TruBank Davao eyes P30M deposit for ‘09

The Tagum Rural Bankr (TruBank) expects to reach the P30-million deposit level for its branch here in Davao City before the year ends.
Even before the entry of other smaller banks into Davao Province, Tru Bank had been in the forefront of lending to farmers in Magugpo, the old name of Tagum, since the bank was inaugurated in 1960.
“The bank’s operation have gone a long way ever since it was first owned by H.R. Lopez and Sarmiento,” Tru Bank chief operations head Ferdinand Subido said. It has grown stronger with the new owners and has only recently opened their eleventh branch just across the road from NCCC Mall of Davao in Matina.
The bank was acquired by Reynaldo Reyes in 1981. It had at the time a resource base of P1.2 million. It has since established itself as a premier bank in Tagum and in other areas as well.
Subido said the bank has branches in Tagum, Compostela Valley, Sta. Cruz, Digos, Panabo, Malalag, Malita, Banaybanay and Nabunturan
According to Subido, as an incentive for their consolidation, they were given the option to open a branch in Davao City, a hard task for a rural bank since it requires a paid-up capitalization of P100 million.
He said they are, however, doing “okay” and expect to reach the target of P30 million deposits by the end of 2009.
Tru Bank is focused on the provision of loans for agricultural ventures since the bulk of their portfolio, or about 33%, is earmarked for agriculture. “The other 67% is already earmarked for commercial loans, teacher’s loans and fisheries loans,” he said.
The bank has a lot of products to offer its clients, namely deposits, such savings as time, special savings account, and current accounts; agricultural, commercial, industrial and other loans; special financing and other services.
Subido said their Matina branch is in a strategic location being far from the competition in the downtown area.
Tru Bank has been very aggressive in carrying out its expansion plans, and has increased its branches from four in 1997 to eight by 1998 and, today, has 11 branches. LAC