PSBank has gone a long way from its humble beginnings as a neighborhood bank since it first opened its doors to its clients on September 26, 1960. Its head office was located at Plaza Miranda, Quiapo, Manila, then the heart of the country’s commercial and business district, while its first four branches were in Divisoria, Carriedo, Blumentritt and C. M. Recto.
SIMPLE BEGINNINGS, BIG DREAMS
At that time, PSBank blazed a trail in innovative banking which was quite unheard of in those simple and laidback days. It was the very first bank that offered Monday to Saturday banking with no noon break, extended banking hours, online electronic data system, and banking-by-mail. PSBank was also well-known as “The Friendly Bank” because of its accessibility, convenience and service quality. It seemed that, even then, PSBank was already ahead of its time.
In 1981, the Metropolitan Bank and Trust Company, the country’s largest bank, acquired majority shares of PSBank, thus making it a subsidiary and its consumer and retail banking arm. This fueled the growth and sharpened the focus of PSBank to offer products and services that championed its clients’ needs.
FINANCIAL STRENGTH AND STABILITY
In 1991, the Monetary Board of the Bangko Sentral ng Pilipinas authorized the Bank to perform trust banking functions. Four years later, PSBank was granted a quasi-banking license, previously granted only to commercial banks and investment houses.
On the same year, PSBank became the first publicly-listed savings bank in the country. Its first offering of 25{e2a5b7eb60ebe5ffba7ba1dbffc8c3f5416b549a817462ca080bba6e49e4df64} stock rights to the public raised PhP602.4 million while its second offering the following year yielded PhP526 million. This accounted for 63{e2a5b7eb60ebe5ffba7ba1dbffc8c3f5416b549a817462ca080bba6e49e4df64} growth in its capital funds.
Despite challenges that came its way through several crises in the local, Asian and global economies, PSBank – through its prudent management, innovation and customer-centric focus – consistently delivered. From being dubbed as a friendly bank in the 1960s, PSBank underscored its primary objective of quality customer service, simplified processes, quick credit decision and innovative products through its mandate and promise: Simple Lang, Maaasahan.
As the new millennium started, PSBank slowly yet surely made its steady climb until it reached its stature as one of the leading savings bank in the country. In 2006, the Bank again raised PhP2 billion in Tier 2 capital or unsecured subordinated notes. On the same year, it raised PhP750 million from its rights offer. In 2008, the Bank successfully raised PhP2 billion in Tier 1 capital through a rights offer, increasing its capital funds by 28{e2a5b7eb60ebe5ffba7ba1dbffc8c3f5416b549a817462ca080bba6e49e4df64} to PhP8.47 billion. This was also the year when PSBank hit the PhP1-billion mark in its net income, proving that it has what it takes to thrive in the competitive and crowded banking industry.
PSBank has PhP34.89 billion in capital funds and PhP261.81billion assets as of end-2021.
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