First Consolidated Bank
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The First Consolidated Bank, also known by its initials FCB, is a private, independent development
savings bank A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...
organized in 1982 in the province of
Bohol Bohol (), officially the Province of Bohol (; ), is an island province of the Philippines located in the Central Visayas Regions of the Philippines, region, consisting of the island itself and 75 minor surrounding islands. It is home to Bohola ...
in the
Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...
by a group of Filipino business people. It operates out of
Tagbilaran City Tagbilaran, officially the City of Tagbilaran (; ), is a component city and capital of the province of Bohol, Philippines. According to the 2020 census, it has a population of 104,976 people making it the most populous in the province. Tagbila ...
, and has 79 branches in different parts of the country.


History

First Consolidated Bank was established in 1982 as a result of the consolidation of 14 independent rural banks in the
province A province is an administrative division within a country or sovereign state, state. The term derives from the ancient Roman , which was the major territorial and administrative unit of the Roman Empire, Roman Empire's territorial possessions ou ...
of
Bohol Bohol (), officially the Province of Bohol (; ), is an island province of the Philippines located in the Central Visayas Regions of the Philippines, region, consisting of the island itself and 75 minor surrounding islands. It is home to Bohola ...
. The consolidation of these rural banks, the first in Philippine banking history, resulted in the conversion of these rural banks into branches of First Consolidated. In 1993, FCB started expanding into many parts of the
Visayas The Visayas ( ), or the Visayan Islands (Bisayan languages, Visayan: ''Kabisay-an'', ; Filipino language, Filipino: ''Kabisayaan'' ), are one of the three Island groups of the Philippines, principal geographical divisions of the Philippines, a ...
,
Mindanao Mindanao ( ) is the List of islands of the Philippines, second-largest island in the Philippines, after Luzon, and List of islands by population, seventh-most populous island in the world. Located in the southern region of the archipelago, the ...
, and
Luzon Luzon ( , ) is the largest and most populous List of islands in the Philippines, island in the Philippines. Located in the northern portion of the List of islands of the Philippines, Philippine archipelago, it is the economic and political ce ...
. The bank has 130 banking offices & and promotional centers nationwide (as of January 2019). In December 1996, the
Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...
approved the bank's amendment to operate as a private
development bank Development finance institution (DFI), also known as a Development bank, is a financial institution that provides risk capital for economic development projects on a non-commercial basis. DFIs are often established and owned by governments or ...
in accordance with
Republic Act This article contains a partial list of Philippine laws. Sources of Philippine laws ;Notes : *Customs may be considered as supplementary source of law, however, customs which are contrary to law, public order or public policy shall not ...
No. 7906, otherwise known as the ''Thrift Bank Act of 1995''. (Lyssa) In 2003, the bank was awarded "the most outstanding countryside financial institution (CFI)" by the
Land Bank of the Philippines Land Bank of the Philippines (LBP), often referred to simply as LandBank, is a government-owned bank in the Philippines with a special focus on serving the needs of farmers and fishermen. While it provides the services of a universal bank, it ...
. FCB was involved as an appellee in an appeal before the Third Division of the
Supreme Court of the Philippines The Supreme Court (; colloquially referred to as the ' (also used in formal writing), is the highest court in the Philippines. It was established by the Taft Commission on June 11, 1901, through the enactment of Act No. 136, which abolished th ...
. In ''LPBS Commercial, Inc., v. Amila and the First Consolidated Bank (FCB) of Bohol, Inc.'', the petitioner sought to fight a
foreclosure Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has Default (finance), stopped making payments to the lender by forcing the sale of the asset used as the Collateral (finance), coll ...
by making an
interlocutory appeal An interlocutory appeal (or interim appeal) occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding. The rules governing how and when interlocutory appeals may be taken vary by jurisdiction. United St ...
, but the case was dismissed in favor of FCB, with an admonition to the petitioner and its lawyers: In 2012, FCB opened five new branches, bringing their total number of branches to 58. In 2013, they opened an additional branch in Tigbauan. The treasury of Bohol Province has deposited some tax revenues in FCB as of March 2013, in their effort to collect more taxes owed. The Social Security System cited FCB in their 2013 awards. As of 2014, FBC had at least one branch still operational in
Tacloban Tacloban ( ; ), officially the City of Tacloban (; ), is a Cities of the Philippines#Legal classification, highly urbanized city on Leyte island in the Eastern Visayas region of the Philippines. According to the 2020 census, Tacloban has a popu ...
, after
Typhoon Haiyan Typhoon Haiyan, known in the Philippines as Super Typhoon Yolanda, was an extremely powerful and catastrophic tropical cyclone that is among List of the most intense tropical cyclones, the most powerful tropical cyclones ever recorded. Upon ...
.


See also

*
List of banks in the Philippines The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. As of September 30, 2022, there were 45 universal and commercial banks, 44 savings banks, ...


References


External links

* Banks of the Philippines Banks established in 1982 Companies based in Bohol Philippine companies established in 1982 {{Philippines-company-stub