BSP OKs new name of Premiere Dev't Bank

Manila, Philippines -  All branches of Premiere Development Bank will now be known as Security Bank Savings Corporation.

This was after the Bangko Sentral ng Pilipinas (BSP) approved last Wednesday the change of corporate name of the thrift bank after it was acquired by Security Banking Corp. June last year.

“The (BSP) has approved the change of corporate name of Premiere Development Bank to ‘Security Bank Savings Corporation’ and adoption of the following business names and styles: ‘Security Bank Savings; Security Savings Bank; and SBS Security Bank Savings,” Circular Letter No. 2012-051 posted on the BSP web site Friday stated.

“The (Premiere Development) Bank has registered with the Securities and Exchange Commission its amended articles of incorporation and amended by-laws bearing its new corporate and business names and styles on 14 June 2012,” the circular added.

Premiere Bank has a total of 38 branches in Luzon, 21 of which is located within Metro Manila, while the rest are spread out in the provinces of Bulacan, Rizal, Laguna, Cavite and Batangas.

In a disclosure last June 25, 2011, listed Security Bank bought 98 percent of Premiere Development Bank for P1.3 billion to “expand its branch network, build its loan portfolio and expand its customer base.”

Last Jan. 20, the acquisition was approved by the BSP’s policy-making body, the Monetary Board, authorizing the transfer of voting shares equivalent to 96.42 percent of the outstanding capital stock of Premiere Development Bank in favor of Security Bank.

Before the acquisition, Security Bank had an estimated loan portfolio of P3 billion from 20,000 customers. It also had P4.7 billion in deposits from 37,000 depositors.

Listed Security Bank booked a total of P1.092 billion in net income in the first quarter, up 8.2 percent from same period last year.