Security Bank renames Premiere Bank

MANILA, Philippines - Security Banking Corp. (Security Bank) has sealed the share purchase agreement with the owners and management of Premiere Development Bank (PDB) with the parties recently completing the signing of formal documents. Premiere Development Bank will be renamed Security Bank Savings upon the approval of the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). Security Bank immediately expands its branch network by 30 percent with the 38 branches of PDB located within Metro Manila and the Calabarzon areas. The acquisition will allow Security Bank to serve the needs of a diverse market in the consumer and small and mid-sized business segments.