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The expansion of FICOBank has happened, as planned. It has successfully made a significant progress, and its extensive market presence is now being felt in the three regions of the country. However, its double-digit growth and fast-paced development necessitate an enormous equity build-up. The irony though is that the Bank cannot expect capital infusion of a consequential magnitude from its 227 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 right form of banking institution that is “built to last.”

There are two available and relevant options for the Bank to take. It can either upgrade itself into a thrift bank or convert itself into a rural bank. The former is the most appropriate option, as thrift banks have broader sources of stockholders, no restrictions on branch openings, wider range of products and services, and higher stature in the eyes of the public.

With the unanimous approval of the Board of Directors and the General Assembly, the Bank sought the approval of the Monetary Board of the Bangko Sentral ng Pilipinas for its conversion/upgrade into a thrift bank in May 2009. After more than one year of comprehensive review by the concerned groups/departments of BSP, the Monetary Board, in its Resolution No. 931 dated July 8, 2010, approved the application of FICOBank for the conversion/upgrading of its license from a cooperative bank to a thrift bank.

FICOBank will immediately start its operation as a thrift bank upon securing a permit to operate from BSP. The issuance of which is subject to the: (1) submission of the Bank’s Articles of Incorporation and By-Laws, and Treasurer’s Sworn Statement to the Central Applications and Licensing Group of BSP; and (2) registration of the said corporate papers of the Bank with the Securities and Exchange Commission.      

The multi-sectoral clientele of the Bank have enthusiastically expressed their interest in buying common stock. In allowing private individuals with broad business experience to join the board, FICOBank shall become a stronger bank with better governance capabilities in setting even higher goals for the future.

Making the most out of its intrinsic difference, FICOBank is destined to be the biggest thrift bank outside Metro Manila, with unibank-caliber management corps serving more than 200,000 common people in the countryside as corporative members in the next five years. With Luzon as its homebase, it will expand into Visayas and Mindanao (10 years hence) and be among the top 10 thrift banks in the country.