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A group of visionaries—Rufino Dimson, Alfredo Infante, Marciano Dizon,
Santiago Payumo, Joaquin Gozun, Jr., Francisco Reyes, Sr., Quiterio Tuazon,
Andres Guanzon, Ramon Joven, Emilio Suarez and Manuel Valdes—shared a common
desire to spark countryside development and bonded together to form the
Rural Bank of Floridablanca, Inc. (RBFI). At that time, rural banking was
in its infancy and the Rural Banking Act allowed for the creation and
establishment of a rural bank in every town. Choosing the town of
Floridablanca, Pampanga as their springboard for their mission,
these entrepreneurs incorporated RBFI on February 10, 1964. Today,
RBFI is known in the rural banking community as Bank of Florida (BOF).
Its operations started on November 10, 1964 in Del Carmen, Floridablanca
with an initial paid-up capital of P288,000, and a clientele made up
of sugar planters, farmers and traders working with the Floridablanca’s
Pampanga Sugar Mill (PaSuMil). This provided a strong and steady stimulus
to both the growth of the town’s sugar industry and BOF. Eventually,
BOF moved its base of operations to the town’s poblacion. BOF’s
Floridablanca Branch Office (FBO) has since become one of the town’s
most important and historic landmarks. And from there, BOF began
setting its sights to broader horizons.
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The liberalization of the Rural Banking Industry in 1990 allowed for
the beneficial expansion of many rural banks in the country, BOF among
them. Making the most of every opportunity to reach out and serve a fast
growing and evolving countryside banking community, BOF established its
first branch in Sto. Tomas, Pampanga on January 17, 1992. The Sto. Tomas
Branch Office (STBO) saw dramatic increases in deposits, and its proximity
to the dynamic town—now a city—of San Fernando allowed for the expansion
of the branch’s loan portfolio. As a result of STBO’s performance, coupled
with the encouraging effects of liberalization, BOF’s Board of Directors
set their sights to the promising towns of Sta. Ana, and Arayat, Pampanga.
Despite some opposition from the rural banking industry regarding these
two target sites, the Sta. Ana Branch Office (SABO) was inaugurated in 1993
followed by the Arayat Branch Office (ABO) in 1997. A few years after
opening their doors to the rural banking public, both SABO and ABO proved
to be “cash cows.”
BOF moved to its Executive Offices in the City of San Fernando, simultaneous
with the opening of its San Fernando Branch Office (SFBO) in 1994. The year
was a milestone for BOF as it took on a new corporate image, and changed its
name from RBFI to BOF. It adopted a new logo and the colours of royal blue
and platinum grey to symbolize its new spirit, thrust and mandate, and pursuing
its goals of professionalization and good governance. These values propelled
the bank to the list of the country’s Top 15 Rural banks.
When Mt. Pinatubo erupted in 1995 and lahar engulfed half of Pampanga’s
towns including San Fernando and Sto. Tomas, and the great financial crisis
of 1997 hit the country hard, the bank did not go back on their commitment
to serve. In response to the, then unpredictable, threats of lahar, the bank’s
leaders decided to branch out of Pampanga to provide alternative service sites
to its clients. The Pulilan Branch Office (PLBO) in Bulacan opened in 1996 and
the Capas Branch Office (CBO) in Tarlac in 1997.
The rural banking industry suffered a direct hit from the Asian economic crisis
of 1997, that led to the suspension of rural bank branching. Fortunately, the
Bangko Sentral ng Pilipinas (BSP) had approved BOF’s application for three new
branches before the suspension. These three branches—the Candaba Branch Office
(CPBO) in September 1998 and the Guagua Branch Office (GBO) in October 1998
plus the Guagua Shopping Mall Branch Office (GSMBO) in 1999—enabled BOF to
withstand the crisis. In fact, the bank performed excellently despite the troubles
of that year.
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The New Millenium opened new horizons for BOF even as it continued to fulfill
its vision and mission. BOF created its niches in new growth areas and further
strengthened its support for the development of Small and Medium Enterprises (SME).
Professionalization of the bank’s organization has reached a full circle, but it
is still relentlessly pursued and enhanced. Policies, Guidelines and Procedures
(PGPs) for efficient operations had been established, permitting excellence in
customer care and service. Good Corporate Governance, now a byword in the institution,
remains as BOF’s guiding principle.
On August 31, 2002, BOF moved its Bocaue Branch Office to Mabalacat, Pampanga.
On September 5 of the same year, it opened the eleventh rural bank, the Mabalacat
Branch Office (MBO). It transferred its GSM Branch Office to Sta. Cruz, Magalang,
Pampanga. The Magalang Branch Office (MGBO) started serving the area on June 17, 2004.
Today, Bank of Florida is now one of the country’s Top 15 rural banks. It is
among the top two rural banks in terms of capital in Central Luzon. BOF now is
recognized in the industry as one of the healthiest and most stable rural bank.
And as it looks forward to its fourth decade of service to the countryside and the
industry, BOF shall continue to pursue its vision and mission of a good life for all.
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