Question 1

What is Ilocos Consolidated Cooperative Bank?

Accepted Answer

Ilocos Consolidated Cooperative Bank (ICCB) is a cooperative bank in the Philippines serving cooperatives, farmers, small and medium enterprises, and individual members across Northern Luzon. The bank was formed through the consolidation of two established cooperative banks in the Ilocos region to strengthen cooperative banking services under the supervision of Bangko Sentral ng Pilipinas (BSP).

As of its first month of operations in December 2017, ICCB reported total assets of approximately PHP 1.3 billion and a capital adequacy ratio of 13.24%, exceeding the BSP's minimum requirement of 10%.

Question 2

When was Ilocos Consolidated Cooperative Bank founded?

Accepted Answer

The concept of ICCB was originally developed in 2011 when Former Congressman Engr. Jose R. Ping-ay, serving as founder and initiator, brought together five cooperative banks in Region I to explore consolidation as a way to strengthen cooperative banking power in the region.

Initial consultative meetings began on September 30, 2011, with representatives from the Cooperative Bank of Ilocos Norte (CBIN), Ilocos Sur Cooperative Bank (ISCB), Cooperative Bank of La Union (CBLU), Cooperative Bank of Cagayan (CBC), and Cooperative Bank of Nueva Vizcaya (CBNV). The consolidation process ultimately involved ISCB and CBIN.

On April 24, 2017, BSP issued the Certificate of Authority certifying the Articles of Consolidation between ISCB and CBIN. The Cooperative Development Authority (CDA) awarded the Certificate of Registration on May 8, 2017, under Registration No. 9520-2010000000038400 with Cooperative Identification Number (CIN) 10201738400.

BSP granted ICCB its Certificate of Authority to Operate on June 16, 2017, pursuant to Republic Act No. 7353 and Monetary Board Resolution No. 2204 S-2016. ICCB officially commenced operations on December 1, 2017.

Question 3

Where is Ilocos Consolidated Cooperative Bank headquartered?

Accepted Answer

ICCB's corporate head office is located at Bagani Campo, Candon City, Ilocos Sur, Philippines. The bank's Tax Identification Number is 709-615-877-000, and it holds business licenses from the Local Government Unit of Candon City.

Question 4

Where does Ilocos Consolidated Cooperative Bank operate?

Accepted Answer

ICCB operates primarily across the Ilocos region and adjacent provinces in Northern Luzon. When it began operations on December 1, 2017, the bank launched with ten branches located in San Nicolas, Laoag, Marcos, Batac, Bangui, Solsona, and Sinait in Ilocos Norte, Bantay in Ilocos Sur, Bangued in Abra, and San Juan in La Union.

The bank has since expanded its branch network to include additional locations in Pangasinan, including branches in San Carlos and Villasis, reflecting its strategic goal to serve a broader community of cooperatives and members throughout Northern Luzon.

Question 5

What services does Ilocos Consolidated Cooperative Bank offer?

Accepted Answer

ICCB offers a range of financial services tailored to cooperatives and individual members, including:

Deposit Services: Savings accounts, time deposits, and capital build-up programs for cooperative members.

Lending Services: Loan products for cooperatives, farmers, fisherfolk, micro, small and medium enterprises (MSMEs), market vendors, overseas Filipino workers (OFWs), and tricycle operators and drivers associations (TODAs). The bank provides various loan purposes including livelihood, business expansion, and personal financing.

Microfinance Programs: Partnerships with local government units for livelihood empowerment and development services, including endorsement programs for registered business owners and community members.

Investment Opportunities: Common shares of stock with historical dividend rates ranging from 5% to 7% per annum, allowing cooperatives and members to participate in the bank's growth.

Question 6

What makes Ilocos Consolidated Cooperative Bank unique?

Accepted Answer

ICCB stands out as a successful example of cooperative bank consolidation in the Philippines. The bank was formed specifically to strengthen the financial capacity and bargaining power of cooperative banks in the region, demonstrating the cooperative principle of "unity through consolidation."

The bank serves a unique membership base of 133 active cooperatives (as of December 2017), functioning as a cooperative of cooperatives. This structure allows ICCB to pool resources and provide enhanced financial services to the broader cooperative movement.

ICCB maintains strong regulatory compliance, achieving a capital adequacy ratio significantly above BSP requirements from its inception. The bank's tagline "sa ICCB: kuntento kana, asenso ka pa" (at ICCB: you're satisfied, and you prosper further) reflects its commitment to member prosperity.

The bank actively partners with local government units to deliver livelihood and microfinance programs, extending financial access to underserved sectors including farmers, fisherfolk, and small entrepreneurs across Northern Luzon.

Question 7

What type of financial institution is Ilocos Consolidated Cooperative Bank?

Accepted Answer

Ilocos Consolidated Cooperative Bank is classified as a Cooperative Bank in the Philippines. Cooperative banks in the Philippine banking system are specialized financial institutions organized and operated by cooperatives to serve the financial needs of their member-cooperatives and individual members.

ICCB operates under the regulatory oversight of Bangko Sentral ng Pilipinas (BSP) pursuant to Republic Act No. 7353, the law governing rural and cooperative banks in the Philippines. The bank is also registered with the Cooperative Development Authority (CDA), the government agency that regulates all cooperatives in the country.

As a cooperative bank, ICCB is member-owned and follows cooperative principles of democratic governance, with member-cooperatives participating in decision-making through General Assembly meetings. The bank is also insured by the Philippine Deposit Insurance Corporation (PDIC), which approved the consolidation under PDIC Board Resolution No. 2014-08-175.

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