Plantersbank
Plantersbank was a Philippine private development bank focused primarily on small and medium-sized enterprises.
Last updated August 31, 2026
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Overview
Plantersbank, formally known as Planters Development Bank, was a Philippine private development bank that specialized in serving small and medium-sized enterprises (SMEs), particularly businesses outside the country’s largest commercial centers. Its institutional roots lay in two Bulacan-based financial institutions: the Bulacan Development Bank, established in San Miguel in 1961, and the Bulacan Savings and Loan Association of Malolos. These institutions were oriented toward local entrepreneurs and countryside businesses, giving Plantersbank a long-standing identity as a development-oriented lender rather than a mass-market universal bank. The Tambunting Group acquired the Bulacan Savings and Loan Association in July 1971 and took control of the Bulacan Development Bank in December 1972. The two institutions were combined in December 1975, with the Bulacan Development Bank continuing as the surviving entity. In 1976, it adopted the Planters Development Bank name. The bank initially operated from Baliuag, Bulacan, before transferring its headquarters to Makati in 1981 as it expanded its geographic and commercial reach. Growth came through branch expansion and the acquisition of other local banks. Over time, Plantersbank developed a nationwide presence and became one of the Philippines’ most prominent institutions dedicated to SME finance. Its customer base included entrepreneurs and firms requiring working capital, business loans, deposits, and other banking services. The bank’s development-bank positioning was closely associated with providing credit to enterprises that could be underserved by larger conventional banks. Plantersbank reached its peak as the largest private development bank in the Philippines. As of June 30, 2013, it was reported to have total assets of approximately 54 billion Philippine pesos, a loan portfolio of about 33 billion pesos, and deposits of roughly 44 billion pesos. At that point, it operated 78 branches and was described as a leading Philippine SME bank. In 2014, China Banking Corporation acquired Plantersbank, making it a subsidiary of the larger Philippine banking group. The transaction also brought Plantersbank’s branch network into the China Bank system. The Plantersbank brand did not continue as an independent banking institution, however. In 2016, it was merged into China Bank Savings, the savings-bank subsidiary of China Banking Corporation. The merger involved organizational restructuring and employee retrenchment, which prompted a labor protest and intervention by the Philippine Department of Labor and Employment. Following the merger, Plantersbank ceased to operate as a separate bank and became a historical brand associated with Philippine SME and development banking.
History
Plantersbank’s history began in Bulacan, a province north of Manila, with two local financial institutions serving regional entrepreneurs. The Bulacan Development Bank was established in San Miguel in 1961. The other predecessor was the Bulacan Savings and Loan Association, based in Malolos. Both institutions operated in a market where small business owners and countryside enterprises often had more limited access to formal credit than larger companies concentrated in Manila. The Tambunting Group acquired the Bulacan Savings and Loan Association in July 1971 and assumed control of the Bulacan Development Bank in December 1972. The two institutions were consolidated in December 1975, with the Bulacan Development Bank remaining as the surviving legal entity. The surviving bank was renamed Planters Development Bank in 1976. The new identity reflected an ambition to build a broader development-bank franchise while retaining a strong connection to local enterprise and agricultural or provincial economies. The bank’s first headquarters under the Planters Development Bank identity was in Baliuag, Bulacan. In 1981, it moved its headquarters to Makati, the principal financial district of Metro Manila. This relocation accompanied a period of expansion in which Plantersbank opened branches and acquired other local banks. The strategy allowed it to extend beyond its original Bulacan base while maintaining its focus on SME and development lending. Plantersbank gradually became one of the country’s most important private development banks. Its business model was built around lending and banking services for small and medium-sized enterprises, including firms that required operating finance, investment capital, and deposit facilities. The institution’s branch-led expansion helped it reach entrepreneurs in multiple Philippine markets. At its height, it was described as the largest private development bank in the Philippines and a leading bank for SMEs. The bank reported substantial scale by June 30, 2013, with approximately 54 billion Philippine pesos in total assets, 33 billion pesos in total loans, and 44 billion pesos in deposits. It had 78 branches at the time it became part of China Banking Corporation. These figures illustrate the size reached by a specialized development-bank franchise before its change in ownership. In 2014, China Banking Corporation acquired Plantersbank. The acquisition brought the bank and its branch network into the China Bank group. Plantersbank nevertheless retained a separate identity only temporarily. In 2016, it was merged into China Bank Savings. The integration included a reorganization and employee retrenchment. A labor protest followed, with the Philippine Department of Labor and Employment involved in mediation. The 2016 merger ended Plantersbank’s existence as an independent banking institution. Its legacy is therefore tied to the development of Philippine SME finance: it began as a pair of provincial institutions, expanded into a national private development bank, became a major specialist lender, and ultimately was absorbed into a larger banking group.
- 2016
Merged into China Bank Savings
[1]Plantersbank was absorbed by China Bank Savings, ending its operation as a separate bank.
- 2014
Becomes a China Banking Corporation subsidiary
[1]China Banking Corporation acquired Plantersbank and incorporated its branch network into the China Bank system.
- 2013
Bank reaches major operating scale
[1]As of June 30, Plantersbank was reported to have approximately 54 billion pesos in assets, 33 billion pesos in loans, 44 billion pesos in deposits, and 78 branches.
- 1981
Headquarters moves to Makati
[1]Plantersbank transferred its headquarters from Baliuag to Makati as it expanded its banking operations.
- 1976
Planters Development Bank name adopted
[1]The surviving Bulacan Development Bank was renamed Planters Development Bank.
- 1975
Predecessor banks merge
[1]The Bulacan Development Bank and Bulacan Savings and Loan Association were merged, with the former continuing as the surviving entity.
- 1972
Tambunting Group takes over Bulacan Development Bank
[1]The group took control of the Bulacan Development Bank in December.
- 1971
Tambunting Group acquires Bulacan Savings and Loan Association
[1]The Tambunting Group acquired the Bulacan Savings and Loan Association of Malolos in July.
- 1961
Bulacan Development Bank is established
[1]The Bulacan Development Bank was founded in San Miguel, Bulacan, forming one of the two predecessor institutions of Plantersbank.
Products and positioning
A Philippine private development bank centered on financing small and medium-sized enterprises and supporting entrepreneurs outside the country’s largest corporate markets.
Business banking
SME lending
SME lending was Plantersbank’s defining business area. The bank focused on providing financing to small and medium-sized Philippine enterprises, including entrepreneurs and firms that needed credit for working capital, business expansion, and ongoing operations. This specialization distinguished the institution from larger banks with broader corporate and consumer franchises.
Retail and business banking
Deposit accounts
Plantersbank offered deposit services to its business and other banking customers through its branch network. Deposits were an important part of its funding base; the bank was reported to hold approximately 44 billion Philippine pesos in deposits as of June 30, 2013.
Lending
Commercial and development loans
The bank’s broader lending activity supported enterprises in provincial and urban Philippine markets. Its development-bank orientation emphasized access to finance for businesses and entrepreneurs, while its commercial lending operations helped it serve a wider range of established firms.
Brand decisions
2016
Merger into China Bank SavingsM&ABackground
Following the 2014 acquisition, China Banking Corporation reorganized its banking operations and integrated Plantersbank into its savings-bank subsidiary.
Action taken
Plantersbank was merged with China Bank Savings and ceased to operate as an independent bank.
Aftermath
The integration and employee retrenchment prompted a labor protest that was mediated by the Philippine Department of Labor and Employment.
2014
China Banking Corporation acquisitionM&ABackground
Plantersbank had grown into a major private development bank and specialist SME lender before becoming part of a larger Philippine banking group.
Action taken
China Banking Corporation acquired Plantersbank and brought its 78 branches into the China Bank network.
Aftermath
Plantersbank operated as a China Banking Corporation subsidiary before its subsequent merger into China Bank Savings.
Recent events
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