Producers Bank acquires 3 lenders

The Securities and Exchange Commission approved the plan of Producers Savings Bank Corp. to merge with three smaller financial institutions—all of which specializing in countryside and development lending.

In a press statement, Pasig-based Producers Bank said it would merge with the Rural Bank of San Fabian, Tower Development Bank and the Rural Bank of Tayabas—with Producers Bank as the surviving entity—after the corporate regulator gave the green light late last month.

The merged bank will have 139 operating branches nationwide with total resources of P10.385 billion as of the end of November 2016.

Director Ferdinand Sales of the SEC’s company registration and monitoring department has given the regulator’s imprimatur for the said Commission union of the four financial institutions, according to the bank’s statement.

Producers Bank chair and CEO Andres Cornejo noted that the latest move of the countryside lending specialist was its fifth acquisition after the 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 has grabbed every opportunity for acquisition ever since the Bangko Sentral ng Pilipinas encouraged consolidation in the banking industry,” Cornejo said. “Producers Bank’s track for acquisitive growth shows its commitment in realizing its vision of becoming the most progressive, stable and strong private development financial institution in the countryside.”

The merger will give Producers Bank a footprint in 31 provinces namely: Aklan, Albay, Antique, Aurora, Bataan, Batangas, Benguet, Bulacan, Cagayan, Camarines Sur, Capiz, Cavite, Davao City, Iloilo, Isabela, Laguna, La Union, Metro Manila, Misamis Oriental, Negros Occidental, Negros Oriental, Nueva Ecija, Nueva Vizcaya, Pampanga, Pangasinan, Quezon, Quirinio, Rizal, Sorsogon, Tarlac and Zambales. —DAXIM L. LUCAS