Citystate Savings gets BSP okay to put up 5 branches

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has approved the application of Citystate Savings Bank Inc. to put up five more branches in key provinces in the country.

The new branches will be located in Batangas City; Dagupan City, Pangasinan; Sta. Rosa City, Laguna; Malasiqui, Pangasinan; and Puerto Princesa, Palawan.

The BSP said the new branches shall be opened within three years from date of approval and shall not be subject to any extension.

Citystate would have to pay P500,000 for the five approved branches to be deducted from its demand deposit account maintained with the BSP.

“Failure to open the approved branches within the three-year period for whatever reason, shall result in the revocation of Citystate’s authority to open such branches and forfeiture of the corresponding processing fee paid,” the BSP said.

In the first half of the year, Citystate incurred a net loss of P7.720 million, a reversal from a net income of P890,000 in the same period in 2011.

The bank, controlled by the family of Amb. Antonio Cabangon-Chua, got its thrift bank license in August 1997. By November 2001, the bank listed its shares at the Philippine Stock Exchange.

At present, it has 25 branches and 27 on-site and 10 off-site automated teller machines strategically located in key cities and municipalities within Metro Manila and provincial areas.