List of Savings Banks in the Philippines

Updated June 28, 2020

Here’s an alphabetical list of savings banks in the Philippines

authorized and supervised by the Bangko Sentral ng Pilipinas, as of December 2019, based on data published on the BSP website.  Included are the locations of their Headquarters.
As of Dec 2019, there are 47 savings bank in all.

Thrift Bank Mergers, Name Changes and Bank Closures

PNB Savings Bank was acquired by its parent company, PNB, after the BSP approved the merger in August 2020. Merger proceedings started in September 2018.

RCBC Savings Bank was consolidated into its parent company, RCBC, in July 2019.

Palawan Bank was closed down by the BSP in May 2019.

PR Savings Bank was acquired by City Savings Bank, the thrift bank unit of Union Bank, in March 2019.

Merchants Savings and Loan Association, Inc. was acquired by RCBC in 2008 and then was merged with Pres. Jose P. Laurel Rural Bank (acquired by RCBC in 2009) to form Rizal MicroBank A Thrift Bank of RCBC in 2010.

Malasiqui Progressive Savings (Pangasinan) was closed down on August 16, 2018.

Maximum Savings Bank (MaxBank) was closed down by the BSP in November 2019.

Business and Consumers Bank (A Development Bank) was acquired, along with First Midland Rural Bank, Inc., by First Imperial Business Bank, Inc. (A Rural Bank) (formerly RBG Imperial Bank, Inc. (A Rural Bank). Merger was completed in June 2019.

Maritime Savings Bank became a rural bank called Maritime Bank Corp. (A Rural Bank) in September 2018.

Philippine Postal Savings Bank, Inc. was formally renamed Overseas Filipino Bank, A Savings Bank of Landbank on January 18, 2018, a few months after the Philippine Postal Corp., owner of Postbank, and the Bureau of Treasury, were ordered by President Duterte, through Executive Order No. 44., issued in September 2017, to transfer all their shares to Landbank at zero value. The chairperson of Landbank will serve as head of the 9-member board of directors of OFBank.

World Partners Bank was closed down by the BSP on August 11, 2017.

Dungganon Bank converted into a microfinance-oriented rural bank in October 2016.

BPI Direct Savings Bank merged with BPI Globe BanKO on December 29, 2016. BPI Direct, the surviving corporation, changed its name to BPI Direct BanKO Inc., A Savings Bank.

mBank Philippines voluntarily surrendered its banking license to the BSP, which approved the surrender on July 14, 2016.

TongYang Savings Bank was renamed Yuanta Savings Bank Philippines after it was acquired by Taiwanese bank Yuanta Commercial Bank Co. Ltd., in July 2015.

Tower Development Bank merged with Producers Savings Bank Corp. (PROSB), Rural Bank of San Fabian (Pangasinan) and Rural Bank of Tayabas, with Producers Savings as the surviving entity. Producers started operating as a merged thrift bank on November 23, 2016.

Sampaguita Savings Bank was closed down by the BSP on October 13, 2016.

Village Bank converted into a rural bank on 19 July 2017. It started operating as a rural bank on November 2, 2017.

AllBank (A Thrift Bank), Inc. is the new name of Optimum Development Bank, Inc. Name change was approved by the BSP on July 7, 2017.

Progress Savings and Loan Bank surrendered its banking license to the BSP, which approved the cancellation on March 3, 2016.

The banking license of Bataan Savings and Loan Bank was deemed revoked after all its assets and liabilities were acquired by Philippine Business Bank on October 16, 2017.

Opportunity Kauswagan Bank, Inc. (A Microfinance Thrift Bank) converted into a rural bank on August 30, 2016. The bank started to operate as a rural bank on October 17, 2016.

There were:
68 thrift banks as of June 2015
69 thrift banks as of February 2016
63 thrift banks as of June 2016
54 thrift banks as of February 2019
47 thrift banks as of December 2019

Updates on Certain Thrift Banks :

–  BDO Elite Savings Bank surrendered its banking and trust licenses to the BSP and got approval on 20 August 2015. It was consolidated into BDO Capital and Investment Corp. in July 2016.
–  BDO Savings Bank, formerly Citibank Savings, was consolidated into BDO Capital and Investment Corp., together with BDO Elite Savings Bank, in July 2016.
–  United Overseas Bank started operating as a commercial bank and as a bank branch of Singapore-based bank United Overseas Bank Ltd.
– Tong Yang Savings Bank was acquired in July 2015 by Taiwanese bank Yuanta Commercial Bank Co. Ltd., the fifth foreign bank allowed to operate in the country, under the new bank liberalization law. Tong Yang was previously Orion Savings Bank.
Tongyang was acquired from Yuanta Securities Korea Co., Ltd., a subsidiary of Yuanta Securities whose parent company is Taiwan-based Yuanta Financial Holdings.
– PNB Savings Bank is now the name of Allied Savings Bank. Allied was renamed after PNB merged with its subsidiary Allied Bank Corp.
– Robinsons Savings Bank Corporation became a commercial bank called Robinsons Bank Corp. in February 2010, following its purchase of the Royal Bank of Scotland NV’s shares in the Royal Bank of Scotland (Philippines) Inc.
– Liberty Savings Bank, located in Bulacan, which was previously 47th in assets as of December 2011, changed to a rural bank named Liberty Bank, A Rural Bank in April 2012.
– Premiere Development Bank, 19th in assets as of March 2012, was acquired by Security Bank and renamed Security Bank Savings.  The acquisition was announced online in June 2011.

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