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.
As amended, its authorized capital stock is (P40,000,000.00) pesos divided into three hundred and eighty thousand (P380,000) common shares and twenty thousand (P20,000) preferred shares, both with a par value of P100.00 each shares. The preferred shares of stock are held by the Development Bank of the Philippines and the Land Bank of the Philippines. Three (3) years ago, the Development Bank of the Philippines sold its shares to Mr. Joseph Li. The preferred shares retain their voting rights and preferences under the amendments.
It has seven directors, serving only for one year, from their election at the annual stockholders’ meeting held every 2nd Saturday of February of every year.
On the other hand, Atty. Eleno de Guzman, mindful of the needs of small farmers and small industries, which abound in the municipality of Burgos, Pangasinan and in nearby towns such as Dassol, Infanta and Mabini, promoted the establishment of the present Rural Bank of Burgos.
It was issued its Certificate of Incorporation by the Securities and Exchange Commission on September 29, 1960, with a term of existence of fifty (50) years from and after its incorporation. The principal place of business is at Poblacion, Burgos, Pangasinan. There were ten (10) incorporators and five (5) directors, who are elected annually for a term of one (1) year by the stockholders at its annual meeting held every last Saturday of February of every year.
The authorized capital stock is P500,000.00, Philippine Currency, divided into 2,500 shares of common stock and 2,500 shares of preferred stock. The latter shares have no voting rights and their share in the dividends does not exceed 2% without preference. The preferred shares can only be sold to government investors, and when sold to private persons, they automatically become common stocks.
Increase in capitalization required the amendment of the Articles of Incorporation. On August 3, 1984, the Articles of Incorporation was amended, increasing the authorized capital stock from P500,000.00 to P2,000,000.00. To meet the minimum capitalization set by the Bangko Sentral ng Pilipinas, the Articles of Incorporation was again amended, increasing the authorized capital to P14,000,000.00.
The main office of the bank is at Poblacion, Burgos, Pangasinan. It owns the lot on which the bank building stands.
Giving life to its avowed purpose of serving the financial needs of farmers and small industries, the bank opened three (3) branches. The first one was at Aguilar, Pangasinan, which was established on September 28, 1991. The second branch was opened at Bolinao, Pangasinan which took place on April 26, 1998. And the third one was the Masinloc, Zambales Branch which was organized on May 3, 1998. The three branches are operating smoothly.
The latest amendment to Bangko Pangasinan’s Articles of Incorporation was when the De Guzman family finally decided to merge the two rural banks (Rural Bank of Burgos and Bangko Pangasinan), the latter being the surviving corporation. On February 21, 2006, the Plan and Articles of Merger of the Bangko Pangasinan & RB Burgos was issued by SEC.
With the merger, Bangko Pangasinan – A Rural Bank, Inc. is now more stable and profitable.
The officers of the bank are the President, the Vice-President, General Manager, a Treasurer, a Corporate Secretary and Branch Managers, whose powers are delineated and defined in by By-Laws, which was also duly approved the the Securities & Exchange Commission.
The bank has five branches namely: Alaminos Branch, located in a prime district, along Palamis Street, Alaminos City, with its own building constructed on its own lot. The branch was established on February 27, 1977. Burgos Branch, located at Poblacion, Burgos, Pangasinan also with its own building; Aguilar Branch also housed in its own building at Poblacion, Aguilar, Pangasinan. And Bolinao Branch likewise has its own lot and building located at National Road, Concordia District, Bolinao, Pangasinan.
Presently, the main office is located at E.T.G. Building, Mayombo District, Dagupan City and Masinloc Branch located at Estella St., Masinloc, Zambales are under lease.
The present officers of the bank are: Maribel D. De Guzman, President & COO, Atty. Florante Seril, Vice-President; Angelo Castaneda, Treasurer, Atty. Clarence G. Decano, Corporate Secretary, Gregory D. De Guzman, Special Assistant to the President, Marisa D. Lorezco, Compliance Officer, Cynthia O. Bailen, Area Manager and Priscila R. Martinez Branch OIC, Alaminos Branch. All the officers are equipped with the necessary experience and academic background to operate the bank. The bank too, is equipped with the most modern facilities.
The bank is a member of the Philippine Deposit Insurance Corporation, Rural Bankers Association of the Philippines and the Samahang Bangko Rural ng Pangasinan.