FICOBank Batang Masinop Featured in GMA TV Network. June A. Lugud, a Batang Masinop accountholder of FICOBank Cabanatuan Branch, has been featured in GMA 7’s Wish Ko Lang program. His display of hard work and discipline to save despite his limited earnings, as well as his aspiration to finish a college education, touched the hearts of some benefactors. With it, his family was provided with a livelihood package. And for his college education, a scholarship grant was awarded to him by a local school while a substantial amount of financial assistance was given to him by FICOBank.

Credit Scoring System for Microfinance Loan. In partnership with Innovations for Poverty Action (IPA), FICOBank finally started its “paperless” loan through the Credit Scoring System. This software was specifically designed by IPA for the Bank to facilitate loan processing. The process of approving or denying an application for the Kabayan Microfinance Loan is made faster and more convenient to both the client and account officer.

Launching of New Deposit and Loan Products. In its desire to be the first choice bank of the people in the countryside, FICOBank has developed and launched two new deposit products (Ciento-Otso Savings Account and Bigtime Savings Account) and one new loan product (Pension Loan). The Tricycle Operators and Drivers Assistance (TODA) Loan, which has been developed in the last quarter of 2009, will be launched in first quarter of 2010. The product features of Check Rediscounting Line, Salary Loan and Pension Loan have also been improved.

Transfer of FICOBank Branch in Orani to Urdaneta City. With the significant business opportunities in Urdaneta City, as perceived by the top management, the branch of FICOBank in Orani, Bataan was eventually transferred to this wealthy and premier city in Pangasinan on October 28, 2009. Preceded by its branches in Umingan and Malasiqui, FICOBank Urdaneta is the third branch of the Bank that was put up in Pangasinan.

Opening of Five New Branches. Given the authority by the Bangko Sentral ng Pilipinas (BSP), FICOBank opened its five new branches. Four of these were located in the municipalities of Umingan, Malasiqui, Lingayen and Mangaldan—all in the province of Pangasinan. The remaining one was placed in Aparri, Cagayan. With this corporate initiative on branch network expansion, the Bank has now a total of 26 operating units in Northeast, Northwest and Central Luzon.

Crafting of FICOBank’s Strategy for Transformation. In line with its institutional intent to soar higher in terms of banking excellence, the Bank held a five-day Strategic Planning Workshop last March 2009 to define its business and chart its future. Out of this planning activity, a strategy for the Bank’s five-year transformation was crafted. The strategy for transformation of the Bank includes its destiny, corporate philosophy, core values, distinctive competence, key targets and avenues for business growth, priority financial-policy issues and concerns, and major programs. The Bank’s transformational strategy is absolutely unique and no other financial institution can just copy the same.

Approval of the Conversion of FICOBank into Thrift Bank by the General Assembly. As laid out in its strategy for transformation, FICOBank will pursue and sustain its historical growth, improve its ownership structure and strengthen further its governance capability. The Bank’s pursuit of growth and quest for bigness are constrained by its organizational form as a cooperative bank. Recognizing the imperatives and advantages of converting/upgrading FICOBank into a thrift bank, the General Assembly unanimously approved the Board’s proposal.

Selection of FICOBank as Winner of Ginintuang Gawad PITAK. After three months of rigid screening and selection, LANDBANK finally declared the outstanding primary cooperatives and cooperative rural banks of the country in its annual Gawad sa Pinakatanging Kooperatiba (Gawad PITAK) on August 7, 2009 at Plaridel, Bulacan. During the awarding ceremonies, FICOBank was honored as the first Ginintuang Gawad PITAK Winner under the coop rural bank category, besting two other cooperative banks from the ranks of Gawad PITAK Hall of Famers. Prior to this, FICOBank was a Gawad PITAK awardee for 12 consecutive years (1995-2006) and a Gawad PITAK Hall of Famer (2007). FICOBank is the only cooperative bank in the country to achieve such distinction.

Breaking All Barriers in Banking Operation. In the face of a daunting global financial crisis, distressing local economic downturn and devastating wrath of nature, FICOBank’s 2009 will likely be most remembered for great banking success and significant growth in business and resources that can be summed up in two words—excellent performance. Although it was slightly behind target in capital accounts, the Bank was on target in net income and beyond target in terms of loan volume, loan portfolio, total resources and past due ratio. Of course, the Bank was able to break all barriers in its operation due to the collective resiliency of its banking network.