Security Bank acquires Premiere Development Bank

Security Bank announced today, Thursday, its acquisition of 98% of the outstanding capital stock of Premiere Development Bank and its intention to acquire the remaining 2% of outstanding shares.  The transaction was priced at P 1.3 billion or 1.6x book value of Premiere Bank as of December 2010. Premiere Development Bank (PDB) is a private development bank incorporated in 1960 by Dr. Procopio C. Reyes under the name of Pasay City Development Bank.  Its head office is located at Edsa cor. Magallanes Avenue, Makati City.  The major selling shareholders of Premiere Bank include the Puyat-Reyes Family, the Madrigal-Gonzales Family and the Rohatyn Group, a New York-based private investment firm specializing in emerging markets with US$ 3.0 billion in funds under management. Security Bank

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