List of Thrift Banks or Savings Banks in the Philippines, plus Changes

Updated September 19, 2021

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

authorized and supervised by the Bangko Sentral ng Pilipinas, as of September 2021, based on data published on the BSP website.  Included are the locations of their Headquarters.
As of September 2021, there are 47 thrift banks or savings bank in all.

 Savings BankLocation of HeadquartersNumber of Branches
11st Valley Bank, Inc., A Development BankCagayan de Oro81
2AllBank (A Thrift Bank), Inc.Wack Wack, Mandaluyong City17
3Bangko Kabayan, Inc.Batangas24
4Bank of Makati, A Savings Bank, Inc.Makati City102
5Bank One Savings and Trust Corp.Manila7
6Bataan Development BankBataan7
7BPI Direct BanKO, Inc., A Savings BankSan Juan City308
8BPI Family Savings BankMakati City178
9Card SME Bank, Inc. A Thrift BankSan Pablo City343
10Century Savings Bank Corp.Pasig City8
11China Bank Savings, Inc.Makati City163
12City Savings Bank, Inc.Cebu City232
13Citystate Savings Bank, Inc.Pasig City30
14Cordillera Savings Bank, Inc.Nueva Vizcaya3
15Dumaguete City Development Bank, Inc.Dumaguete City5
16Equicom Savings Bank, Inc.Makati City 11
17Farmers Savings and Loan Bank, Inc.Bocaue, Bulacan8
18First Consolidated Bank, Inc.Tagbilaran City134
19Hiyas Banking Corp.Sta. Maria, Bulacan6
20HSBC Savings Bank (Phils), Inc.Alabang, Muntinlupa City10
21Isla Bank, A Thrift Bank, Inc.Makati City3
22Legazpi Savings Bank, Inc.Legazpi City27
23Lemery Savings and Loan Bank, Inc.Lemery, Batangas3
24Life Savings Bank, Inc.Cainta, Rizal1
25LOLC Bank Phils.Tagaytay City11
26Luzon Development BankCalamba City, Laguna39
27Makiling Development BankCalamba City, Laguna4
28Malayan Savings BankMakati City21
29Metro-Cebu Public Savings BankCebu City3
30Northpoint Development Bank, Inc.San Pedro City, Laguna31
31Overseas Filipino Bank, Inc.Liwasang Bonifacio, Manila1
32Pacific Ace Savings BankSubic Bay FZ, Olongapo City1
33Pampanga Development BankSan Fernando City, Pampanga4
34Penbank, Inc., A Private Development BankGeneral Santos City, South Cotabato33
35Phil Star Development Bank, Inc.Batangas City1
36Philippine Business Bank, Inc.Grace Park, Caloocan City164
37Philippine Savings BankPaseo de Roxas, Makati City250
38Producers Savings Bank Corp.Ortigas Center, Pasig City269
39Queen City Development Bank (Queenbank)Iloilo City17
40Quezon Coconut Bank, Inc., A Thrift BankLucena City, Quezon1
41Rizal Microbank Davao City23
42Sterling Bank of Asia Greenhills, San Juan City47
43Sun Savings BankCebu City 7
44UCPB Savings BankMakati Ave, Makati64
45University Savings BankBiñan, Laguna5
46Wealth Development Bank Corp.Cebu City26
47Yuanta Savings Bank Philippines, Inc.Salcedo Village, Makati City2
See the latest ranking –>> Top Thrift Banks in the Philippines, as of the latest quarterly financial report.

What Happened to Thrift Banks No Longer in Bank Lists?

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

47 thrift banks as of September 2021

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.

ComSavings Bank is GSIS Family Bank. ComSavings Bank was the previous name of GSIS Family Bank. Its website still uses the name GSIS Family Bank.
Philippine Resources Savings Banking Corp., based in Cauayan City, Isabela, was formerly a rural bank. It started operating as a savings bank in November 2011, and became the 13th biggest savings bank based on total assets as of March 2012.
Progress Savings and Loan Bank, based in Zambales, was previously Progress Savings and Loan Association
– Quezon Coconut Bank is also called Quezon Coconut Producers Savings and Loan Bank
–  The assets and liabilities of Security Bank Savings Corp.  were absorbed by its parent company, Security Bank Corp. SBSC was allowed to retain its thrift bank license and put it on an inactive status.
Security Bank Savings was formerly Premiere Development Bank, a subsidiary of Security Bank.
–  Penbank, A Private Development Bank, was formerly Peninsula Rural Bank, Inc.
–  Phil Star Development Bank was formerly Pride Star Development Bank. Name change approved by the BSP on February 26, 2014
–  Citibank Savings was acquired by BDO and renamed Banco de Oro Savings Bank.
–  Producers Savings Bank Corp. acquired Iloilo City Development Bank on October 31, 2013. Producers Savings started operating as merged bank on November 12, 2013.
–  The Real Bank, A Thrift Bank surrendered its banking license in August 2014 after its assets and liabilities were acquired by BDO Unibank.

Savings Banks that Closed Down in Past Years:

  • Sampaguita Savings Bank, Inc. was closed down by the BSP on October 13, 2016.
  • GSIS Family Bank or ComSavings Bank was closed down by the BSP on May 13, 2016
  • Progress Savings and Loan Bank Inc. voluntarily surrendered its banking license in March 2016.
  • Silangan Savings and Loan Bank, based in Silang, Cavite, was closed down by the BSP on January 9, 2014.
  • LBC Development Bank, based in Makati City, was closed in September 2011. It had 19 branches.
  • Express Savings Bank, based in Cabuyao, Laguna, was closed in July 2011. It had 3 branches in Laguna.
  • Bank of Calape Savings and Mortgage Bank, based in Calape, Bohol, was closed in July 2011. It had one branch.
  • Banco Filipino Savings Bank finally shut down on March 15, 2011. It was closed over the period from 1985 to 1992. It had 62 branches, 32 in Metro Manila and 30 in the provinces.
  • Penafrancia Savings and Loan Association, based in Camarines Sur, was closed in July 2010. It had one branch in Cavite.

Banco Filipino Had Been Waving Red Flags

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