The Bangko Sentral ng Pilipinas (BSP) Monetary Board approved the consolidation of Producers Savings Bank Corporation (Producers Bank) and the New Rural Bank of Victorias, Inc. (NRBVI) into a new thrift banking entity to be known as “Producers Savings Bank Corporation” last June 15, 2012.
It was in 2010 when Producers Bank acquired 100% of the issued and outstanding common shares of NRBVI to lay down the framework for the consolidation of the said Banks into a new but larger, banking entity with significant presence in Luzon and in Western Visayas.
With the approval of the consolidation, Producers Bank will have a total of 81 branches in Luzon and Visayas. Mr. Edmundo C. Medrano, Vice Chairman, President & COO said that the consolidation into a single bank should result in greater efficiency, market reach and a formidable and a more competitive financial institution.
Meanwhile, the Philippine Deposit Insurance Corporation (PDIC) granted its consent to the consolidation of Producers Bank and NRBVI last April 30, 2012.