Marayo Bank

Last updated
Marayo Bank, Inc. (A Rural Bank)
Type Private
Industry Banking and finance
FoundedNovember 18, 1969 (1969-11-18) in Pontevedra, Negros Occidental, Philippines
Headquarters
Pontevedra, Negros Occidental
,
Philippines
Key people
  • Franklin Fuentebella (Chairman)
  • Vicente P. Javellana Jr . (President and GM)
Services Financial services
Website marayobankinc.ph

Marayo Bank, Inc. (A Rural Bank) is a bank in the Philippines founded in 1969 as Rural Bank of Marayo (Neg. Occ.), Inc. [1] Rural banks, a type of bank created by the Rural Banks' Act of 1952, are private banks mandated to lend primarily to farmers and small merchants, on reasonable terms, in order to expand the rural economy. [2]

Contents

The bank won Land Bank's award for Most Outstanding Countryside Financial Institution for calendar year 2008, beating 388 other banks nationwide. [3] [4] It has won regional awards repeatedly since 2001.

History

Rural Bank of Marayo (Neg. Occ.), Inc. opened its headquarters branch on 18 November 1969, in Pontevedra, a town on the west coast of the province of Negros Occidental. It remains the only bank in the town. [1]

In 2005 it opened a second branch, in Enrique B. (EB) Magalona, a coastal town about 65 kilometres (40 mi) north of Pontevedra. [5] It opened a third branch in 2006, in Banate, a town in the province of Iloilo on the coast of Panay, across the Guimaras Strait from EB Magalona. [6] It is the only bank in Banate. [1]

In 2013 the bank changed its name to Marayo Bank, Inc. (A Rural Bank). [7]

Branches

In addition to branches in Pontevedra, EB Magalona, and Banate, Marayo Bank has extension offices in Passi City, Bacolod, Binalbagan, Cadiz, and Kabankalan. [1] Extension offices are publicly accessible banking offices that perform some of the functions of branches, but are deemed by regulating authorities for various reasons to be remote extensions of existing branches rather than branches themselves. [8]

Services

The bank offers deposit accounts (checking, savings and time deposit), loans (agricultural, commercial, salary, pension, and mortgage), and, via Western Union, money transfers for overseas remittance. [1]

Structure

Franklin G. Fuentebella chairs the seven-member board of directors. President and General Manager Jesus E. Campos, Jr. supervises the bank's daily operations. [4]

Awards

Land Bank is a government owned bank with a social mandate of promoting rural development. One way it fulfils its mission is through Countryside Financial Institution (CFI) partners, a network of hundreds of rural banks, cooperative banks, and thrifts. Land Bank makes wholesale loans to the CFIs, which act as conduits, in turn lending the funds to farmers, fisherfolk, and small businesses. [9]

Every year, in recognition of their active role in developing the countryside economy, Land Bank recognizes its most outstanding CFI partners with awards for serving "as models of excellence in rural financial services." [10] Marayo Bank was awarded Most Outstanding Rural Bank in Region VI seven times, for calendar years 2001–04 and 2006–08. [1] [11] [12] [13] It was awarded Most Outstanding Rural Bank in the Philippines for calendar year 2008, beating out 388 other CFIs for the honor. [3] [4] For calendar years 2009 and 2010 it won the Most Outstanding Rural Bank - Hall of Fame Award. [10] [14]

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References

  1. 1 2 3 4 5 6 "About Us". Marayo Bank, Inc. Retrieved 1 March 2015.
  2. ↑ "Republic Act No. 720". Law Center, Philippines. Archived from the original on 2 April 2015. Retrieved 1 March 2015.
  3. 1 2 "LBP Honors Countryside Financial Institutions". The Philippine Star. Manila. 15 September 2009. Retrieved 16 January 2014.
  4. 1 2 3 "Marayo Most Outstanding CFI Nationwide: LandBank". The Visayan Daily Star. Bacolod. 4 September 2009. Retrieved 16 January 2014.
  5. ↑ "Rural Bank of Marayo Opens Branch in North". The Visayan Daily Star. Bacolod. 18 October 2005. Archived from the original on 11 June 2007. Retrieved 7 July 2008.
  6. ↑ "Marayo Rural Bank Opens Iloilo Branch". The Visayan Daily Star. Bacolod. 3 July 2006. Archived from the original on 11 June 2007. Retrieved 7 July 2008.
  7. ↑ "Circular Letter No. CL - 2013 - 044" (PDF). Bangko Sentral ng Philippines. 13 August 2013. Retrieved 1 March 2015.
  8. ↑ "Branches and Relocations: Comptroller's Licensing Manual" (PDF). Office of the Comptroller of the Currency. October 2009. Retrieved 1 March 2015.
  9. ↑ "About Us". Land Bank. Retrieved 1 March 2015.
  10. 1 2 "Land Bank 2010 Annual Report" (PDF). Land Bank. 2010. Archived from the original (PDF) on 2 April 2015. Retrieved 1 March 2015.
  11. ↑ "Landbank Fetes 18 Rural, Thrift Banks". Land Bank. Archived from the original on 13 February 2012. Retrieved 7 July 2008.
  12. ↑ "Marayo Cited Top Rural Bank in Region VI". The Visayan Daily Star. Bacolod. 14 September 2007. Retrieved 1 March 2015.
  13. ↑ "Marayo Bank Receives 6th 'Outstanding' Award". The Visayan Daily Star. Bacolod. 12 September 2008. Archived from the original on 17 September 2008. Retrieved 1 January 2009.
  14. ↑ "Land Bank Honors Top Financial Partners". SunStar. Cagayan de Oro. 28 September 2010. Archived from the original on 1 October 2010. Retrieved 1 March 2015.
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