The Bangko Sentral ng Pilipinas (BSP) approved the acquisition of Bangko Carrascal, Inc. by Producers Bank effective 31 October 2019 with the latter, formally taking over Bangko Carrascal’s management on 21 November 2019.
With the change in ownership, the new members of the Board of Bangko Carrascal was 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, its 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 and Delia M. Ladao – Vice President & General Manager.
The said acquisition is part of the Producers Bank’s expansion program particularly 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.
The acquisition of Bangko Carrascal is the twentieth (20th) acquisition 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, (xvii) Rural Bank of San Quintin in Pangasinan, (xviii) Peoples Bank of Caraga in Agusan Del Sur and (xix) PB Com Rural Bank in Zamboanga del Norte.
Mr. Cornejo is very proud of the aforesaid acquisition, as such will make the presence of Producers Bank more felt in Mindanao as two (2) more branches in Surigao del Sur will be added to its total branch network making it two hundred fifty four (254) branches (including the acquired banks branches) nationwide. With another acquisition, Producers Bank will be able to get closer to its vision i.e to be the number one (1) partner of entrepreneurs and farmers in producing more wealth for the country.
Producers Bank management believes that the acquisition of Bangko Carrascal will further fast track its branch network expansion resulting to sustained growth in assets and profits particularly in Surigao del Sur. Further, the Bank can also avail of the various incentives and regulatory benefits from BSP such as but not limited to additional branch licenses.