The year 2009 marks FICOBank’s 33 years of successful existence. Founded in 1976 by a group of samahang nayon and cooperative leaders in Isabela, FICOBank is one of the first 29 cooperative banks in the country organized to provide alternative financial services to the small rural clientele in the countryside, particularly the Agrarian Reform Beneficiaries (ARBs).

When it started its banking services to the public four years later, a firm commitment was made by its founding members and employees that FICOBank will be a catalyst of wealth creation and overall countryside development, and that it will be driven by a constant passion to be the best for its clientele.

This commitment is so deeply ingrained in the Bank’s culture that even the passing of time and changes in bank leadership could not erase or alter. Now, with a network of 26 branches and field offices strategically located in Cagayan Valley (Region 2), Northern Luzon (Region 1) and Central Luzon (Region 3), and almost 300 well-trained employees, FICOBank continues to implement necessary strategies to maintain its enhanced performance and to build up its fundamentals, guided by a strong commitment to excel, not for glory, but for its customers and members.

In its 33rd year, FICOBank manifests its continuing aspiration to be the best in its field, while averting mediocrity and avoiding complacency in everything it does. Proof of this are the recognitions bestowed on it through the years, symbolizing three decades of unwavering service, unmatched strength and unparalleled success.

The Best Cooperative Bank in the Philippines

Recently, FICOBank was awarded by the Land Bank of the Philippines the Ginintuang Gawad PITAK(Cooperative Rural Bank Category, 2009),  besting two other cooperative banks from the ranks of Gawad  PITAKHall of Famers. Previous to this, FICOBank was a Gawad PITAK awardee for 12 consecutive years starting in 1995 up to 2006, and a Gawad PITAK Hall of Famer in 2007, the only cooperative bank in the country ever to achieve such distinction.

The Producer of MOTY Awardees

Of what value is the existence of a business if its operations and services are not felt by the people in the community being served? True to its mission of transforming people’s lives, FICOBank has fashioned, over the years, innovative products and services designed to give greater impact on the lives of the people by way of increased income and improved living conditions. The microfinance program of the Bank has done this by enabling its borrowers to become successful entrepreneurs. Since the first run of the MOTY Awards in 2002, six microfinance clients have been honored and recognized as outstanding microentrepreneurs in different categories in the national and island-group (Luzon) levels. The Bank’s microfinance program is one of the best in producing successful projects to its clients in terms of income generation, financial growth and employment creation―measurable parameters that did not escape the eyes of others when the aforementioned awards and recognition were accorded to the Bank by the Microfinance Council of the Philippines and the USAID-funded Microenterprise Access for Banking Services (MABS).

The Top Performing Cooperative Bank in the Country

Despite the challenging business environment and the continued implementation of its biggest branch network expansion plan in its 29 years of operations, FICOBank’s performance in 2008 and the first half of 2009, is one of the best in the coopbanking industry. The bank posted a net income of P42 Million in 2008, and P27 Million from January to June 2009. This translates to a return on equity of 24% and return on assets of 4.23% (for year 2008). All other financial indicators significantly improved: total resources expanded by 40% (from P820.48 Million to P1.15 Billion), gross loans increased by 22% (from P527.54 Million to P642.60 Million) and capital accounts rose by 18% (from P157.99 Million to P185.69 Million), further affirming FICOBank’s position as one of the country’s best-capitalized and financially-performing cooperative banks.

Drawing inspiration from these feats, FICOBank aims to soar even higher towards banking excellence and recognition. The bank is set to scale greater heights, as it continues to make its clients’ successes its business and inspiration.

Ever mindful of the changing banking landscape and realities in the banking regulatory environment, FICOBank will continue to implement its branching mode in the provinces of Central and Northern Luzon. It will constantly re-engineer its processes and technology platforms to better improve its customer service by way of meeting growing financial needs, speed in the delivery of services and related rising customer expectations.

Likewise, FICOBank, now fully grown and ready to enter the “big league” of the banking industry, is set to transform itself into a higher form of banking institution, one that is “built to last.” FICOBank – from Cooperative Banking to Corporative Thrift Banking.

In its 33rd year, FICOBank, together with all its stakeholders, is looking forward to more fruitful years of service, as well as continuous and reciprocal partnership with the banking public for its unfading support and patronage. And as it has been for the past three decades, FICOBank will continue to seek God’s guidance and grace in all its undertakings. For we acknowledge that all of its accomplishments in the past, and the best that are yet to happen, are possible only through the power of God in our lives. With Divine inspiration, FICOBank will progress on and soar high to the path of greatness that God has set for it 33 years ago, all for His glory and honor.