Company History
In the 1950s, when the country was reeling from the aftermath of World War II, Republic Act 720 was enacted establishing the first rural banks in the Philippine countryside. The move was intended to spur the growth and development of the rural sector whose combined population then accounted for 85% of the country's total populace.
More than twenty years later, four like-minded businessmen from respected families in the cities of Baguio and Dagupan namely: Dr. Reynaldo C. Bautista, Mr. Claro M. Nava, Mr. Ambrosio Jabanes and Mr. Bernabe Dy sealed an agreement to put up a rural bank in the highlands of Benguet. So, on May 25, 1978, by authority of Securities and Exchange Commission Certificate No. 79889, the Rural Bank of Itogon (Benguet), Inc. was formally established. Residents of Itogon were likewise invited to invest in the endeavour.
The Bank had humble beginnings. Its initial paid up capital of P200,000.00 could only afford to build a 60-square meter bank building on a leased lot along the main highway traversing Barangay Tuding in Itogon, Benguet. Its annual loan portfolio then was less than one million pesos.
RBI's fledgling years were unremarkable, mainly characterized by a slow pace of development. Realizing this, the Board of Directors decided to branch out to more strategic locations in the hope of serving more clients. Thus on July 1, 1983, RBI opened its first branch office along McArthur Highway in Brgy. Bari Mangaldan, Pangasinan. The decision proved providential as it not only raised bank revenues but also galvanized its long term sustainability. On May 8, 1996, a second branch office was opened at the University of Baguio Square in Gen. Luna Rd. Baguio City. The location afforded a huge volume of foot traffic from Mondays to Saturdays which was critical to the bank's rapid growth and progress. The Baguio branch office would become RBI's top income generating unit in the years to come. Subsequent years witnessed major milestones in the Bank's history unfolding. The Main Office was transferred to the busy vegetable/cutflower trading hub of La Trinidad (also in Benguet province) boosting its profitability. On March 8, 2013, the Loakan Extension Office in Baguio City was inaugurated, while a second extension office located at Tram, Ucab is now being maintained by the Main Office. On March 10, 2014 and July 28, 2014 respectively, the Malasiqui Extension Office in Pangasinan and the Bakakeng Extension Office in Baguio City opened their doors to clients. Pacdal Extension Office, located at Pacdal Brgy. Hall, Pacdal, Baguio City was inaugurated last August 5, 2016.
The decision to open new extension offices greatly improved the Bank's assets and its accessibility/visibility to clients. RBI's total loan portfolio has breached the P400,000,000 mark and is still climbing. The thrust adopted by RBI's second generation Board of Directors is consistent with its determination to establish a position of strength in the banking industry. And as the national economy steps up as the rising developing nation, the Stockholders, together with the Board of Directors, Management and Staff of the Rural Bank of Itogon (Benguet), Inc. will confidently and enthusiastically meet the challenges and opportunities ahead.