BRIEF HISTORY & PROFILE OF THE COOPERATIVE BANK OF COTABATO
The Cooperative Rural Bank of North Cotabato, Inc. (CRBNCI), now the Cooperative Bank of Cotabato (CBC), was established by virtue of PD No.175 and LOI No. 23. This is in line with the Marcos’ regime objective to strengthen the cooperative movement in the country during the Martial Law Period. The said government decrees allowed for the creation of Samahang Nayons (SN’s), a pre-cooperative which eventually became the member-owners of the Cooperative Bank. Said Samahang Nayons were the organized and created under the supervision of the defunct Department of Local Government and Community Development (DLGCD) now the Department of Interior and Local Government (DILG).
Samahang Nayons were organized primarily for the purpose of organizing farmers to educate themselves and to establish business enterprise.
The creation of Samahang Nayons then paved the way for the organization of Kilusang Bayan Bangko Rural ng Hilagang Kutabato or Cooperative Rural Bank of North Cotabato, Inc. (CRBNCI) with an original member of Seventy Nine (79) Samahang Nayons.
In order to strengthen the Samahang Nayons, the Municipal Katipunan ng mga Samahang Nayons (MKSN) were organized in every municipality to work out in the campaign of forced savings in the form of Barangay Savings Fund (BSF) which became the source of capital in putting up the envisioned “bank of farmers”. Another source of capitalization was the three percent (3%) retention from all loans availed by SN members under the Masagana 99 Agricultural Credit Program of the Government. The campaign of pooling the Five Hundred Thousand Pesos (₱500, 000.00) needed capitalization for the bank’s establishment was duly achieved through the efforts of the Federation of the Samahang Nayons in the Province of Cotabato.
The amount collected as capital from the Samahang Nayons was deposited with the Philippine National Bank (PNB) Kidapawan Branch. Since the needed capitalization was ready, the documentary requirements followed.
The incorporators attended a seminar at Ateneo De Manila for Cooperative Bank formation. After the necessary documents were ready, the bank was registered with the Security and Exchange Commission (SEC) as a corporation with the DLGCD as a cooperative and Central Bank of the Philippines (CBP) now Bangko Sentral ng Pilipinas (BSP) as a Bank and was given permit to operate on April 18, 1979.
The original incorporating Board of Directors were:
- Nicasio I. Into – Chairman
- David J. Torres – Vice Chairman
- Celestino L. Lareńa – Secretary
- Raymundo F. Flauta – Treasurer
- Francis R. Fugata Sr. – Director
Mr. Felino B. Aquino (deceased) then was appointed as the founding General Manager.
The establishment of a Cooperative Bank did not come as a piece of cake for the incorporators. Problems were encountered along the way. One of them and probably the most difficult is the acceptance of the idea that farmers would be establishing a bank. Interviewed incorporators recollected that they received all sorts of discouragement and ridicule from various sectors of society. This problem was also the cause that it took nearly five (5) years to convince the Samahang Nayon members to pool in their investment for the needed capitalization.
Though the processing of the documentary requirements was tedious, the warmth accommodation of Central Bank employees to authorize representatives proved very inspiring.
The purchase of the lot also underwent bit of difficulties for the lot purchased has had several other prospect buyers and officers had to haggle to be able to purchase the property at Barangay Lanao, Kidapawan. The original plan was to purchase a one (1) hectare lot but since there were budgetary constraints, half of it was only bought. The large area purchased signified the vision of incorporators that one day the Cooperative Bank that they established would grow big.
The construction of the building was through construction by administration and officers had to use available resources and linkages to cope with the constrained budget.
The vision of the incorporators that the Cooperative Bank would grow began to take shape as the bank opened its first branch at Midsayap, Cotabato on September 5, 1983. The opening of the bank’s first branch in Midsayap proved as a milestone for Cooperative Bank of Cotabato for it was the first to open a branch in the whole Philippines.
A special general assembly of members was called to amend the bank’s Articles of Cooperation and By-Laws and on May 10, 1994, BSP approved the change in the corporate name of the bank from Cooperative Rural Bank of North Cotabato Inc. to Cooperative Bank of Cotabato.
With the promising growth of the branch in Midsayap, the bank through its Board of Directors applied for another branch in M’lang, Cotabato which was approved and inaugurated on June 8, 1996.
With the growth in commerce and competition as well as the increasing demand for accessibility for financial services in Kidapawan City, the bank applied for the opening of the CBC Head Office which opened on August 28, 1998 located at Kidapawan Mega Market perimeter area. This, however, is under the condition that the bank’s office in Lanao, Kidapawan City be closed.
The Board of Directors’ request then that the office in Lanao, Kidapawan City be opened as the Bank’s Executive Office was consequently approved by BSP.
Success was indeed inevitable for CBC. With supportive Board of Directors and able management and staff and community confidence, the bank was able to open the following additional branches/offices.
- Pigcawayan Branch – March 15, 2007
- Antipas Branch – December 18, 2007
- Kabacan Branch – December 27, 2012
- Isulan Branch – October 14, 2013
- Koronadal Branch – August 16, 2018 (Koronadal MBO – June 13, 2016)
- Bansalan Branch – September 10, 2018 (Bansalan MBO – November 21, 2016)
- Surallah Branch – January 16, 2022 (Surallah Branch-Lite – January 16, 2018 )
- Polomolok Branch – November 11, 2019
- Lebak Branch – November 5, 2020
- Don Carlos Branch – August 9, 2021
- Sulop Branch – October 10, 2022
- Tacurong Branch – February 14, 2023
- Makilala Branch Lite – August 22, 2023
The strength of the bank lies in its honest and dedicated management and staff complimented by its key counterparts in countryside development.
The extension and widespread acceptance of the services of the bank specifically its microfinance credit program has proved to be one of the vital factors for achieving the status that the bank now enjoys. Also worth nothing is the ever increasing demand for its other services in its other programs to include Agricultural, Commercial and Salary Loan.
As of December 31, 2020, the bank has been hailed as a Hall of Fame Awardee being the number one and top performing cooperative bank in the Philippines for 8 consecutive years from 2011 to 2018 based on the ratings by Cooperative Banks Federation of the Philippines (BANGKOOP).
At its 43 years of existence, the Cooperative Bank of Cotabato has stood tall amidst the changes of times. The seed that our incorporators have sown has grown to a robust fruit bearing tree. A fulfillment of what was once just a vision. A reality that is COOPERATIVE BANK OF COTABATO.