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Chowking Project | RuralBank of Cavity City Project
 
 

RURAL BANK OF CAVITE CITY UPDATE

Actual placements for direct participation in co-ownership of Rural Bank of Cavite City are NOW BEING ACCEPTED! (get forms at KsK Office) Deadline for actual placements is September 30, 2010 or once we have reached PhP20Million for direct participation or whichever comes first.

Aside from possible growth of book value (from sale of ROPA items) KsK Coop Members directly participating will have a minimum, guaranteed and insured (up to PhP500,000) interest income of 5% a year till the complete liquidation of ROPA items and re-valuation of RBCC book value.

Minimum Participation = PhP50,000 for those with 1 share capital in KsK Coop and Minimum Participation of PhP10,000 for those with 5 shares or more share capital in KsK Coop

 

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New management of Rural Bank of Cavite City (RBCC) came in officially March 15, 2010. This is headed by Mr. Joseph Chua, holding interim position as Vice President for Operations and Mr. Jaime Colayco, holding interim position as Vice President for Finance.

The first RBCC Board Meeting was held last March 10, 2010.

Members of the Board are the following:
Mr. Joshue Camba – Independent Director (as required by BSP)
Mr. Dennis Decena – Independent Director (as required by BSP)
Ms. Chato Alfaro – Director representing Francisco Colayco
Mr. Francisco Colayco – as Chairman of the Board of RBCC and representing KsK Coop
Mr. Armand Bengco – Director representing KsK Coop (under the name of AQB is 20% ownership of RBCC representing the future individual “direct participants” of individual KsK Coop members)
Mr. Federico Paragas – Director representing KsK Coop
Ms. Mary Anne Colayco – Director representing Francisco Colayco (FJC as a person).

Per record, ownership of RBCC are as follows:
40% under Francisco Colayco
represented in the Board of RBCC by:
Mary Anne Colayco and Chato Alfaro

40% under Francisco Colayco representing KsK Cooprepresented in the Board of RBCC by:
Francisco Colayco and Federico Paragas Jr.

20% under Armand Bengco representing future individual “direct participants” from individual KsK Coop Members
represented in the Board of RBCC by:
Armand Bengco

Second RBCC Board Meeting was held last April 15, 2010.

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FACELIFTING OF PHYSICAL PREMISES OF BANK
(As reported by interim VP for Operations, Joseph Chua)

Depository Banks - BDO, LBP and ABC - signatories changed and new management have total control;

Security Guard - Effective 15 Mar 2010 - one guard from 8.30am to 5.30pm. I have verbally reported this to Tito Sarzosa of the BSP;

Fire/Burglary/Robbery Alam - Installation completed, this is now running. We have a smoke detector, a laser detector (detect warm bodies at night) and panic buttons installed in teller booths including besides me secretly. Personnel who can activate/deactivate the system have their codes with me in sealed envelopes. If the alarm is triggered, the PNP, Fire Dept. and our security agency will be contacted to respond as well as 2 personnel living here including the house and cell phones of JYChua, JJColayco and lastly cellfone of FJC. The local barangay has an arrangment with the barangay of our BC Medai (our loan officer) to rush to the bank if an alarm is triggered;

Replaced ceiling bulbs which were not working. Office is now brighter;

For completion, is to insure the monies and assets of the bank.

Initial Change of Image of the Bank:

Our glass doors in front now have stickers in gold of the bank's logo with the PDIC sticker. The side glass panels have the sticker Your Bank-RBCC;

The teller windows are now free of the whatever was there before like the Police Notice on the Dukot Gang, two calendars, mirrors, etc. Plastic sign stands on "deposit," "withdrawal," "bayad center" and name plates of tellers have replaced all these and reflect a more professional look;

A no smoking sticker has been put in the lobby;

The old office of former owners now has a conference table where probable and problem clients now meet with our personnel;

The sofas in the lobby which were arranged like church pews are now arranged on the sides making the lobby bigger with the table for deposit, withdrawal, etc. forms now in the middle.

The wash room inside the bank now has a plastic sign of a man and woman (unisex);

We are also now using as letterhead, the revised version which shows the LOGO this time in the middle and "member: PDIC. The footer shows the bank address with the email address now included and on top: YOUR BANK-RBCC. All bank forms used now are in this version as I have made templates of all these in the bank's 2 PCs.

We will soon have the big plastic sign showing our time deposit rates that we will revise every day to keep up with our competitors besides us. We have identified the wall in the lobby where to place this.

CORE GROUP PHILS VISITING FIRST WEEK OF MAY

The KsK Coop Core Group-Phils will schedule an ocular visit of RBCC on the first of week of May, 2010.

WILL SOON ACCEPT DEPOSITS (PDIC INSURED) FROM KSK COOP MEMBERS WITH SPECIAL RATES

Before the month of May, 2010, RBCC will soon communicate with KsK Coop members to invite to:

1. Open special deposit accounts of KsK Coop members to RBCC with PDIC insurance and competitive rates.

2. Present other RBCC bank products and services that may be of interest to individual members of KsK Coop.

WILL SOON BE OPEN FOR DIRECT PARTICIPATION (OWNERSHIP) FROM KSK COOP MEMBERS.

By May 2010, communication will be sent to individual KsK Coop members who would be interested to join as “direct participant” in the co-ownership of RBCC. This will be under the 20% ownership under the name of KsK Coop General Manager, Armand Bengco; who also sits as board of director of RBCC.

Minimum placement is PhP50,000.00 and multiples of PhP50,000.00.

Only members with the same amount of share capital in KsK Coop are allowed to join the “direct participation” in the co-ownership of RBCC.

 
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Our KsK Coop, represented by Francisco Colayco, formally presented its intention to acquire a Cavite City based bank to the Bangko Sentral ng Pilipinas (BSP) last December 2009. The presentation was conducted in order to secure BSP approval for Francisco Colayco, as himself and as the representative of KsK Coop, to take over the bank. The BSP Approval Document is expected to be released within the first two (2) weeks of February 2010.
 

On left is Banko Sentral ng Pilipinas document acknowledging successful conclusion of the negotiation of KsK Coop’s buyout of Rural Bank of Cavite; issued Jan. 12, 2010

 
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