First Isabela Cooperative Bank (FICOBank), the top-performing cooperative bank in the country today, celebrated its 34th Founding Anniversary on 10 September 2010, with the theme “Moving Forward: From Coop Banking to Thrift Banking.” FICOBank is thankful for reaching this milestone in its history and would like to salute in particular those whose work and dedication have ensured its place as a successful and well-respected bank.

FICOBank enjoys a rich and extensive history, which dates back as far as the samahang nayon era in the mid-1970s. It is a time in which the triangular approach to rural development—production (under a samahang nayon), credit (under a cooperative rural bank), and marketing (under an area marketing cooperative)—was put into operation. It was envisioned then that there would be social equity, if these three vital functions of rural development will be placed in the hands of the farmers.

Since then, historical, political, technological and economic developments have caused the role of FICOBank to evolve and mature. They have also, almost invariably, increased its importance. As a cooperative bank, FICOBank has a unique character that sets it apart from all other banking institutions. Its distinct cooperative brand translates to “people helping people transform their lives,” thus, making it more involved in community affairs than any other financial institution. FICOBank significantly contributes to the socio-economic development of the people, thereby, making it a valuable community asset.

The past three decades have been witnessed to the transformation that FICOBank has undergone. Its corporate transformation journey—from a government-initiated secondary cooperative organization (1976-1979) to a fledgling cooperative rural bank (1980-1989), then to a growing and expanding cooperative bank (1990-2009), and to the present path of conversion to a corporative thrift bank (2010 and beyond)—has been an arduous, but purposeful, undertaking for the whole organization.

To hark back to its 34 years of existence, FICOBank is set to come out with its first-ever coffee table book, entitled “Soaring Higher: Bank. People. Service.” The book aims to chronicle the humble beginnings of the Bank. It will also herald the legacies and reminiscences of its prime movers, the live-wire dynamism of its policy-makers, the active forces behind its growth and stability, and the services to its clients and their communities.

FICOBank will purposefully go on with its corporate journey that started 34 years ago. With high hopes to make a difference, the Bank is committed to bring about the economic ascendancy of the many people in its areas of operation in Northeast, Central and Northwest Luzon—and the entire country in the not-so-distant future. It will pursue to create a niche in the highly competitive world of banking by: harnessing the untapped savings and investment resources of the people; providing loans and other services into the same areas where it generates funds; and rewarding everybody who fully participates in its banking activities. 

Powered by its core values, with a mnemonic of EAGLE-HEART, FICOBank is firmly focused to move forward no matter what challenges and changes may emerge. It will take the prevailing conditions into account, yet it’ll keep on with its business. It will acknowledge the existing competitors, but it’ll soar above them. It will ride out storms with an eye on its destination—be among the top 10 thrift banks in the country