Green Bank (Philippines)
From Wikipedia, the free encyclopedia
| Rural Green Bank of Caraga | |
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| Type | Private |
| Founded | Nasipit, Agusan del Norte, Philippines (1975) |
| Headquarters | Butuan City, Agusan del Norte, Philippines |
| Key people | Joseph Omar O. Andaya, Chairman and President |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Revenue | unknown |
| Employees | unknown |
| Website | www.greenbank.com.ph |
Green Bank, also known as the Rural Green Bank of Caraga, is a rural bank headquartered in Butuan City, Agusan del Norte in the Philippines. It is the largest bank in the Caraga region in terms of assets, and it has 31 branches scattered across the Visayas and Mindanao. It is also one of three rural banks to be affiliated with a major Philippine interbank network, as the bank has been a member of BancNet since 2006.
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[edit] History
Green Bank was incorporated with the Securities and Exchange Commission as the Rural Bank of Nasipit on June 20, 1974. The bank commenced actual operations on April 5, 1975, originally to serve the municipality of Nasipit.
The bank took advantage of a government rediscounting program called Masagana 99, with the intention of helping poor farmers gain access to credit. However, in the 1980s, with the plunge of the Philippine economy into recession and the assassination of Benigno Aquino, Jr., Green Bank suffered a very high non-performing loan ratio due to the inability of its farmer-debtors to pay off their Masagana 99 loans. For the next few years, the bank's financial standing gradually deteriorated.
With the accession of Corazon Aquino to the Philippine presidency in 1986, the Bangko Sentral ng Pilipinas issued Circular No. 1126 in 1988, designed to help recapitalize and revitalize distressed rural banks. In the case of Green Bank, it had arrears with the Bangko Sentral amounting to some fifteen million pesos, requiring it to recapitalize to cope with capital deficiency. Initially, stockholders refused, although some stockholders eventually agreed to aid the bank's recapitalization.
In 1989, the bank's board of directors appointed Rufa C. Susan to the position of manager, helping bring the bank back to profitability. Green Bank's capital was increased from two million pesos to twenty million pesos in 1992. This was later increased to sixty million pesos and further on to five hundred million pesos.
The bank merged with the Rural Bank of Alegria in 2000, becoming the largest rural bank in the Caraga region. It joined BancNet in 2006, being one of three banks that joined a major interbank network.
[edit] Subsidiaries and affiliates
Green Bank is a member of BancNet, as well as the Rural Bankers Association of the Philippines (RBAP).
