Rural Bank of Dumangas, Inc. – Its History
Heritage isn't just about history. It's about people and their stories. The stories that shape who we are, tell where we've been and show where we're going.
Rural Bank of Dumangas, Inc. wasestablished on April 6, 1966 with the Securities and Exchange Commission and was given authority to operate on May 5, 1966. Under the able stewardship of its founder and first President Serafin Deza, Sr. and with an initial capitalization of P110,000.00, Rural Bank of Dumangas, Inc. became as one of the strongest bank in the Region and became the first place in the Deposit Campaign Program of the Iloilo Federation of Rural Banks for several years.
Manned by only 5 employees and headed by Serafin Deza, Sr. as General Manager, Rural Bank of Dumangas’ banking activities consisted mainly of accepting deposits and giving out ordinary loans to meet the credit needs of farmers, fishermen, merchants and small businessmen of Dumangas and its nearby towns.
Putting the Bank in the test of time, the Bank encountered a collection crisis in the late 70’s. Soaring high to 50% past due rate and followed by its suspension in availing the rediscounting program, President/ManagerOtilia P. Deza left her lucrative life in New York flew home with a mission in 1981. With herpassionate commitment to empowering its clients to transform their lives and livelihoods, she was able to regain the Bank from catastrophe. The Bank continued to progress after decades of unwavering service and commitment to its clientele until the need for expansion became inevitable. The Bank successively opened two branches – the Lapaz Branch and the Dingle Branch in November 18, 1998 and September 3, 2002 respectively.
Various significant awards and citations were garnered by the Bank for more than 2 decades as Most Outstanding Rural Banks in Western Visayas(Region VI), Top Availer in the Visayas Rediscounting Program, Outstanding Rural Bank in Highest Increase in Amount of Deposits, Rural Bank of the Year, Top Tax Payer, Most Outstanding RB Executive and awarded as the Biggest Loan Exposure in the Province of Iloilo by the Ministry of Agriculture and Food Aquaculture Development Project by the Department of Agriculture from 1985 up to 2010.
Come on its way to its golden years, a test of courage and commitment showed up to the pillars of the Bank. In 2012, fighting for her illness, Madam Otilia stand still for a faith that she can still able to manage the Bank’s operation. Thanks be to God for a new hope and accepting the challenge by his son, John Othello P. Deza. Though responsibilities seem too heavy to carry on and having 2013 as the toughest year of his banking career for being the newest and youngest head of the Bank, he was able to make it for excellence.
Over the years, the Bank is solely operating in the municipality of Dumangas until in October 2014, entrants of a competitor existed. The Bank having no fear, with its high hopes for another fifty years, its commitment to be a responsible company that helps ensures the sustainability of its operations and the well-being of its employees while maintaining a positive impact on the economy, communities and society as a whole is its prime objective.
In order to carry on the excellence of dedicated rural banking that Rural Bank of Dumangas has prided itself of, several reforms were made by the members of the Board of Directors meant to give a more dynamic direction to the Bank and make it a formidable player in the evolving competitive banking industry.
Today, with 40 employees, 2 branches, Rural Bank of Dumangas, Inc. is one of the fastest growing rural banks in the Region and has already gained a reputation of trust and dependability in banking and lending services. Building on its heritage, each day is an opportunity to help improve the financial lives of its customers and clients.
