The Negros Cooperative Bank (NCB), now on its 12th year, reported total assets of P115.1 million, a paid-up capital of P31.3 million, and total equity of P49.8 million.
The bank coop, located at the Provincial Lagoon in North Capitol Road, Bacolod City, initially operated on a paid-up capital of P5,205,000, representing 25 percent of the subscribed shares required by the Bangko Sentral ng Pilipinas, its press release said.
It started operations on March 19, 2008, with five employees and 11 members of the Board of Directors.
The NCB, a privately-owned bank whose members are well-capitalized and well-managed primary cooperatives, was conceived after the celebration of the National Cooperative Summit in Tagbilaran City, Bohol, where members of the Negros Occidental Cooperative Development Council (NOCDC) learned about a cooperative bank in Trece Martires City, Cavite.
It took over a year before 47 primary cooperatives in the province responded to complete the P5 million paid-up capital required by the BSP for a coop bank to be registered.
The bank was built on the foundation of providing banking needs to members of the cooperatives, the unbankable agricultural, the micro, small and medium enterprises sector, and the local community.
Meanwhile, the NCB will inaugurate its new office today at D’ North Gate Bldg. , B.S. Aquino Drive, Bacolod City.
The previous administration of the provincial government had allowed the free use of the building at the Provincial Lagoon under a usufruct agreement, the press release said.*