History

Rural Bank of Solano is known as the Hometown bank, being the first in the town of Solano. It was the 5th Rural Bank in the province and the 455th in the country. Rural Bank of Solano was established and registered at the Securities and Exchange Commission (SEC) in 1969. It started its operation on March 7, 1970 with an initial paid-in capital of P158,000.00, authorized capital of P1.2M divided into 6,000 shares common and 6,000 shares preferred, both having a par value of P100.00.

The main office was located along Bonfal St., Solano, Nueva Vizcaya. It established its extension office at Gaddang Street, Solano, Nueva Vizcaya on December 6, 1974, opened its money shop operations on June 20, 1975 and was eventually closed on August 9, 2000. The Main Office was transferred to the extension office at Gaddang St. making the main office as the extension office which eventually closed on May 19, 1999.

The bank has attained its remarkable growth in resources and in profit, hence, in 1976 it became “Rural Bank of the Year” – an award granted by the Rural Bankers Association of the Philippines (RBAP) upon the recommendation of Bangko Sentral ng Pilipinas (BSP) due to its exceptional performance.

The bank was authorized to:

  1. Accept and service savings and time deposits on April 29, 1970.
  2. Solicit savings deposits outside bank premises on July 15, 1970.
  3. Grant ordinary medium and long term loans on October 20, 1970.
  4. Establish branch, extension office /money shop as follows:
    • Extension Office –Solano, Nueva Vizcaya on December 6,1974
    • Branch Office –Bagabag, Nueva Vizcaya on August 21, 1995.
  5. Act as consignee of PNB-Bank Money Orders on May 19, 1979.
  6. Participate in the following special financing programs:
    • ALF on February 21, 1972.
    • Masagana 99 Rice Production Program on June 8, 1973.
    • Masaganang Maisan Production Program on April 24, 1975.
    • CB: IBRD /AGLF on July 23, 1971.
    • Quedan Financing Program on January, 1990.
  7. Participate on Microenterprise Access to Banking Services (MABS) on July 9, 2003.
  8. Open Microfinance Unit (MFU) field office in Bambang, NV on June 10, 2008.
  9. Open MFU field office in Bayombong, NV July 9, 2008.
  10. Participate in Housing Micro Finance on June 22, 2010.
  11. Convert MFU to MBO February 22, 2011.
  12. Enroll with Country Banker’s Micro Insurance on June 14, 2011.
  13. Subscribe with the BAP Credit Bureau on June 14, 2011.
  14. Enroll with BIR EFPS on June 14, 2011.
  15. Enroll with G-XCHANGE, INC. July 19, 2011.

On January 5, 1978, the composition of the capital stocks was subsequently amended to 7,246 common shares and 4,754 preferred shares maintaining its P1.2M authorized capital. The following amendment of increase was approved by the Securities and Exchange Commission:

  1. May 11, 1984 from P1.2M to P2.5M.
  2. June 10, 1994 from P2.5M to P5M.
  3. February 21, 2000 from P5M to P8M.
  4. April 17, 2008 from P8M to P100M.

Our Mission, Vision and Core Values were conceptualized by the employees in the later part of 1999, which was initiated and inspired by Atty. Mary Ann M. Tupasi, who took over after the demise of Judge Floramante F. Tupasi as the President and Chairman of the Board. In 1999 the bank attained an exceptional growth and by the end of 2001, its total resources reached the One Hundred Million Peso mark.

The bank has a continuous human resource development program for its officers and employees. The officers meet to prepare corporate planning, like yearly bank plan and budget.

On August 7, 2003, a Corporate Office and Training Center was established at the old rural bank building located at Bonfal St., Solano, Nueva Vizcaya to serve as venue in technical and attitudinal trainings for both employees and clients.

An Automated Teller Machine (ATM) facility was installed on August 2003 to serve as a banking facility to bank clients, fast and convenient way to a quick access of cash (24 hours a day and seven days a week). It caters to Rural Bank of Solano clients exclusively and it has no linkages to BancNet or MegaLink.

On July 26, 2006, the bank enrolled into a health program – Health Maintenance Organization (HMO) – to manage care plan for permanent employees of at least nine (9) months continued service, covering a wide variety of services through a network of doctors, hospitals and health care providers.

On August 14, 2006, the bank entered into agreement with Kroem Technologies, Inc. which provided for security assistance and network support and maintenance of the computer system.

A Capital build-up program of the bank scheduled for a period of five (5) years in preparation for the bank expansion was approved on May 7, 2010.

On December 9, 2010, the bank bought a property along Maharlika Highway, Solano, Nueva Vizcaya for the construction of the corporate office amounting to P9,020,000.00.

The Rural Bank of Solano website was created on December 9, 2010 that features the products and services of the bank and a good venue to advertise the ROPAs available for sale. The official website of the bank is www.rbsolano.com.