ONB to Add Samal Island Branch

The banking situation on Samal Island is about to take a positive turn as ONB (One Network Bank) has announced intentions of adding a branch on Samal Island. While no specific date was given, it should be sometime in the first quarter of 2010.

ONB is a rural bank based in Davao. Formed in 2004 through the consolidation of Network Rural Bank of Davao del Sur, the Rural Bank of Panabo of Davao del Norte and the Provident Rural Bank of Cotabato, ONB is the largest rural bank in the Philippines in terms of assets, with a network of 75 branches and 78 ATMs (as of 2009) throughout the provinces of Mindanao, including seventeen localities where it is the sole provider of financial services.

One Network Bank (ONB) the biggest rural bank in Mindanao will add six more of its existing 75 branches located in the different rural areas of the island by the first quarter of 2010

ONB president Alex Buenaventura said five of these are new branches which applications are being finalized with Bangko Sentral ng Pilipinas will be set up in Ayala in Zamboanga City, Molave and Sindangan in Zamboanga del Norte, Matina Crossing in Davao City and Babak in the Island Garden City of Samal.

This certainly is good news, and even better if it includes an ATM. It seems pretty likely that it will, as ONB has more ATMs than branches. Not sure if this is the first bank on Samal Island, but there certainly aren’t many in any case. Welcome news!

via ONB to add six more branches in 2010 – Philippine Information Agency.