Green Bank

Green Bank may refer to:

See also

EastWest Rural Bank

EastWest Rural Bank, Inc. is a subsidiary of EastWest Unibank. It was formerly known as Green Bank (also known as the Rural Green Bank of Caraga), was a Philippine rural bank based in Butuan City, Agusan del Norte that was acquired by EastWest Unibank alongside with FinMan Bank, a rural bank based in Pasig City in 2013.

Prior to its acquisition it was the largest bank in the Caraga region in terms of assets, and it had 46 branches. It was also one of three rural banks to be affiliated with the Philippine interbank network BancNet since 2006.

History

Green Bank was incorporated with the Filipino Securities and Exchange Commission as the Rural Bank of Nasipit on June 20, 1974. The bank commenced actual operations on April 5, 1975, originally to serve the municipality of Nasipit.

The bank took advantage of a government rediscounting program called Masagana 99, with the intention of helping poor farmers gain access to credit. However, in the 1980s, with the plunge of the Philippine economy into recession and the assassination of Benigno Aquino, Jr., Green Bank suffered a very high non-performing loan ratio due to the inability of its farmer-debtors to pay off their Masagana 99 loans. For the next few years, the bank's financial standing gradually deteriorated.