THE Bangko Sentral ng Pilipinas (BSP) has approved the merger of Marayo Bank Inc. and Rural Bank of Oton, Iloilo.
This was confirmed by Marayo Bank Inc. chairman Franklin Puentevella.
The approval was contained in BSP Resolution No. 1103 dated June 29, 2017. The Rural Bank of Oton (Iloilo) Inc. will now become the Oton Branch of Marayo Bank Inc.
The merger is in line with the long-term strategic plan of Marayo Bank to expand its operations to new areas so that it can provide its proven services, of fast and efficient service, to as many people as possible.
With this merger, the new Oton Branch of Marayo Bank can now offer expanded services such as savings, time and demand deposit, and grant immediate bigger loans and more diversified loan products such as real estate loan, chattel mortgage loan, crop loan, commercial loan, pension loan, salary loan, allotment loan and DepEd loan to clients in Oton, Iloilo City and the neighboring municipalities such as Tigbauan, Guimbal and San Miguel.
Marayo Bank will continue to expand its banking services by either putting up new branches or by acquiring other banks.
During the last five years, Marayo Bank has experienced rapid growth in terms of loans production and profitability.
As of the end of June 30, 2017, its capital adequacy ratio is 24 percent, well above the minimum requirement of 10 percent set by the BSP.
Marayo Bank now has four main branches located in Pontevedra and E.B. Magalona in Negros Occidental, Oton and Banate in Iloilo, and five extension offices situated in Kabankalan City, Binalbagan, Bacolod City, Cadiz City and Passi City.
Vicente Javellana Jr., the chief operating officer, is president. Directors are Lucia Villafranca, Mary Grace Escario, Ma. Teres Ortiz, and independent directors include Jose Miguel Cuaycong and Salvador Laguda.(CNC)