Question 1

What is United Coconut Planters Bank (UCPB)?

Accepted Answer

United Coconut Planters Bank (UCPB), also known by its former name "Cocobank," was a Filipino government-owned universal bank and one of the largest banks in the Philippines, ranking within the top twenty banks in the country by assets. The bank specialized in serving coconut farmers and related communities while also providing comprehensive banking services to a wide-ranging retail and commercial clientele.

UCPB was the only universal bank not listed on the Philippine Stock Exchange. Effective March 1, 2022, UCPB merged with Land Bank of the Philippines (LBP), with LBP as the surviving entity.

Question 2

When was United Coconut Planters Bank (UCPB) founded?

Accepted Answer

UCPB's origins trace back to May 15, 1963, when it was established as First United Bank (Philippines), a small commercial bank with only four branches. The bank's transformation into UCPB came through Presidential Decree No. 755, signed by President Ferdinand Marcos on July 29, 1975.

This decree instructed the Philippine Coconut Authority (PCA), headed by Juan Ponce Enrile, to provide readily available credit facilities to coconut farmers at preferential rates. The PCA subsequently purchased 72.2% of First United Bank owned by Jose Cojuangco, transforming it into the United Coconut Planters Bank. The bank officially became a commercial bank in 1981 and later evolved into a universal bank.

Question 3

When did United Coconut Planters Bank (UCPB) close?

Accepted Answer

UCPB ceased operations as an independent entity on March 1, 2022, when it merged with Land Bank of the Philippines (LBP) following Executive Order No. 142 signed by President Rodrigo Duterte on June 25, 2021. In July 2020, the Philippine government raised its stake in UCPB to 97%, converting it to a government-controlled bank before the eventual merger.

As of February 2024, UCPB Savings Bank continues to survive as a wholly-owned subsidiary of LBP, operating as its thrift bank affiliate. However, UCPB Savings Bank was placed up for sale in October 2024.

Question 4

Where was United Coconut Planters Bank (UCPB) headquartered?

Accepted Answer

UCPB was headquartered at 7907 Makati Avenue, Makati City, Philippines, located in front of the Mandarin Oriental Hotel. The main office branch operated from the UCPB Executive Offices Building on Makati Avenue.

Makati City served as the bank's primary business center, with multiple branches concentrated in this key financial district of Metro Manila.

Question 5

Where did United Coconut Planters Bank (UCPB) operate?

Accepted Answer

UCPB operated extensively throughout the Philippines with a significant national footprint. At its peak, the bank maintained 188 branches and 279 ATMs across the country.

The bank had particularly strong presence in Metro Manila, with numerous branches in Makati, Manila, Quezon City, Pasig, Taguig, and surrounding areas. UCPB also maintained substantial operations in major provincial cities including Iloilo City, Cagayan de Oro City, Iligan City, Davao City, Cebu City, and other key urban centers throughout Luzon, Visayas, and Mindanao regions.

Question 6

What services did United Coconut Planters Bank (UCPB) offer?

Accepted Answer

UCPB offered comprehensive universal banking services including retail banking, commercial banking, and investment services. Personal banking products included various savings accounts (regular, passbook, ATM-enabled, children's accounts), checking accounts, foreign currency accounts (USD), and certificates of time deposit in both peso and US dollar denominations.

The bank provided credit cards, consumer loans, foreign exchange services, remittance services, bill payment facilities, and treasury services. For institutional clients, UCPB offered commercial lending, corporate banking, and trust services.

Investment products included Unit Investment Trust Funds (UITFs) covering cash funds, peso bond funds, equity funds, and US money market funds, as well as government securities and corporate bonds. UCPB was a pioneer in ATM services in the Philippines, offering ATM services since the 1980s and co-founding MegaLink in 1990, one of the three main interbank networks in the country. The bank later joined BancNet in 2015.

Question 7

What made United Coconut Planters Bank (UCPB) unique?

Accepted Answer

UCPB's most distinctive feature was its historic mission to serve coconut farmers and the coconut industry, providing preferential credit facilities to this agricultural sector. This agricultural banking focus, combined with full universal banking capabilities, made UCPB unique among Philippine banks.

UCPB was one of the first financial institutions in the Philippines to offer ATM services in the 1980s, demonstrating early technology adoption. The bank was also the only universal bank to have a rural banking subsidiary, which was later merged into its thrift banking operations in 2005.

UCPB was heavily involved in social development projects and charity work, reflecting its government-mandated mission to support underserved communities. The bank was also notable as the only universal bank not listed on the Philippine Stock Exchange prior to its merger with Land Bank.

Question 8

What type of financial institution was United Coconut Planters Bank (UCPB)?

Accepted Answer

UCPB was classified as a universal bank under Philippine banking regulations. Universal banks in the Philippines are authorized to exercise the powers of a commercial bank, an investment house, and other financial intermediaries, providing the broadest range of banking services.

UCPB competed with other major universal banks such as Metrobank, Banco de Oro (BDO), Bank of the Philippine Islands (BPI), PNB, and EastWest Bank. After becoming a government-controlled bank in 2020, UCPB joined the category of state-owned banks alongside Land Bank of the Philippines, Development Bank of the Philippines, and Overseas Filipino Bank before its eventual merger with Land Bank in 2022.

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