The Rural Bank of Sta. Ignacia, Inc. started operation on September 19, 1963 with the main objective of extending financial assistance to farmers, deserving rural industries and entrepreneurs particularly in the Municipality of Sta. Ignacia and other neighboring towns. The bank is housed in an imposing one (1) storey building located at Poblacion East, Sta. Ignacia, Tarlac just a few meters from the town proper. It has an original authorized capital of P 500,000. The bank was authorized by the Central bank to accept and service savings and time deposits on February 14, 1964. In its initial operations, 1,500 shares of shares of common stocks or P 150,000 were subscribed by fifteen (15) incorporators and 1, 150 shares or P115,000 was fully paid. Management of the bank’s affairs was entrusted to the Board of Directors consisting of nine (9) members Chaired by majority stockholders, Ret. Col. Publio C. Dumaual. In July 1977, a major revamp in the bank’s organization took place; Atty. Senciano Magino replaced Ret. Col. Dumaual. Atty Mangino was able raised its paid up capital to P 407,000 with a minimal undivided profits of P 8,700.
The Rural Bank of Sta. Ignacia, Inc. started operation on September 19, 1963 with the main objective of extending financial assistance to farmers, deserving rural industries and entrepreneurs particularly in the Municipality of Sta. Ignacia and other neighboring towns. The bank is housed in an imposing one (1) storey building located at Poblacion East, Sta. Ignacia, Tarlac just a few meters from the town proper. It has an original authorized capital of P 500,000. The bank was authorized by the Central bank to accept and service savings and time deposits on February 14, 1964. In its initial operations, 1,500 shares of shares of common stocks or P 150,000 were subscribed by fifteen (15) incorporators and 1, 150 shares or P115,000 was fully paid. Management of the bank’s affairs was entrusted to the Board of Directors consisting of nine (9) members Chaired by majority stockholders, Ret. Col. Publio C. Dumaual. In July 1977, a major revamp in the bank’s organization took place; Atty. Senciano Magino replaced Ret. Col. Dumaual. Atty Mangino was able raised its paid up capital to P 407,000 with a minimal undivided profits of P 8,700.
A total resource was P 1,700,000. Unfortunately, collection problems during his incumbency cropped up registering an alarming high past due ratio of 67%. Another ownership change took place in 1980 placing the bank in the hands of the Tabamo family. Paid up capital moved up further to P 500,000. While total resources rose to P 4,000,000 but due to the inability of the farmers to meet theirs obligations on time, the overall operations of the bank adversely affected, particularly collection thus, at the year end, the bank incurred a deficit of P 58,000. Consequently, the bank was unable to meet its amounting arrearages with the Central Bank and as a result financial assistance from the supervising entity was suspended in 1981. In July 198, under the leadership of Dr. Roman L. Belmonte, Jr. as President, the bank raised its paid up capital by another P 500,000 not only to comply with Central Bank directive but to augment its existing loanable funds to improve its profitability. While its total resources expanded to P 5,600,000 at the year end 1986, deficit ballooned to P 740,000. In August 1987, Feliciano C. Tongol was taken in as new Operations Officer. Aware to its commitment to its clientele, the management team headed by Dr. Roman L. Belmonte, Jr. as President and Feliciano C. Tongol as Executive Vice President and General Manager, tried to adopt realistic ways and measures on the problems besetting the bank by shifting concentrating to other aspects of banking activities like tapping the savings potential of the community, collection campaign, in addition to the increase in capital. Thus by the year end 1989, the bank was able to post a new income of P 427,500 and undivided profits of P 132,100, with a combined capital accounts of P 1,945,600. Past due ratio correspondingly went down to 23%. In May 1990, due to its continuous growth and expansion plus excellent rating, the bank was chosen by the Rural Bankers Association of the Philippines (RBAP) as one of the ten outstanding Rural Bank in the Philippines with resources above P 10,000,000. In view of its steady growth the bank building (Head Office in Sta. Ignacia, Tarlac) was renovated twice to accommodate the voluminous clientele and additional manpower. In August 1990, the bank started availing of the rediscounting facilities of the Land bank with an initial line stands at P 30,000,000. It is noteworthy to state, that the bank fully liquidated its Central bank arrearages in October 1992 to avoid the payment of additional interest (as provided in the approved plan of payment of the CB Circular 1172, as amended, this rearrange is payable in fifteen (15) years equal monthly amortization up to year 2002).
On 25 September 1995, the bank formally opened its first branch office in Tarlac, Tarlac. To accommodate its expanding volume of business and bring better banking services closer to its clients, another branch was inaugurated in Camiling, Tarlac in May 1997. In June 2004 two (2) more branches were opened in the towns of San Jose and San Manuel, also in the province of Tarlac. As of June 30, 2006, SIGNABANK can now boast consolidated total resources of 246,349,877 with an expended capital based of P 62,839,288. After Tarlac Branch was opened, the bank has expanded to different towns. As of 2013, there are already 8 Signabanks in the province of Tarlac: Camiling Branch started on May 5, 1997, San Jose Branch on June 24, 2004, San Manuel Branch on June 28, 2004, Capas Branch on October 25, 2007, Gerona Branch on December 8, 2008, and Victoria Branch on July 8, 2010. SIGNABANK has gone a long way, now it can pay dividends regularly. It can also maintain scholars. It gets stronger with the community’s support, the worker’s commitment, the management’s vision because it looks at business with a human touch.
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