The Securities and Exchange Commission (SEC) approved the articles and plan of merger of Producers Savings Bank Corporation (Producers Bank) with three (3) other banks namely: Rural Bank of San Fabian (RBSF), Tower Development Bank (Tower Bank) and Rural Bank of Tayabas (RB Tayabas) last November 23, 2016, with Producers Bank as the surviving entity. The merged bank now has one hundred thirty nine (139) operating branches nationwide.
Producers Bank Chairman & CEO, Mr. Andres M. Cornejo said that Producers Bank has grabbed every opportunity for acquisition ever since the Bangko Sentral ng Pilipinas (BSP) encouraged consolidation in the banking industry.
As of date, the merger between Producers Bank with the above mentioned banks is the fifth (5th) bank acquisition of Producers Bank after Rural Bank of Rosales in Pangasinan, New Rural Bank of Victorias in Negros Occidental, Iloilo City Development Bank in Iloilo and Rural Bank of Cainta in Rizal.
Producers Bank’s track for acquisitive growth shows the Bank’s management commitment in realizing its vision of becoming the most progressive, stable and strong private development financial institution in the countryside.