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Bangko Sentral Approves the Consolidation of Three Cooperative Banks in Mindanao

02.28.2012

The Monetary Board of the Bangko Sentral ng Pilipinas (Bangko Sentral), approved on 16 February 2012, the consolidation of the First Community Cooperative Bank of Misamis Occidental (FBMO), Cooperative Bank of Davao del Sur (CBDS) and Cooperative Bank of Surigao del Sur (CBSS) to form a new cooperative bank to be known as Consolidated Cooperative Bank (CCB).

First Community Cooperative (FICCO), a primary cooperative based in Cagayan de Oro City, which is the majority shareholder of FBMO, CBDS, CBSS, spearheaded the consolidation of the three banks.  CCB, as the new consolidated entity, will assume all the assets and liabilities of the three constituent CBs.  The plan of consolidation was a collective agreement of the common shareholders of FBMO, CBDS and CBSS in their desire to strengthen the financial position and operating efficiency of their respective cooperative banks with the intent to become a relevant player in the socio-economic development of Mindanao. 

The Bangko Sentral is actively promoting mergers, consolidations and acquisitions of cooperative banks as a means to promote larger and stronger institutions whose more solid capital position and wider branch network would enable them to deepen their reach in the countryside, spur lending activities in the unbanked and the underserved areas, and eventually uplift the economic condition of the people residing in these communities.  

Among the incentives approved by the Bangko Sentral ng Pilipinas is that the consolidated bank, subject to compliance with certain requirements, will be allowed to establish branches/offices in major cities and towns of Mindanao.  It will also be allowed to revalue existing properties necessary based on fair valuation.

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