The Securities & Exchange Commission (SEC) has approved Philippine Veterans Bank's (PVB) application to merge with its subsidiary, Teachers Development Bank (TDB) with Veterans Bank as the surviving entity. PVB owns 99.51% of TDB. Earlier, both the Bangko Sentral ng Pilipinas (BSP) and Philippine Deposit Insurance Corporation (PDIC) have given their respective approvals on the merger.
Based on its latest audited financial statements as of June 30, 2004; TDB has total assets of P94.3 million, liabilities of P56.8 million and capital of P37.5 million. It has two (2) branches: one in Imus, Cavite and the other in Naga City.
PVB said that the merger was a move to consolidate its resources that would enable the bank to better service the needs of its growing clientele from both the private and government sectors.
On the other hand, PVB total assets as of the 1st quarter of 2005 stood at P21.03 billion, and P3.8 billion in capitalization. PVB is a private, commercial bank with 43 branches nationwide catering to both private and government markets. PVB is still looking at expanding its branch network.
Philippine Veterans Bank is owned by some 300,000 World War II veterans, widows and their heirs. As part of its charter, PVB provides 20 percent of its net income yearly to programs for the benefit and welfare of its shareholders. These are being used to support two major initiatives to address the pressing needs of our WW2 veterans today through the Board of Trustees for the Veterans of World War II (BTVWWII).
The two initiatives are are Veterans Federation of the Philippines (VFP) Out-Patient Center and VFP War Museum, Library and Archives, a repository of war memorabilia and a state-of-the-art showcase of the veterans' heroism for today's generation. The Out-Patient Center, on the other hand, is a modern medical facility that provides free medicine, medical and dental care to elderly veterans, conceived to decongest the government-run Veterans Memorial Medical Center or VMMC.
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