Producers Bank acquired ownership of the Rural Bank of San Quintin (RB San Quintin) in Pangasinan on 18 February 2019 and formally took over its management last 19 February 2019.
The said acquisition is part of the Bank’s expansion program particularly in the province of Pangasinan. 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 acquisition of RB San Quintin seventeenth (17th) 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, Bangko Rural ng Pasacao, Bangko Rural ng Magarao and Rural Bank in San Fernando in Camarines Sur, Rural Bank of President Quirino in Sultan Kudarat, Rural Bank of Barotac Nuevo in Iloilo and Rural Bank of Sibalom in Antique.
Mr. Cornejo said that upon merger, RB San Quintin will make the total number of branches of Producers Bank in Pangasinan to twenty five (25) in addition to Alaminos, Bani, Bayambang, Binalonan, Bolinao, Carmen, Dagupan, Lingayen, Malasiqui, Manaoag, Mangaldan, Mangatarem, Pozorrubio, Rosales, San Carlos, San Fabian, San Manuel, Sta. Barbara, Sta. Maria, Tayug, Umingan, Urbiztondo, Urdaneta and Villasis. With the acquisition of another rural bank, Producers Bank hopes to reach out to more entrepreneurs and farmers in the province of Pangasinan and help them produce more wealth for the country.
With the change in ownership, the new set of officers of RB San Quintin includes Gilda E. Pico – Chairman, Andres M. Cornejo – Vice Chairman and CEO, Andrei D. Cornejo, Jr. – President & COO, Teodora C. Garcia – General Manager, Nomer A. Crisostomo – Treasurer and Marigold C. Rivera – Corporate Secretary.
Producers Bank management believes that the acquisition of RB San Quitin 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.
As a wholly owned subsidiary of Producers Bank, RB San Quintin now offers more improved products and services that cater the financial needs of the people of San Quintin and its neighboring towns and cities. Producers Bank will immediately install its ATM machine within the premises of RB San Quintin where the public can withdraw anytime.