UCPB Savings Bank

UCPB Savings Bank, Inc. (UCPBSB) started operations on 23 October 1962 as the then Savings Bank of Manila. In 1984, 98% of its stocks was acquired by the United Coconut Planters Bank (UCPB). It was later merged with four (4) other UCPB-owned thrift banks, namely United Bicol SLA, Domestic SLA, United Mindoro Savings Bank and the United Eastern Savings Bank. As a result of the merger, its corporate name was changed to United Savings Bank and then to its current name, UCPB Savings Bank Inc.

In 1994, its mother bank, UCPB, undertook a major change in corporate strategy, which included among others, the ultimate spin-off of UCPB Savings Bank. This was to be implemented in several phases: the first phase was the transfer/sale of fourteen (14) branches of UCPBSB to UCPB (fold-in) and then the transfer of the head office to Pasay City.

The transfer/sale was put into effect with the approval of the Monetary Board in its Resolution No. 995 dated 24 September 1996, the primary condition being the purchase of assets of the fourteen (14) branches at fair market value and the assumption of its accompanying liabilities. However, only ten (10) branches were finally transferred.

On December 29, 2005, the merger of UCPB Savings Bank and UCPB Rural Bank, UCPB Savings Bank as the surviving entity, was approved by BSP/SEC. The actual merger took effect on February 1, 2006 with a total of 33 (17 USB and 16 URB) branches nationwide. More about UCPB Savings Bank…