The First Consolidated Bank, also known by its initials FCB, is a private, independent development savings bank

Savings bank

A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...

 organized in 1982 in the province of Bohol

Bohol

Bohol is an island province of the Philippines located in the Central Visayas region, consisting of Bohol Island and 75 minor surrounding islands. Its capital is Tagbilaran City. With a land area of and a coastline long, Bohol is the tenth largest island of the Philippines...

 in the Philippines

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...

 by a group of Filipino businesspeople. It operates out of Tagbilaran City

Tagbilaran City

Tagbilaran City is a 2nd class component city in the island province of Bohol, Philippines and serves as its capital. Tagbilaran lies on the southwestern part of the province, and has a total land area of 32.7 km², with about 13 km of coastline...

 and has 41 branches in different parts of the country.

History

First Consolidated Bank was established in 1982 as a result of the consolidation of 14 independent rural banks in the province of Bohol. The consolidation of these rural banks, the first in Philippine banking history, resulted in the conversion of these rural banks into branches of First Consolidated. In 1993, FCB started expanding into many parts of the Visayas

Visayas

The Visayas or Visayan Islands and locally known as Kabisay-an gid, is one of the three principal geographical divisions of the Philippines, along with Mindanao and Luzon. It consists of several islands, primarily surrounding the Visayan Sea, although the Visayas are considered the northeast...

, 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...

, and Luzon

Luzon

Luzon is the largest island in the Philippines. It is located in the northernmost region of the archipelago, and is also the name for one of the three primary island groups in the country centered on the Island of Luzon...

. The bank has 49 branches & 11 kiosk and promotional centers nationwide (as of April 2009).

In December 1996, 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....

 approved the bank's amendment to operate as a private development bank

Development bank

The phrase development bank may refer to:* Community development banks fund low-income areas in the United States* Multilateral Development Bank provide financing for international development...

 in accordance with Republic Act

Republic Acts of the Philippines

This article contains a partial list of Philippine laws. Philippine laws have had various nomenclature designations at different periods in the history of the Philippines, as shown in the following table:...

No. 7906, otherwise known as the Thrift Bank Act of 1995.