SEC Approves Merger of Producers Bank with Rural Bank of Sto. Domingo, (NE), Inc. and Rural Bank of Bustos, Inc.

The Securities and Exchange Commission (SEC) approved the articles and plan of merger of Producers Savings Bank Corporation (Producers Bank) with Rural Bank of Sto. Domingo, (NE), Inc. (STONE) and Rural Bank of Bustos, Inc. (RBB) last June 29, 2018, Producers Bank is the surviving entity. The merged bank now has one hundred sixty eight (168) operating branches nationwide with total resources of P15.7 Billion as of end of June 30, 2018.

The additional branches due to the merger are the following: (i) Anao, (ii) Ramos in Tarlac, (iii) Bustos – Bonga Menor, (iv) Bustos – Poblacion in Bulacan, (v) San Manuel, (vi) Sta. Maria in Pangasinan, (vii) Sto. Domingo – Poblacion and (viii) Sto. Domingo – Baloc in Nueva Ecija.

Producers Bank President & CEO, Mr. Andres M. Cornejo said that Producers Bank has been grabbing every opportunity to acquire banks via mergers and acquisitions to avail itself of the incentives under the Strengthening Program for Rural Banks of the Philippine Deposit Insurance Corporation (PDIC) and the Bangko Sentral ng Pilipinas (BSP).

As of date, the merger between Producers Bank with STONE and RBB is the sixth (6th) bank merger/consolidation of Producers Bank after Rural Bank of Rosales, Pangasinan, New Rural Bank of Victorias, Negros Occidental, Iloilo City Development Bank in Iloilo, Rural Bank of Cainta in Rizal, Rural Bank of San Fabian in Pangasinan, Tower Bank in Bulacan and Rural Bank of Tayabas in Quezon.

Producers Bank’s track record for acquisitive growth clearly manifests its strong desire to realize its vision of becoming the most progressive, stable and strong private development financial institution in the countryside.

Producers Bank management believes that the above acquisitions will fast track its target growth in assets and profits. In addition, the Bank can also take advantage of the various incentives and benefits given by BSP and PDIC such as but not limited to additional branch licenses.

Furthermore, the merger with RBCI will make Producers Bank to have presence in thirty three (33) provinces namely: Aklan, Albay, Antique, Aurora, Bataan, Batangas, Benguet, Bulacan, Cagayan, Camarines Sur, Capiz, Cavite, Davao del Norter, Davao del Sur, Davao Occidental, Iloilo, Isabela, Laguna, La Union, Misamis Oriental, National Capital Region, Negros Occidental, Negros Oriental, Nueva Ecija, Nueva Vizcaya, Pampanga, Pangasinan, Quezon, Quirinio, Rizal, Sorsogon, Tarlac and Zambales.