among banks as a means to develop larger and stronger financial institutions.
The acquisitions of BR Pasacao and BR Magarao are the twelfth (12th) and thirteenth (13th) acquisitions/mergers/consolidations of Producers Bank in addition to Rural Bank of Rosales in Pangasinan, New Rural Bank of Victorias in Negros Occidental, Iloilo City Development Bank in Iloilo, Rural Bank of Cainta in Rizal, Rural Bank of Tayabas in Quezon, Tower Development Bank in Bulacan, Rural Bank of San Fabian in Pangasinan, Rural Bank of Bustos in Bulacan, Rural Bank of Sto. Domingo in Nueva Ecija, Rural Bank of Pamplona in Camarines Sur and Rural Bank of Pres. Quirino in Sultan Kudarat.
BR Pasacao located in Sta. Rosa del Sur, Pasacao, Camarines Sur was registered with the SEC on April 25, 1996 and started operations on July 01, 1996. BR Pasacao aims to promote comprehensive rural development with the end view of attaining a more equitable distribution of opportunities, income and wealth. It caters to the financial needs of teachers, employees, farmers and entrepreneurs.
On the other hand, BR Magarao located in San Pantaleon, Magarao, Camarines Sur was registered with the Securities and Exchange Commission (SEC) on April 1994 and was granted certificate of authority on July 29, 1994 by the Bangko Sentral ng Pilipinas (BSP). With its acquisition by Producers Bank, BR Magarao will continue to extend credit to small farmers and deserving rural industries/enterprises.
Prior to the above, Producers Bank also acquired Rural Bank of Pamplona in Camarines Sur last October 27, 2017 with two (2) branches located in Pamplona and Sipocot. To date, Producers Bank has a total of twelve (12) branches in Bicol region such as Baao, Calabana, Goa, Iriga, Legazpi, Nabua, Naga-Panganiban, Naga-Magsaysay, Polangui, Sorsogon, Tabaco and Tinambac. The branch locations of the BR of Pamplona, BR of Magarao and BR of Pasacao are located in municipalities where Producers Bank has no existing branch yet. Hence, the acquisitions will further expand the geographical reach of Producers Bank in the Bicol Region.
Producers Bank management believes that the acquisitions of BR Magarao and BR Pasacao will further fast track its branch network expansion resulting to sustained growth in assets and profits. Further, the Bank can also avail of the various incentives and regulatory benefits from BSP such as but not limited to additional branch licenses.