The Tagum Rural Bank, Inc., or TRuBANK, recently opened its 11th branch in Davao City with a paid-up capital of P3 million after 49 years of operation in the Davao Region.
TRuBANK chief of operations Ferdinand Subido said the newest branch in Davao City named First TRuBANK is located along MacArthur Highway, Matina.
Subido said that to open a bank in Davao City, an investor must infuse a paid-up capital of P100 million.
However, he clarified that its paid-up capital for its Davao City branch is smaller since the branch is a consolidation of three rural banks, including the Rural Bank of Carmen, Davao del Norte and Rural Banko of Malalag, Davao del Sur.
Subido said TRuBANK bought the two rural banks from its original owners for P3 million.
TRuBANK’s other branches are located in Compostela Valley, Digos City, Davao del Sur; Panabo City, Davao del Norte; Sta. Cruz, Davao del Sur and Davao Oriental.
Of the bank’s P500-million portfolio, 33 percent is allotted for agriculture, while the remaining 67 percent is for commercial loans and the like.
Of its portfolio, 100 percent are generated from its loan proceeds to farmers.
The bank started agriculture sector lending, particularly banana in Kapalong, Davao del Norte in 1983.
For the remaining three months this year, TRuBANK is targeting to rake in P30 million additional worth of deposits, Subido said.
TRuBANK is reconfiguring its target market for its Davao City branch to the academe sector in the event that the city is not an agricultural area, he added.
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