The Securities and Exchange Commission (SEC) approved the merger of Producers Bank with Masuwerte Rural Bank of Bacoor (Cavite) Inc. (MRBBI) last December 15, 2021.
Mr. Andres M. Cornejo, President and 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 merger of Producers Bank and Masuwerte Rural Bank brought two (2) additional branches to Producers Bank’s current branch network nationwide.
Mr. Cornejo further stated that one (1) of Producers Bank’s objectives is to develop a network of three hundred (300) branches across the nation by 2025, and that Producers Bank would continue to seek out acquisition opportunities to further extend its branch network in rural areas where banking services are required.
Prior to the merger with MRBBI, Producers Bank today is the result of several business combinations in the last seventeen (17) years that involved twenty one (21) banking institutions namely; Rural Bank of Rosales, Pangasinan, Inc. (RosBank) in 2004, New Rural Bank of Victorias, Inc. (NRBVI) in 2012, Iloilo City Development Bank (ICDB) in 2013, Rural Bank of Cainta, Inc. (RBCI) in 2015, Rural Bank of San Fabian, Pangasinan, Inc. (RBSFPI), Tower Development
Bank, Inc (TDBI) and Rural Bank of Tayabas, Inc. (RBTI) in 2016, Rural Bank of Bustos, Inc. and Rural Bank of Sto. Domingo (N.E), Inc. in 2018, Rural Bank of Pamplona, Inc. (RBPI), Rural Bank of President Quirino, Inc. (RBPQI), Bangko Rural ng Pasacao, Inc. (BRPI), Bangko Rural ng Magarao, Inc. (BRMI), Rural Bank of San Fernando, Inc. (RBSFI), Rural Bank of Barotac Nuevo, Inc, (RBBNI), Rural Bank of Sibalom, Inc. (RBSI) in 2019, Bangko Carrascal, Inc. (BCI), Rural Bank of San Quintin, Inc. (RBSQ), Peoples Bank of Caraga, Inc. (PBCAR), and Philippine Bank of Communications (PBCom) Rural Bank in 2020 and Masuwerte Rural Bank of Bacoor, Inc. in 2021. Mergers and acquisitions proved to be a good strategy to fast track Producers Bank’s branch network expansion, resulting in sustained growth in assets profits. In addition, it also helps the Bank avail of various incentives and regulatory benefits from BSP such as but not limited to additional branch licenses.