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Monday, January 11, 2010

Another First: FMDC Merges With FICCO

By: Isagani B. Daba (FICCO BOD Chairman)

The Filipino Merchants Development Cooperative (FMDC) of Bankerohan finally found an able partner in FICCO – this, after two failed attempts to join forces with other coops in Davao City.

In a simple signing ceremony held at the Vanda function room of Apo View Hotel last 24 November 2009, FMDC and FICCO formalized the merger by signing a Merger Agreement in the presence of CDA Region 11 Director, Ms. Elma Oguis, who was invited as the guest of honor.

FICCO Chairman Isagani Daba signed the agreement on behalf of the largest community cooperative in the country, while Chairman Leonardo Lapuz represented FMDC. Signing as witnesses were CDA Dir. Oguis, FICCO CEO Vicente Rana and FMDC Manager Romeo Lacuna. Also present during the ceremony were FICCO Directors Jake Cornito and Arturo Aldamia, FICCO Regional Manager Elmo Bautista, and FICCO Davao Branch Manager Ellen Dizon.

The following FMDC officers were also on hand to witness the historic occasion: Vice Chair Efren Balatico and BOD members Julieta Mendros, Elsa Lofranco, and Samson de la Cruz.

Mr. Daba told the group that FICCO is also presently involved in the effort of consolidating three coop banks: the Coop Bank of Davao del Sur, the Coop Bank of Surigao del Sur, and the Misamis Occidental Coop Bank. He then explained that in a consolidation, all the participating entities will cease to exist while a new entity will emerge. In a merger, one of the participating entities will remain and will be the surviving company or cooperative. The others will cease operations.

FMDC will bring to the union its 1,000 members and P 30.0 million resources. This will increase FICCO’s assets to P 3.5 billion and membership to over 130,000.

FMDC’s membership welcomed the merger as an infusion of new life and hope to their coop that experienced financial difficulties in the last few years. FICCO’s proven management capability, visionary approach, financial muscle, and time-tested culture will all be drawn upon in turning around FMDC’s operations.

The merger is a first for FICCO, the first in Mindanao, and probably the first among credit coops in the country. This again proves FICCO’s pioneering spirit, helping a weak cooperative while at the same time working to achieve its vision of having a united and stronger coop movement. It is hoped that this move will inspire more mergers and consolidations among coops in the country.

4 comments:

Anonymous said...

i am a member of ficco and i never had an inconvenient experience not until yesterday...i just want to comment on your customer service...some are good but some also doesn't have customer satisfaction...especially if the customer is from other branch...i think you should practice customer satisfaction quality especially General Managers...i still look forward for a better quality service...my expression of inconvenience will really affect my decision to continue my support or not...my overall assessment is "I AM NOT HAPPY WITH THE SERVICE". i am sorry but you need to correct this so you wont lose your customers.thank u

Anonymous said...

I became a member last March in Davao City branch.I kept on calling but the number is not available always.

Toti said...

Thank you for your concern and Im sorry for this very late reply as I was planning to transfer this site I was suspended in other site's blog service. Anyway, I will forward your concern to our CEO and have all managers inform about this.

If you have more concern feel free to directly email me at toti.patrimonio@gmail.com or text 09177160347

Toti said...

Branch Manager of FICCO Davao is MR ReyJude Abrea if you have concern please feel free to call him at 09189135653 of his Accountant Mr Rene Joson at 09086443586