The merging of Marayo Bank Inc. in Negros Occidental and the Rural Bank of Oton (Iloilo) Inc., with Marayo Bank as the surviving bank, has been approved by the Monetary Board of The Bangko Sentral ng Pilipinas.
The Rural Bank of Oton (Iloilo) Inc. will now become the Oton branch of Marayo Bank Inc., a press release from Marayo Bank said yesterday.
The merger is in line with the long-term strategic plan of Marayo Bank to expand its operation to new areas, the press release said.
With this merger, the new Oton Branch of Marayo Bank can now offer expanded services such as savings, time and demand deposits and grant immediate bigger loans, and more diversified loan products such as real estate loan, chattel mortageloan, crop loan, commercial loan, pension loan, salary loan, allotment loan and DepEd Loanto the municipality of Oton as well as the people of Iloilo City and the neighboring municipalities of Tigbauan, Guimbal and San Miguel, it said.
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 (CAR) is 24 percent well above the minimum requirement of 10 set by Bangko Sentral ng Pilipinas, the press release said.
Marayo Bank now has four main branches in Pontevedra and E.B. Magalona in Negros Occidental, and Oton and Banate in Iloilo, and five extension offices located in Kabankalan City, Binalbagan, Bacolod City, Cadiz, and Passi City.
It is headed by Franklin Fuentebella as chairman of the board.
The members of its Board of Directors are Lucia Villafranca, Mary Grace Escario, Ma. Teresa Ortiz, and Independent Directors, Jose Miguel Cuayong and Salvador Laguda.*
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