Producers Bank acquires two (2) more rural banks namely, Peoples Bank of Caraga, Inc. and Philippine Bank of Communications (PB Com) Rural Bank last July 04 & 29, 2019, respectively and immediately took over the banks’ management.
The acquisitions of PB Caraga & PBCom RB are eighteenth (18th) & nineteenth (19th) acquisitions for merger of Producers Bank, in addition to (i) Rural Bank of Rosales in Pangasinan, (ii) New Rural Bank of Victorias in Negros Occidental, (iii) Iloilo City Development Bank in Iloilo, (iv) Rural Bank of Cainta in Rizal, (v) Rural Bank of Tayabas in Quezon, (vi) Tower Development Bank in Bulacan, (vii) Rural Bank of San Fabian in Pangasinan, (viii) Rural Bank of Bustos in Bulacan, (ix) Rural Bank of Sto. Domingo in Nueva Ecija, (x) Rural Bank of Pamplona, (xi) Rural Bank of Pasacao, (xii) Rural Bank of Magarao, (xiii) Rural Bank of San Fernando in Camarines Sur, (xiv) Rural Bank of Pres. Quirino in Sultan Kudarat, (xv) Rural Bank of Sibalom in Antique, (xvi) Rural Bank of Barotac Nuevo in Iloilo and (xvii) Rural Bank of San Quintin in Pangasinan.
With the change in ownership, the new members of the Board of Directors of PB Carga & PBCom RB were reconstituted as follows: Gilda E. Pico – Chairman, Sandra C. Mendoza – Vice Chairman with Andres M. Cornejo, Andrei D. Cornejo, Jr., Nomer A. Crisostomo, Teresita E. Cheng – Directors and Cecilio B. Lorenzo – Independent Director.
Meanwhile, their new set of officers includes Gilda E. Pico – Chairman, Andres M. Cornejo – President & Chief Executive Officer (CEO), Andrei D. Cornejo, Jr. – Executive Vice President & Chief Operating Officer (COO), Nomer A. Crisostomo – Vice President & Treasurer. Ms. Delia M. Ladao is Vice President and General Manager for PB Caraga while Arthur John O. Lugtu is Vice President for PB Com RB.
The said acquisitions are part of the Producers Bank’s expansion program in the island of Mindanao. Mr. Andres M. Cornejo, President & CEO of Producers Bank 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. Mr. Cornejo is very proud of the aforesaid acquisitions, as such will make the presence of Producers Bank more felt in Mindanao, with PBCom RB’s twenty six (26) and PB Caraga’s thirty three (33) branches and branch lite units (BLUs) located in different provinces in Mindanao. With the existing one hundred ninety (190) branches of Producers Bank and branch network of the acquired banks combined, will bring the total branch network of Producers Bank to two hundred fifty (250) upon merger.
Producers Bank management believes that the acquisitions of PBCom RB and PB Caraga 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.
