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Here is a rundown of the top 10 news stories that defined FICOBank in 2010.

10.	Rollout of TODA Loan. After six months of pilot testing at the Head Office and Santiago Branch, the Tricycle Operators and Drivers Assistance (TODA) Loan displayed a promising result, as it is generally accepted in the pilot areas. Inasmuch as the necessary system and procedures are already in place, the TODA Loan was officially introduced to a wider market through the simultaneous bankwide product rollout on October 26, 2010. It was aggressively promoted through the Bank’s pull-based and push-based marketing strategies. With FICOBank’s TODA Loan, there’s no more reason for eligible trikers to worry about their immediate cash needs. They can now avail of the cash they urgently need. It’s guaranteed fast, easy, affordable and hassle-free.
9.	Client Satisfaction Survey. In full cognizance of the importance of determining the customers’ overall impression toward the services of the Bank, a Client Satisfaction Survey (CSS) was conducted throughout its entire network. Based on the overall result of the survey, a whopping number of clients were satisfied with the various banking aspects/attributes of FICOBank. Out of the 8,228 client-respondents who participated in the survey, 8,037 (97.68%) were satisfied while only 191 (2.32%) were still not satisfied. The overall result of the CSS implies that the initiatives of the Bank on corporate and product branding, customer service, and human resource development are heading in the right direction. Moreover, the banking attributes of FICOBank on bank location and appearance, range of products and services, interest on deposits and loans, bank safety and security, service delivery and standards, and quality of employees are all right and may either be “better than” or “same as” the well-known banks.
8.	Renovation of Three Banking Offices. The three banking offices of FICOBank in Alicia and San Mateo, Isabela and in Diffun, Quirino underwent major makeover in 2010. The new façade and interior design of the newly-renovated edifices draw an impressive appearance among the prospective customers and passersby, and create a cozy office setting that is conducive to a satisfying banking experience by the clients and employees alike. This corporate initiative improves further the image of FICOBank in the eyes of the banking public. It is expected that this will bring about a better position in the financial arena, in terms of absolute and relative market shares.
7.	Learning Visit of Two Cooperative Banks. The Cooperative Bank of Palawan and the Cooperative Bank of Bohol made their four-day study visit to FICOBank in May and October 2010, respectively. Lecture-discussions on the most efficient and effective ways of managing the various components of coop banking operations were carried out. For the visiting banks, this learning activity brought added value in terms of getting new stimulus for development provided by the expertise and experiences of the host bank and enhancing the motivation and confidence of their officers and staff. And for hosting this study visit, FICOBank gained prominence as the learning “Mecca” of cooperative banks in the country.
6.	BSP Approval on FICOBank’s Extension Offices. The Bangko Sentral ng Pilipinas has approved on March 2, 2010 the application of FICOBank to establish an extension office in Tuguegarao City (Cagayan) and convert its existing field offices in Ilagan and Echague (Isabela), Bambang (Nueva Vizcaya), and Diffun (Quirino) into extension offices. FICOBank easily got the stamp of approval of the Bangko Sentral ng Pilipinas, inasmuch as, at the date of application, it has: complied with the capital requirement; risk-based capital adequacy ratio of 23.03 percent; CAMELS composite rating of “4”; risk management system appropriate to its banking operations; and no major concerns on safety and soundness.
5.	Opening of Tuguegarao Extension Office. The latest in the roster of the Bank’s operating units, FICOBank Tuguegarao launched the first salvo of its banking services to the public after its soft-opening rites on September 2, 2010. Although the Tuguegarao Extension Office is directly attached to Solana Branch, it is treated as a branch, as it has the deposit-taking and loan-making operations and fee-based services. Sure enough, the distribution strength of FICOBank in the financial market is further boosted by its 27th banking unit, which is strategically located at the business hub of the premier and lone city of Cagayan.
4.	FICOBank President Proclaimed as Party-List Representative. By an act of Divine Providence, Mr. Herminio G. Ocampo, President and CEO of FICOBank, was proclaimed as Party-List Representative of the 14th Congress of the Philippines by the Commission on Elections, as successor of the late Butil Farmers Party Rep. Leonila V. Chavez, in an en banc resolution unanimously signed by the six commissioners on February 3, 2010. He took his Oath of Office on February 5, 2010 before Judge Janice Yulo-Antero of the Regional Trial Court of Sta. Rita, Pampanga.
3.	Breaching the P1-Billion Mark in Deposit. On January 19, 2010, FICOBank was able to reach the billion-peso level of deposits after its 30 years in deposit-taking operation. Hitting the one-billion mark signals a historical achievement in its three-decade of existence. It is truly a yardstick of excellence and success. The Bank could not have done it without the trust and confidence of the banking public and the dynamism and prudence of the management team and operations group.
2.	Loan Volume Up 26% to P5.94 Billion in 2010. With the books closed on 2010, FICOBank posted a double-digit growth in its loan volume. In fulfilling its institutional mandate to address the multidimensional credit needs of its multisectoral clientele, despite the challenging economic climate and natural disturbances, the Bank continued to increase its loan releases for its products, which include: small and large agricultural loans; instant-access and standby-line, small and medium, short-term and long-term commercial loans; individual-based microfinance loans; and other loans for professionals, employees, pensioners, drivers and operators, and bejeweled individuals. To make sure that the credit requirements of its loan clients are adequately met, a total of P5.94 billion loans have been disbursed. It surpassed 2009’s record of P4.73 billion by P1.21 billion or 25.58% and beat the 2010’s loan volume target of P5.87 billion.
1.	Approval of FICOBank’s Conversion into a Thrift Bank. The double-digit growth and fast-paced development of FICOBank necessitate an enormous equity build-up. Paradoxically, the Bank cannot expect capital infusion from its common stockholders (all samahang nayons and cooperatives), as most of them are now defunct. With it, there is a compelling need for fresh equity from individual investors in the open market to ensure its continued growth. FICOBank’s pursuit of growth and quest for bigness are constrained by its organizational category as a cooperative bank. Thus, the Bank will not only need to draw on the flexibility and adaptability it has developed over the years, but, more so, to transform itself into a better form of banking institution. The thrift-bank route is the most appropriate option for so many good reasons. The conversion/upgrading of FICOBank from a cooperative bank to a thrift bank—the sought-after development and significant milestone in its corporate journey—got a glimmer of hope when the Monetary Board of the Bangko Sentral ng Pilipinas approved, in the fullness of time, its application on July 8, 2010. With it, FICOBank will become a more privileged bank, carrying out higher, broader and more sophisticated levels of business.
At FICOBank, that was the year that has been—2010. Year 2011 will be another.