{{use mdy dates|date=November 2021}} {{Infobox company | name = Plantersbank | logo = Plantersbank.png | founded = {{Start date and age|1961}} in San Miguel, Bulacan (as the BDB) | defunct = {{End date and age|2016}} | fate = merged with Chinabank Savings | predecessors = Bulacan Development Bank<br />Bulacan Savings and Loan Association | successor = Chinabank | hq_location_city = Makati | hq_location_country = Philippines | key_people = Jesus Tambunting, Chairman | industry = Finance and Insurance | products = Financial services | parent = China Banking Corporation
| | website = [https://web.archive.org/web/20150315021059/http://www.plantersbank.com.ph/ www.plantersbank.com.ph] (archived) }}
'''Planters Development Bank''', more commonly known as '''Plantersbank''', was a major private development bank in the Philippines which mainly catered to small and medium enterprises (SMEs). At its peak, it was the largest private development bank in the country. It was a China Banking Corporation subsidiary from 2014 until it was merged to its parent company's savings bank in 2016.
==History== Businessman Jesus Tambunting is credited to have founded Planters Development Bank.<ref name="secseals">{{cite news |title=SEC seals China Bank-Plantersbank merger |url=https://www.manilatimes.net/2015/12/28/business/sec-seals-china-bank-plantersbank-merger/236674 |access-date=13 November 2021 |work=The Manila Times |date=28 December 2015 |language=en}}</ref><ref name="completes">{{cite news |last1=Dumlao |first1=Doris |title=China Bank Corp. completes takeover of Planters Bank |url=https://business.inquirer.net/160357/china-bank-corp-completes-takeover-of-planters-bank |access-date=13 November 2021 |work=Philippine Daily Inquirer |date=16 January 2014 |language=en}}</ref> The bank traces its roots to two banking institutions in Bulacan; the Bulacan Development Bank (BDB) which was founded in 1961 in San Miguel and the Bulacan Savings and Loan Association (BSLA) of Malolos.<ref name=about1>{{cite web |title=About Us |url=http://www.plantersbank.com.ph/about-us/ |publisher=Planters Development Bank |access-date=13 November 2021 |archive-url=https://web.archive.org/web/20110714154034/http://www.plantersbank.com.ph/about-us/ |archive-date=14 July 2011}}</ref> At least one these banks in Bulacan catered to entrepreneurs from the countryside who runs small and medium enterprises (SMEs).<ref>{{cite news |last1=Gonzalez |first1=Kristine |title=SME Banking: Triple bottom line solution |url=https://business.inquirer.net/85794/sme-banking-triple-bottom-line-solution |access-date=13 November 2021 |work=Philippine Daily Inquirer |date=6 October 2012 |language=en}}</ref>
The Tambunting Group acquired the BSLA in July 1971 took over the BDB in December 1972. The two banks merged in December 1975 with the BDB the surviving entity. The BDB was renamed the Planters Development Bank in 1976 and moved its headquarters to Baliuag. It moved its headquarters to Makati in 1981. It gradually grew by opening new branches and acquiring other local banks.<ref name=about1/>
In 2014, the bank became a subsidiary of China Banking Corporation of Henry Sy. Plantersbank's 78 branches at that time also became part of Chinabank.<ref name="secseals"/>
Plantersbank grew to be the largest private development bank and leading bank for SMEs in the Philippines with total assets of {{Philippine peso|54 billion}}, total loan portfolio of {{Philippine peso|33 billion}}, and deposits of {{Philippine peso|44 billion}} as of June 30, 2013.<ref name="completes"/>
In 2016, the bank was merged with China Bank Savings. The reorganization and retrenchment of employees caused a labor protest which was mediated by the Department of Labor and Employment.<ref name="abs1">{{cite news |title=BSP OKs China Bank, Plantersbank merger |url=https://www.abs-cbn.com/business/08/20/15/bsp-oks-china-bank-plantersbank-merger |access-date=13 November 2021 |work=ABS-CBN News |date=20 August 2015 |language=en}}</ref><ref>{{cite news |title=Ex-Plantersbank workers seek better terms from China Bank Savings |url=https://www.rappler.com/philippines/120715-plantersbank-china-bank-savings-better-terms-employees/ |access-date=13 November 2021 |work=Rappler |date=29 January 2016 |language=en}}</ref>
==References== {{reflist}}
{{Portal|Banks}}
{{Banks of the Philippines}} {{Authority control}}
Category:Banks of the Philippines Category:Companies based in Makati Category:Banks established in 1961 Category:Banks disestablished in 2016 Category:2016 disestablishments in the Philippines