Villarosa elected Security Bank prexy

Security Bank Corp. chairman Frederick Dy announced the election yesterday of Alberto S. Villarosa as the bank’s new president and chief executive officer effective as of the first banking day of January 2004, vice Rafael F. Simpao Jr. who has reached the mandatory retirement age.

Villarosa joined Security Bank as senior executive vice president and chief operating officer in October 2002, as part of the bank’s institutionalized corporate succession process.

Villarosa was formerly executive vice president and treasurer at the Bank of the Philippine Islands from 1996 up to the time of his transfer to Security Bank, and has served as director for the various subsidiaries of BPI.

He was formerly executive vice president, treasurer and head of Investment Banking for Citytrust Banking Corp. from 1987 up to the time of its merger with Bank of the Philippine Islands in 1996, and concurrently president of Citytrust Investment Corp. and Citytrust Securities Corp. He was formerly a vice president at Citibank N.A.

Simpao continues as member of the Security Bank board of directors and was elected as chairman of the executive committee.

Security Bank’s board commended and thanked Simpao for ably steering the bank during the critical periods in the history of the domestic economy, particularly during the Asian financial crisis in the late 1990s and for strengthening the bank’s balance sheet and asset quality indices.

Under Simpao, the Security Bank’s assets grew to current levels of P70 billion, the 10th largest in the industry, with capital funds at P10 billion.