The United Coconut Planters Bank, more popularly known by its initials, UCPB, or by its old name, Cocobank, was a government-owned bank and was one of the largest banks in the Philippines, ranking within the top twenty banks in the country in terms of assets. It was the only existing universal bank not listed on the Philippine Stock Exchange. The bank, owing to its name, catered heavily to coconut farmers, but also served a wide-ranging clientele.
In July 2020, the Philippine government raised its stake with the bank to 97%, thus resulting for its conversion to a government controlled bank.[1][4]
Effective March 1, 2022, UCPB merged with Land Bank of the Philippines, with Land Bank as the surviving entity.
As of February 1, 2024, UCPB Savings Bank still survives as a wholly-owned subsidiary of Land Bank of the Philippines as its Thrift Bank affiliate.
History
The last incarnation of the original logo of UCPB, which lasted from the 1980s until 2009.
UCPB's origin can be found in Presidential Decree No. 755 (or P.D. No. 755) by President Ferdinand Marcos on July 29, 1975, instructed the Philippine Coconut Authority (PCA) to "formulate and recommend for adoption credit policies affecting production, marketing and processing of coconut and other palm oils" and "to provide readily available credit facilities to the coconut farmers at preferential rates."[6] The PCA, headed by Juan Ponce Enrile, then purchased the 72.2% of First United Bank owned by Jose Cojuangco.[7]
Cocobank was the official short bank name in the 1980s and the early 1990s.
The bank was also heavily involved in social development projects and other charity works. It had a total at its peak, 188 branches and 279 ATMs nationwide. It is also the only universal bank to have a rural banking subsidiary, although this has since been merged into its thrift banking operations since late 2005. On November, the last quarter of 2015, UCPB became a member of BancNet.
In 2018, the bank started its conversion to a government bank, joining the league of LandBank, Development Bank of the Philippines and Overseas Filipino Bank. Later in 2020, the Philippine government dropped the privatization plans of the bank by further raising its stake of ownership from 75% to 97%, thus resulting furthermore for UCPB in becoming a state-owned and controlled bank.[1][4]
) (2015) [1].png)
