EastWest Rural Bank
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| Subsidiary | |
| Industry | Finance and Insurance |
| Founded | 1975 in Butuan City, Agusan del Norte, Philippines (as Rural Green Bank of Caraga) |
| Headquarters | Pasig City, Metro Manila, Philippines |
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Number of locations
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63 stores (as of 3Q-2016) 12 extension offices (EO) 18 other banking offices (OBO) |
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Key people
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Jonathan T. Gotianun, Chairman Antonio C. Moncupa, Jr. Elpidio F. Masbad III, President and CEO |
| Products | Financial Services |
Php 634 million ( 22%) (2015) |
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Number of employees
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1,000 |
| Parent | East West Banking Corporation |
| Website | www.eastwestruralbank.com |
EastWest Rural Bank, Inc. is the rural banking subsidiary of East West Banking Corporation. It was formerly known as Green Bank (or the Rural Green Bank of Caraga), was a Philippine rural bank based in Butuan City and also acquired since 2013 by East West Banking Corporation alongside FinMan Bank, a rural bank based in Pasig City.
Prior to its acquisition it was the largest bank in the Caraga region in terms of assets, and it had 46 branches. It was also one of three rural banks to be affiliated with the Philippine interbank network BancNet since 2006.
Green Bank was incorporated with the Filipino 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, Agusan del Norte.
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.
In 1988 the Central bank of the Philippines, 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.
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Wikipedia