FICOBank Breaches the Php2-Billion Mark in Deposits

With the benefit of hindsight, FICOBank had experienced a long hard slog in attracting depositors during its early years. This can be attributed to the public’s perception that it was quite new and small, and that it might not be able to remain stable and dependable in the long haul. But after three-and-a-half decades of banking operation, FICOBank has breached the Php2-billion mark in aggregate deposits.

As of June 30, 2016, FICOBank has an outstanding balance of Php2.01 billion in deposit liabilities. This figure, which may indeed be a huge amount for a cooperative bank—like FICOBank—to generate and accumulate, is made up of current and savings accounts (CASA), Certificate of Time Deposit (CTD) and special savings deposit accounts (SSDA), with a 46-is-to-54 low-cost and high-cost deposit mix.

It may be noteworthy to mention, too, that after FICOBank has reached its first billion-peso-deposit level in 2010 (30 years from the time it launched the first salvo of its deposit-taking operation to the public), it only took six-and-a-half years therefrom for it to breach its second billion mark.

This historical achievement of FICOBank wouldn’t be made possible without the continuing trust and confidence of the banking public, in general, and the 47,796 depositing clients, in particular.

At FICOBank, it’s always all right to save and have more.