A group of enterprising business men, in order to serve the financial needs of the people of Pangasinan and nearby provinces, pooled their resources together and organized the Pangasinan Development Bank, Inc., These are: ELENO G. DE GUZMAN, SOFRONIO C. QUIMSON, ANTONIO V. SAYSON, TRINIDAD J. UNGSON AND FERNANDO M. BRAGANZA.

The Pangasinan Development Bank was issued its Certificate of Incorporation by the Securities and Exchange Commission on April 26, 1968. Its term of existence is fifty (50) years from the date of incorporation. Its authorized capital stock was P5,000,000.00 divided into forty thousand 40,000 common shares and ten thousand P10,000.00 preferred shares, a both with a par value of P100.00 each shares. The preferred shares were held by the Development Bank of the Philippines and have voting rights and are entitled to cumulative dividends at the rate of one percent (1%) during the first five (5) years’ two percent (2%) during the following five (5) years’ and the percent (3%) thereafter.

The Articles of Incorporation underwent amendments several times to meet the exigencies of the time. Amendment took place on February 12,200, when the bank was downgraded from a thrift bank to a Rural Bank, due to its inability to meet the minimum capitalization for the thrift bank imposed by the Central Bank and with the De Guzman family’s plan to concentrate on rural banking with the fact that they also own the Rural Bank of Burgos. Consequently, its corporate name was changed from Pangasinan Development Bank to Bangko Pangasinan – A Rural Bank Inc., and was issued its Certificate of Authority to Operate as a rural bank on February 6, 2002.