The Consolidation
After 8 years of working closely together, the partner banks decided to consolidate, allowing the Bank to take advantage of economies of scale, avail of incentives from the Bangko Sentral ng Pilipinas and bring better banking services to countryside Mindanao, given a bigger capital base and increased Single Borrowers Limit (SBL).
June 18, 2003 - Bangko Sentral ng Pilipinas (BSP) accepts the application for consolidation of three partner rural banks — Rural Bank of Panabo, Inc., Network Rural Bank, Inc. and Provident Rural Bank of Cotabato, Inc.
July 18, 2003 - Philippine Deposit Insurance Corporation (PDIC) approves the consolidation of the three rural banks.
December 22, 2003 - The Monetary Board, through resolution no. 1865 approved the consolidation and formation of the biggest rural bank in the country, One Network Bank.
January 2, 2004 - One Network Bank receives the notice of approval with incentives from the Bangko Sentral ng Pilipinas from BSP Governor Rafael Buenaventura.
March 14, 2004 - Thanksgiving Celebration and Launching held at The Venue in Davao City to officially launch the union of Rural Bank of Panabo, Inc., Network Rural Bank, Inc. and Provident Rural Bank of Cotabato, Inc. and celebrate the birth of One Network Bank.
April 1, 2004 - The three banks started its consolidated operations and with its combined resources formed the largest rural bank in the country.
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