1st Valley Bank
Encyclopedia
1st Valley Bank is a rural bank (3rd in terms of assets)in the Philippines
, based in Baroy
, Lanao del Norte
and servicing various areas in Mindanao
, specifically the provinces of Lanao del Norte
, Lanao del Sur
, Misamis Occidental
, Misamis Oriental
, Bukidnon
, Zamboanga del Norte
, Zamboanga del Sur
and Zamboanga Sibugay
.
The bank's primary clientele include small and medium enterprises and farmers in the communities served by it. Loans granted by the bank are primarily channeled to help finance the production of coconut, corn, rice and fish. The bank also provides capital and other banking services, as a co-partner of the Department of Agriculture
, to small-scale commercial, industrial and agri-aqua business or diversified farming in line with the government’s program in agricultural development to uplift the socio-economic welfare of the people. The bank has also a special loan program to accommodate salaried individuals and micro entrepreneurs.
.
The Rural Bank of Kapatagan Valley was incorporated on September 11, 1956 and was granted an authority to operate on November 24 of the same year, becoming the Philippines' seventy-fifth rural bank, initially starting with an initial capital of forty thousand pesos
. It eventually became a member of the prestigious Rural Bankers Association of the Philippines on April 5, 1957.
On April 3, 2004, the stockholders of the Rural Bank of Kapatagan Valley approved the recommendation of its Board of Directors to consolidate with the Rural Bank of Sinacaban. On August 30, 2005, the Securities and Exchange Commission
issued the consolidated bank’s Certificate of Consolidation and the corresponding certificate of incorporation of the merged institution, by then known as 1st Valley Bank.
The Bangko Sentral ng Pilipinas
granted 1st Valley Bank’s authority to operate on September 21 of that year. The corporate culture and mission and vision (Increase income by increasing market share at a lower cost leveraging on the expertise of human resources) of the Rural Bank of Kapatagan Valley were since adopted by the merged institution.
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
, based in Baroy
Baroy, Lanao del Norte
Baroy is a 4th class municipality in the province of Lanao del Norte, Philippines. According to the 2007 census, it has a population of 21,430 people.-History:...
, Lanao del Norte
Lanao del Norte
Lanao del Norte is a province of the Philippines located in the Northern Mindanao region. Its capital is Tubod. The province borders Lanao del Sur to the southeast, Zamboanga del Sur to the west, Illana Bay to the southwest, Iligan Bay to the north, Iligan City to the northeast, and is separated...
and servicing various areas in Mindanao
Mindanao
Mindanao is the second largest and easternmost island in the Philippines. It is also the name of one of the three island groups in the country, which consists of the island of Mindanao and smaller surrounding islands. The other two are Luzon and the Visayas. The island of Mindanao is called The...
, specifically the provinces of Lanao del Norte
Lanao del Norte
Lanao del Norte is a province of the Philippines located in the Northern Mindanao region. Its capital is Tubod. The province borders Lanao del Sur to the southeast, Zamboanga del Sur to the west, Illana Bay to the southwest, Iligan Bay to the north, Iligan City to the northeast, and is separated...
, Lanao del Sur
Lanao del Sur
Lanao del Sur is a province of the Philippines located in the Autonomous Region in Muslim Mindanao . Its capital is Marawi City and borders Lanao del Norte to the north, Bukidnon to the east, and Maguindanao and Cotabato to the south. To the southwest lies Illana Bay, an arm of the Moro Gulf...
, Misamis Occidental
Misamis Occidental
Misamis Occidental is a province of the Philippines located in the Northern Mindanao region. Its capital is Oroquieta City...
, Misamis Oriental
Misamis Oriental
Misamis Oriental is a province of the Philippines located in the Northern Mindanao region. Its capital and provincial center is Cagayan de Oro City...
, Bukidnon
Bukidnon
Bukidnon is a landlocked province of the Philippines located in the Northern Mindanao region. Its capital is Malaybalay City. The province borders, clockwise starting from the north, Misamis Oriental, Agusan del Sur, Davao del Norte, Cotabato, Lanao del Sur, and Lanao del Norte.Bukidnon is...
, Zamboanga del Norte
Zamboanga del Norte
Zamboanga del Norte or simply known as ZANORTE is a province of the Philippines located in the Zamboanga Peninsula region in Mindanao. Its capital is Dipolog City and the province borders Zamboanga del Sur and Zamboanga Sibugay to the south and Misamis Occidental to the east...
, Zamboanga del Sur
Zamboanga del Sur
Zamboanga del Sur is a province of the Philippines located in the Zamboanga Peninsula region in Mindanao. Pagadian City is the capital...
and Zamboanga Sibugay
Zamboanga Sibugay
Zamboanga Sibugay is a province of the Philippines located in the Zamboanga Peninsula region in Mindanao. Its capital is Ipil and it borders Zamboanga del Norte to the north, Zamboanga del Sur to the east and Zamboanga City to the southwest. To the south lies Sibuguey Bay in the Moro Gulf...
.
The bank's primary clientele include small and medium enterprises and farmers in the communities served by it. Loans granted by the bank are primarily channeled to help finance the production of coconut, corn, rice and fish. The bank also provides capital and other banking services, as a co-partner of the Department of Agriculture
Department of Agriculture (Philippines)
The Philippines' Department of Agriculture , abbreviated as DA, is the executive department of the Philippine government responsible for boosting the income of farmers as well as reducing the incidence of poverty in the rural sector, as stipulated inthe Government's Medium Term Philippine...
, to small-scale commercial, industrial and agri-aqua business or diversified farming in line with the government’s program in agricultural development to uplift the socio-economic welfare of the people. The bank has also a special loan program to accommodate salaried individuals and micro entrepreneurs.
History
1st Valley Bank was originally two banks: the Rural Bank of Kapatagan Valley and the Rural Bank of Sinacaban in Misamis OccidentalMisamis Occidental
Misamis Occidental is a province of the Philippines located in the Northern Mindanao region. Its capital is Oroquieta City...
.
The Rural Bank of Kapatagan Valley was incorporated on September 11, 1956 and was granted an authority to operate on November 24 of the same year, becoming the Philippines' seventy-fifth rural bank, initially starting with an initial capital of forty thousand pesos
Philippine peso
The peso is the currency of the Philippines. It is subdivided into 100 centavos . Before 1967, the language used on the banknotes and coins was English and so "peso" was the name used...
. It eventually became a member of the prestigious Rural Bankers Association of the Philippines on April 5, 1957.
On April 3, 2004, the stockholders of the Rural Bank of Kapatagan Valley approved the recommendation of its Board of Directors to consolidate with the Rural Bank of Sinacaban. On August 30, 2005, the Securities and Exchange Commission
Securities and Exchange Commission (Philippines)
The Philippine Securities and Exchange Commission is a Philippine state commission responsible for securities laws and regulating the securities industry. The SEC is an agency within the Philippine Department of Finance....
issued the consolidated bank’s Certificate of Consolidation and the corresponding certificate of incorporation of the merged institution, by then known as 1st Valley Bank.
The Bangko Sentral ng Pilipinas
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas and commonly abbreviated as BSP is the central bank of the Philippines. It was rechartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993...
granted 1st Valley Bank’s authority to operate on September 21 of that year. The corporate culture and mission and vision (Increase income by increasing market share at a lower cost leveraging on the expertise of human resources) of the Rural Bank of Kapatagan Valley were since adopted by the merged institution.