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Rural bank in Lanao del Norte
« on: November 21, 2017, 03:48:04 PM »
Rural bank in Lanao del Norte cited most outstanding countryside financial institution
Davao City (31 August 2005) -- A rural bank from the sleepy town of Lanao del Norte wiped out other contenders for the Most Outstanding Countryside Financial Institutions of the country as rated by the Land Bank of the Philippines.

Formerly named as the Kapatagan Rural Bank, the First Valley Rural Bank of Baroy, Lanao del Norte won P300,000 and a plaque. It was also rated as Region 10's most outstanding rural bank and was awarded an additional cash prize of P50,000. Aside from the two awards, it also was given special award as best in Capital Build Up.

First Valley Rural Bank president Atty. Nicolas Lim said they served mostly the enterprising poor of their locality.

He said that their loan facility offered to micro entrepreneurs e most of whom have capitalization within the range of P2,000 to P5,000 reached to some P28 million.

Lim said they started banking nine years ago with no clients at all in a 5th class municipality of Kapatagan and later to poor entrepreneurs until today.

He said he was challenged by Land Bank to achieve more and improve their performance which they build through the years which made them number one this year.

The bank has a capitalization of P752 million with a networth of P99 million and was able to generate jobs of about 2,350.

Garnering the second place was Marikina Valley Rural Bank with a cash award of P200,000 and ranking third is the Philippine Rural Banking Corporation of Cauayan City, Isabela with a cash prize of P150,000. Fourth place went to Golden 7 Bank of Naga City and was awarded P100,000 and the fifth placer was the Rural Bank of Pola from Pola, Oriental Mindoro with a cash award of P75,000.

The other awardees per region with a cash prize of P50,000 each were Region 1 - Gulf Bank, Inc.\ Region 2- Philippine Rural Banking Corporation; Region 3 - Gateway Rural Bank, Inc.; CALABARZON - First United Farmers Bank; Region 5 - Golden 7 Bank, Inc.; Region 6- Rural Bank of Marayo; Region 7 - First Agro-Industrial Rural Bank; Region 8 - Rural Bank of Padre Burgos; Region 9 - Rural Bank of Labason; Region 11 - Tagum Rural Bank; ARMM - Partner Rural Bank of Cotabato; SocCSKSarGen - Peninsula Rural Bank, Inc.; and NCR - Marikina Valley Rural Bank, Inc.

The other special awardees were Tagum Rural Bank as Best in Profitability; Producers Rural Banking Corporation as Best in Reciprocal Business; Gateway Rural Bank as Best Availer-Agr/Agra Loans; Marikina Valley Rural Bank, Best CFI Availer - All Loans; and Golden 7 Bank, Best CFI Intermediary with the lowest pass-on rate. (PIA/pdbanzon)

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