THRIFT BANKS

DENJAY

Definition of Thrift Bank

A financial institution focusing on taking deposits and originating home mortgages. Thrift banks often have access to lowcost funding from Federal Home Loan Banks, which allows for higher savings account yields to customers and increased liquidity for mortgage loans.

Definition of Thrift Bank

Also known as "savings and loan associations". Smaller than retail and commercial banks. Aims to provide low-cost mortgages and high interest rate savings and checking accounts.

Who can use a Thrift Bank?

Thrift banks can be used by anyone who wants no-frills banking services within their local community For the average bank user they can be very beneficial. They often offer high interest rates and great deals on mortgages.

Are thrift banks government banks?

Are not usually owned by the government. Deposits made into a thrift bank are normally protected by a government.

Function
The main function of a thrift bank is to provide their customers and users with mortgages, and to take deposits for banking conventions such as savings accounts.

Republic Act No. 7906 Thrift Banks Act of 1995

AN ACT PROVIDING FOR THE REGULATION OF THE ORGANIZATION AND OPERATIONS OF THRIFT BANKS, AND FOR OTHER PURPOSES.

DECLARATION OF POLICY AND DEFINITIONS Section 1. Title. This Act shall be known and cited as the "Thrift Banks Act of 1995." Sec. 2. Declaration of Policy. It is hereby declared the policy of the State to:

(a) Recognize the indispensable role of the private sector, to encourage private enterprise, and to provide incentives to needed investments; (b) Promote economic development pursuant to the socioeconomic program of the government, to expand industrial and agricultural growth, to encourage the establishment of more private thrift banks in order to meet the needs for capital, personal and investment credit or medium- and long-term loans for Filipino entrepreneurs;

(c) Encourage and assist the establishment of thrift bank system which will promote agriculture and industry and at the same time place within easy reach of the people the medium-and long-term credit facilities at reasonable cost; (d) Encourage industry, frugality and the accumulation of savings among the public, and the members and stockholders of thrift banks; and

(e) Regulate and supervise the activities of thrift banks in order to place their operations on a sound, stable and efficient basis and to curtail or prevent acts or practices which are prejudicial to the public interest.

Top 27 Savings Banks or Thrift Banks in the Philippines

1. Philippine Savings Bank (PSBank) 2. BPI Family Savings Bank 3. RCBC Savings Bank, Inc. 4. Planters Development Bank 5. Banco Filipino Savings and Mortgage Bank
Note: Banco Filipino closed on March 15, 2011 because of lack of cash to fund withdrawals. This bank also closed from 1985 to 1992.

6. Producers Savings Bank Corporation 7. Philippine Business Bank, Inc., A Savings Bank 8. Robinsons Savings Bank Corporation 9. First Consolidated Bank, Inc. (A Private Devt. Bank) 10. Citibank Savings, Inc.

11. 12. 13. 14. 15. 16. 17.

Premiere Development Bank Luzon Development Bank UCPB Savings Bank Asiatrust Development Bank Philippine Postal Savings Bank Citystate Savings Bank, Inc. The Real Bank (A Thrift Bank), Inc.

18. Opportunity Kauswagan Bank, Inc. (A Microfinance TB) 19. Sterling Bank of Asia, Inc. (A Savings Bank) 20. Allied Savings Bank 21. GSIS Family Bank, A Thrift Bank 22. Equicom Savings Bank, Inc. 23. HSBC Savings Bank (Phils), Inc.

24. Malayan Bank Savings and Mortgage Bank 25. Queen City Development Bank 26. Legazpi Savings Bank, Inc. 27. Wealth Bank A Development Bank

Top Four Savings Banks or Thrift Banks

Based on total assets as of June 2010, the top four savings banks or thrift banks are: 1. BPI Family Savings Bank 124.1 billion pesos in total assets and 10.73 billion pesos in total stockholders equity 2. Philippine Savings Bank 89.15 billion pesos in total assets and 9.56 billion pesos in stockholders equity

3. Planters Development Bank 48.72 billion pesos in total assets and 3.6 billion pesos in stockholders equity 4. RCBC Savings Bank, Inc. 47.22 billion in total assets and 6.24 billion in stockholders equity Asset data for 5th-placer and 6th-placer in number of offices were not provided: 5th Banco Filipino Savings and Mortgage Bank 6th Producers Savings Bank Corporation