The Securities and Exchange Commission (SEC) approved the Agreement and Articles and Plan of Merger of Producers Savings Bank Corporation, the surviving corporation and Iloilo City Development Bank (ICDB), the absorbed corporation on October 31, 2013.
Mr. Nestor A. Eperilla, Jr. Deputy Governor of the Bangko Sentral ng Pilipinas (BSP) informed all banks and non-banks that Producers Savings Bank Corporation, the surviving bank commenced operations as a merged bank on November 12, 2013.
Mr. Edmundo C. Medrano, Vice Chairman, President and COO of Producers Bank said that the approval of the merger resulted in 103 operating branches, preserving Producers Bank’s bragging right of having the largest branch network among stand alone/independent thrift banks (i.e. not a subsidiary of a universal bank or commercial bank).
He further added that Producers Bank now has presence in Regions I, CAR, II, III, IV-A (CALABARZON), NCR, V and VI.
Meanwhile, Mr. Andres M. Cornejo, Chairman & CEO said that the business combination should result in greater efficiency, market reach, larger capital and formidable and a more competitive financial institution dedicated to service the financial requirements of farmers and SMEs involved in the food production value chain.