Smaller doesn’t always mean weaker.
The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have approved the request of the Bataan-based Village Bank, Inc. to reorganize and classify themselves as a rural bank, scaling down from their previous license as a thrift lender.
BSP Deputy Governor Chuchi Fonacier made the decision public through Circular Letter 2017-072 signed on Dec. 14. The conversion took several steps: First, the bank registered its conversion under the SEC in July. This was followed by securing an authority to operate as a rural bank from the BSP in August.
Village Bank reopened in Orani, Bataan as a rural bank on Nov. 2, 2017.