Security Bank Formalizes Acquisition of Premiere Development Bank

Security Bank Corporation (SBC) sealed the share purchase agreement with the owners and management of Premiere Development Bank (PDB) with the parties recently completing the signing of formal documents. Premiere Development Bank will be renamed Security Bank Savings upon the approval of the BSP and the Securities and Exchange Commission. SBC immediately expands its branch network by 30% with the 38 branches of PDB located within Metro Manila and the CALABARZON areas. The acquisition will allow SBC to serve the needs of a diverse market in the consumer and small and mid-sized business segments.