Pampanga banks consolidate resources-A A +A
Wednesday, January 8, 2014
CITY OF SAN FERNANDO -- Two top rural banks in Pampanga have consolidated their resources to form the strongest alliance in the industry and in a determined bid, become the regional champion in Central Luzon.
On Wednesday at the House of David Central Park along Jose Abad Santos Avenue in this city, officials and executives of Bank of Florida (BOF) and Bank of Lubao (BOL), unveiled the billboard announcing the consolidation of the two David Family-run local banks.
The consolidation ups the combined total resources of the two countryside financial institutions to more than P2.6 billion, with BOF’s P1.8 billion and BOL’s P870 million.
The strategic move, according to both chairmen and presidents of BOF and BOL, will allow for the best customer service, expansion and greater stability. The re-branded BOF has 13 branches while BOL mulls expanding its network of two client centers in the province.
"The consolidation of Bank of Florida and Bank of Lubao is a strategic direction that will result to stability and a bigger network of service for the rural banking community," said BOL chairman and president Reynaldo David.
BOF chairman and president Teresa David-Carlos added: “This consolidation is one the biggest milestones in the industry, with all the innovations at hand that gives strong assurance to our clients, as we pursue our bid to become the region’s countryside banking champion.”
Shape of better things to come
As BOF celebrates its 50th anniversary in the rural banking industry comes February this year, David-Carlos disclosed of bigger things to come after the consolidation.
"We are looking at additional branches this year to expand the network to at least 20. We also are eyeing new products and services for our clients as well as improving operational capability," she said.
The same FinnOne core banking system used by universal and commercial banks, David Carlos stressed, will fuel the consolidation and operations of the two banks on their way to the regional championship as “One Bank of Florida.”
Published in the Sun.Star Pampanga newspaper on January 09, 2014.