ONE. Bank of Florida’s David-Carlos and Bank of Lubao’s David unveil consolidated BOF.
PHOTO BY BONG LACSON
CITY OF SAN FERNANDO – Two rural banks operating separately for years but owned by the same family in Pampanga have finally announced their consolidation. Bank of Florida and Bank of Lubao owned by the David family announced their consolidation during a press conference on Wednesday at the Gustav Restaurant here right after the unveiling of a huge billboard announcing the unification at the nearby House of David Central Park near the exit of the North Luzon Expressway.
With the consolidation, the bank is now known as a single rural banking institution under the name BOF with
a total combined asset of P2.2 billion, Teresa David- Carlos, Bank of Florida chairperson and president, said.
“It has been decades since our family engaged in the rural banking industry and since then we have put our best efforts and best intentions in continuously expanding our resources and network that will allow us to provide financial services to both the unserved and the undeserved rural communities,” Reynaldo S. David, president and chairman of the Bank of Lubao said.
“Although Bank of Lubao has performed well in the past years and has grown on its own steadily, we believe that it can accelerate its growth and expansion if it partners with Bank of Florida,”David added. The Bank of Lubao was established on July 12, 1965. It has two branches in the said municipality with total current resources of P370 million.
On the other hand, the Bank of Florida was established on February 10, 1964 and will be celebrating its 50 years in the rural banking industry next month. It has currently 13 branches all over Central Luzon with total resources of P1.8 billion.
David-Carlos said she “found it proper at this time for our family to consolidate our resources since we own majority of both banks, so we found it strategic to consolidate the two banks in terms of efficiency and since this is also very much encourage by the Bangko Sentral ng Pilipinas (BSP).”
She added that BOF also gets privileges out of the consolidation as much as the encouragement of the BSP and also because it is now difficult for the smaller banks to survive the present competition in the rural banking
industry.” The BSP approved the consolidation last month.
The David family patriarch, Ladislao S. David, 86, despite suffering a stroke, was present during the press conference announcing the consolidation of the two rural banks which he founded.
