Producers Bank acquired two (2) rural banks in Western Visayas namely: Rural Bank of Barotac Nuevo, Inc. in Iloilo and Rural Bank of Sibalom, Inc. in Antique and formally took over their management last August 06, 2018.
The said acquisitions are part of the Bank’s expansion program particularly in the Visayas region. 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 RB Barotac Nuevo and RB Sibalom is the fifteenth (15) and sixteenth (16th) acquisition/merger/consolidation 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, Rural Bank of Pres. Quirino in Sultan Kudarat, Bangko Rural ng Pasacao, Bangko Rural ng Pasacao and Rural Bank of San Fernando, all last three (3) in Camarines Sur.
RB Barotac Nuevo is located in L. Araneta St., Barotac Nuevo in Iloilo, once merged, the total number of branches in province of Iloilo will be eight (8), in addition to the following: (i) Barotac Nuevo, (ii) Jaro, (iii) Molo, (iv) Oton (v) Passi, (vi) Sta. Barbabara and (vii) Valeria.
Meanwhile, RB Sibalom is located in Veñegas St., Sibalom, Antique, once merged, the total number of branches in the province of Antique will be five (5), in addition to: (i) Bugasong, (ii) Culasi, (iii) San Jose de Buenavista and (iv) Sibalom.
Producers Bank management believes that the acquisitions of RB Barotac Nuevo and RB Sibalom 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.
To date, Producers Bank has a total of one hundred sixty eight (168) operating branches and ten (10) acquired banks’ branches.