Producers Bank acquired Rural Bank of Sto. Domingo (STONE) in Nueva Ecija and formally took over its management last June 05, 2017.

The said acquisition is part of the Bank’s expansion program particularly in the province of Nueva Ecija. Mr. Andres M. Cornejo, Chairman & 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. Prior to the acquisition of STONE, Producers Bank also acquired the majority shares of Rural Bank Bustos in Bulacan last February 2017.  

Mr. Cornejo said that the six (6) branches of STONE are located in municipalities where Producers Bank has no branch yet except for Sto. Domingo. The other STONE branches are located in Baloc in Nueva Ecija, Anao and Ramos in Tarlac and Sta. Maria and San Manuel in Pangasinan. This way, STONE and Producers Bank can reach out to more entrepreneurs and farmers and help them produce more wealth for the country.

With the change in ownership, the new set of directors and officers of STONE includes Andres M. Cornejo – Director and Chairman of the Board, Atty. Ireneo U. Gacad, Jr. – Director and Corporate Secretary, Manuel A. Castaneda, III – Director, Gilda E. Pico – Director, Elrey T. Ramos – Independent Director, Romeo P. Dumayag – Chief Compliance Officer, Esperanza B. Callo – Treasurer/Area Manager, Emma C. Manuzon – Area Manager, Faustino V. Dela Cruz – Logal/Loan Officer, Emelita C. Quinto – Chief Accountant, Antonio C. Grenas – Marketing Officer, Catherine M. Sabacan – Internal Auditor, Gina G. Garcia – Manager, Vangie M. Marcos – Manager and Eloisa P. Carpio – Officer-in-Charge.

Sto. Domingo is a third (3rd) class municipality in Nueva Ecija and is politically subdivided into twenty four (24) barangays. It is an agricultural town and is famous for its scenic agricultural landscape amid its Philippine duck raising industry. It is bordered by the municipalities of Talavera and Quezon.

Producers Bank management believes that the acquisition of STONE 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.