Producers Bank buys RB Cainta

MANILA, Philippines - Producers Savings Bank Corp. has acquired the Rural Bank of Cainta Inc. (RB Cainta), a rural bank with six banking offices, all operating in the province of Rizal. Producers Bank president and chief operating officer Edmundo Medrano said that RB Cainta is its fourth acquisition after the Rural Bank of Rosales (Pangasinan), New Rural Bank of Victorias and Iloilo City Development Bank. The thrift bank presently operates a nationwide branch network of 115 branches and 74 automated teller machines (ATM), located in 10 regions and in 28 provinces. As of June 2014, Producers Bank reported total resources of P8.8 billion and capital funds of over P1.2 billion.