History
UCPB started on May 15, 1963 as First United Bank (Philippines). With only four branches at the time, it was a small commercial bank.
UCPB's origin can be found in Presidential Decree 775 (or P.D. 775) where President Ferdinand Marcos in July 29, 1975 instructed the Philippine Coconut Authority (PCA) to "formulate and recommend for adoption credit policies affecting production, marketing and processing of coconut and other palm oils" and to "to provide readily available credit facilities to the coconut farmers at preferential rates." The PCA, headed by Juan Ponce Enrile, then purchased the 72.2 percent of First United Bank owned by Jose Cojuangco.
Cocobank being the official short bank name in the 1980s and the early 1990s.
In 1990, UCPB, along with Philippine Commercial International Bank (now Banco de Oro Universal Bank), Philippine National Bank and the Far East Bank and Trust Company (now the Bank of the Philippine Islands), formed MegaLink, one of the three main interbank networks in the Philippines. However, UCPB's ATM services date back to the 1980s, when it was one of the first financial institutions to offer ATM services. It established its pre-need services arm, Cocoplans, in 1993.
The bank is also heavily involved in social development projects and other charity works. Today, UCPB is one of the largest Philippine banks, with 212 branches and 215 ATMs nationwide. It is also the only universal bank to have a rural banking subsidiary, although this has since been merged into its thrift banking operations since late 2005.
Read more about this topic: United Coconut Planters Bank
Famous quotes containing the word history:
“The history of men’s opposition to women’s emancipation is more interesting perhaps than the story of that emancipation itself.”
—Virginia Woolf (1882–1941)
“To summarize the contentions of this paper then. Firstly, the phrase ‘the meaning of a word’ is a spurious phrase. Secondly and consequently, a re-examination is needed of phrases like the two which I discuss, ‘being a part of the meaning of’ and ‘having the same meaning.’ On these matters, dogmatists require prodding: although history indeed suggests that it may sometimes be better to let sleeping dogmatists lie.”
—J.L. (John Langshaw)
“We aspire to be something more than stupid and timid chattels, pretending to read history and our Bibles, but desecrating every house and every day we breathe in.”
—Henry David Thoreau (1817–1862)