Cooperative Bank of Misamis Oriental

About Cooperative Bank of Misamis Oriental

1. COMPANY HISTORY AND TIMELINE

   Driven by strong desire, determination and commitment of the stakeholders to have their own bank, the birth of the Cooperative Bank of Misamis Oriental came into being on December 13, 1979 with initial paid up capital of only PhP576,087.53 with 268 Cooperatives and Samahang Nayon as member-incorporators.

   
   

   That the purpose of which the said Cooperative Bank is formed, are as follows: To carry and engage in the business of extending credit or financial assistance to all types of cooperatives and their members, small and medium scale farmers and tenants and to deserving rural industries and enterprises; and to transact all other businesses which may be legally done by Rural Banks organized under RA 720, otherwise known as the Rural Bank Act; and to do other things incident thereto and necessary in connection with said purpose within such territory as may be determined by the Monetary Board of the Bangko Sentral ng Pilipnas, and under the provision of RA 6938 otherwise known as the Cooperative Code of the Philippines.

   
   

   From then on the Cooperative Bank of Misamis Oriental (CBMO) is making head way propelling the socioeconomic development of Misamis Oriental, even spanning across the neighboring provinces of the region utilizing its resources and complimented by its untiring commitment to serve the general membership and the public for over twenty-eight (28) years now.

2. 5-YEAR GOAL

   1.CBMO shall become the:

   “COOPERATIVE BANK OF MINDANAO”

   Capitalizing on the targeted 20%-50% internal growth, 25% return on equity and latent borrowing capacity, CBMO shall achieve this direction via mergers, acquisition and co-ventures.

   
   

   2. CBMO shall achieve the status of a “BILLIONAIRE COOPERATIVE BANK”

   The key financial targets for 2011 are:

   ASSETS P 1.250 Billion

   EQUITY 0.244 Billion

   DEPOSITS 0.414 Billion

   
   

   3. CBMO shall build the reputation of being the “INVESTMENT BANKER” for the cooperative movement in Mindanao.

   There is a growing need among bigger coops with bigger projects for investment support through financing, private placements, equity sharing, syndications, investment counseling and technical support. CBMO shall take up this challenge.

   
   

   4. CBMO shall establish a “FOUNDATION” that will manage its social responsibilities

   The foundation is the bank’s expression of generosity in “sharing its blessings” with those have less. It shall be responsible for the management of its Microfinance operations, community development undertakings and other social responsibility endeavors.

3. MILESTONE

   Dec. 1979 Founding of the bank by SN with initial paid-up capital of P576,087.53

   Aug. 1982 Establishment of Moneyshop in Carmen, CDO

   Dec. 1992 earned 1M surplus, the first of the bank’s existence

   May 1996 Opening of the bank’s 1st branch in Gingoog City

   July 1996 Opening of the bank’s 2nd branch in Manticao

   Mar.1998 Opening of the bank’s 3rd branch in Villanueva

   Apr. 1998 Opening of the bank’s 4th branch in Alubijid

   June 1998 Opening of the bank’s 5th branch in Puerto

   Feb. 2008 Opening of the bank’s 6th branch Iligan City

   Feb. 2009 Opening of the bank’s 7th branch Davao City

   Mar. 2009 Opening of the bank’s 8th branch Tagum City

   Jun 2009 Opening of the bank's 9th branch Surigao City

   Aug. 2009 Opening of the bank's 10th branch Gensan City

4. AWARDS AND CITATIONS

   Most Outstanding Coop. Bank in the Philippines (1980)

   Best Cooperative Bank (1998)

   Best in Profitability (2001)

   Most Outstanding Countryside Fin’l. Institution (2001)

   Most Outstanding Cooperative Bank (2001)

   Star Award Citation for Outstanding Performance in Microfinance (2002)

   1st Place Gawad Pitak Awardee for the Year (2001, 2003 to 2006)

   Chairman's Award for Excellence BANGKOOP (2003)

   1st Place Performance Award for Highest Net Worth (2003)

   PCFC Special Citation for Medium Scale MFI

   2nd Place Performance Award in Net Income Generation (2003)

   Best in Capital Build-up (2003 & 2004 )

   2nd Place – BANGKOOP

   2007 LBP-GAWAP PITAK HALL OF FAME

5. MEMBERSHIP AND AFFILIATION

    

   Philippine Depositor Insurance Corporation

   Misamis Oriental-Bukidnon-Camiguin-Iligan Federation of Rural Banks

   National Federation of Cooperative Banks

   Mindanao Federation of Cooperative Banks

   Regional Cooperative Development Council

   Misamis Oriental Cooperative Development Council

   Rural Bankers Association of the Philippines

   MABS-USAID

   BANKOOP

6. ACCREDITATION

    

   Bangko Sentral ng Pilipinas

   Regular Rediscounting Line

   Land Bank of the Philippines

   Rediscounting Line

   Agricultural Loan Fund

   Overseas Contract Workers Loan Fund

   Countryside Loan Fund

   Cooperative Development Authority

   Cooperative Marketing Project

   Cooperative Development Loan Fund

   Department of Agriculture

   Expanded Grains Production Enhancement Program

   Multi-livestock Development Loan Program

   Cooperative Insurance System of the Philippines

   People’s Credit Finance Corporation

   Coconut Industry Investment Foundation

   Philippine Crops Insurance Corporation

7. Our Vision

   A dynamic resource institution that will help enhance productivity of the people, and a key player in bringing about the socio economic development of Mindanao, especially, Misamis Oriental.

8. Our Mission

    

   -Provide efficient, responsive, and innovative financial and technical services to individual and institutional clientele

   -Achieve a reasonable return of investment

   -Promote the professional growth and well -being of the employees

   -Contribute to the progress of the communities we serve

9. Our Values

   We adopt as our guiding light, the values of cooperation, honesty, integrity, professionalism and social responsibility

10. REPUBLIC ACT NO. 8791 GENERAL BANKING ACT

     

    AN ACT PROVIDING FOR THE REGULATION OF THE ORGANIZATION AND OPERATIONS OF BANKS, QUASI-BANKS, TRUST ENTITIES AND FOR OTHER PURPOSES

     

    CHAPTER I, TITLE AND CLASSIFICATION OF BANKS

    SECTION 3. Definition and Classification of Banks

    Universal banks;

    powers of an investment house and all powers of commercial bank

    Commercial banks;

    accept drafts and issue letters of credit ,

    discount and negotiate promissory notes

    accept or create demand deposits ,

    buy and sell foreign exchange and gold or silver bullion

    acquire marketable bonds and other debt securities

    (c) Thrift banks, composed of:

    (i) Savings and mortgage banks, (ii) Stock savings and loan associations, and

    (iii) Private development banks, as defined in Republic Act No. 7906

    (d) Rural banks, as defined in Republic Act No. 7353

    (e) Cooperative banks, as defined in Republic Act No. 6938 (later amended by Republic Act No. 9520)

    
    

11. WHAT IS COOP BANK?

     

    Definition, Classification and Functions. A cooperative bank is one organized by the majority shares of which is owned and controlled by cooperatives primarily to provide financial and credit services to cooperatives. The term "cooperative bank" shall include cooperative rural banks.

     

    A cooperative bank may perform the following functions:

    (1) To carry on banking and credit services for the cooperatives;

    (2) To receive financial aid or loans from the Government and the Central Bank of the Philippines for and in behalf of the cooperative banks and primary cooperatives and their federations engaged in business and to supervise the lending and collection of loans;

    (3) To mobilize savings of its members for the benefit of the cooperative movement;

    (4) To act as a balancing medium for the surplus funds of cooperatives and their federations;

    (5) To discount bills and promissory notes issued and drawn by cooperatives;

    (6) To issue negotiable instruments to facilitate the activities of cooperatives;

    (7) To issue debentures subject to the approval of and under conditions and guarantees to be prescribed by the Government;

    (8) To borrow money from banks and other financial institutions within the limit to be prescribed by the Central Bank; and

    (9) To carry out all other functions as may be prescribed by the Authority: Provided, That the performance of any banking function shall be subject to prior approval by the Central Bank of the Philippines.

12. AMENDED BYLAWS AS APPROVED BY CDA

    *(10) To perform banking and credit functions with the individuals and/or the public in general. Provided, that the performance of any banking function shall be subject to prior approval by the Central Bank of the Philippines.

     

    *As amended in the Articles of Cooperation and By-Laws of CBMO and approved by CDA dated June 7, 1999