One of the objectives of the primary cooperatives in Quezon Province is to put up a bank that will answer to the financial needs of the cooperatives and their members, a bank that will provide the support funds needed to put up livelihood projects that will not only provide employment but also uplift the poor from poverty and for them to be able to cope with the day-to-day existence.
This noble endeavor came to life after a series of consultation meetings with top brass persons knowledgeable in banking. Spearheading the Ad Hoc Committee in creation of the Coopbank was Dr. Severino Vergara, Area Manager of Land Bank of the Philippines for Region IV with the assistance of Mr. Lope Ibarrola, Executive Director of the Quezon Federation & Union of Cooperatives to put up One Million Two Hundred Fifty Thousand Pesos (P1,250,000.00), the capital requirement of the Central Bank of the Philippines to operate a bank.
The first twenty (20) cooperative members of the Coopbank of Quezon Province were as follows: Ating Kooperatiba, Inc. – Tagkawayan, Quezon; San Luis Development – Lucban, Quezon; Mt. Carmel Development Cooperative, Inc. – Lucena City; Quezon Federation & Union of Cooperatives, Inc. – Lucena City; Farmers Multi-Purpose Cooperative of Sampaloc – Sampaloc, Quezon; St. Jude Multi-Purpose Cooperative, Inc. – Lucena City; Lutucan Multi-Purpose Cooperatve – Lutucan, Sariaya, Quezon; St. Peter the Apostle Development Cooperatives, Inc. – Mulanay, Quezon; Ajos Multi-Purpose Cooperative – Catanuan, Quezon; Banal ng Krus Credit Cooperative – Quezon, Quezon; Lucena Kilusan Bayan for Credit, Inc. – Lucena City; Lucban Federation of Farmers Association Multi-Purpose Cooperative – Lucban, Quezon; St. Therese Credit Cooperative – Lucena City; Lopez Quezon Credit Cooperative – Lopez, Quezon; Kilusang Bayan Pampananalapi ng Sariaya – Sariaya, Quezon; San Andres Farmers Development Cooperative – San Andres, Quezon; and Mangalang Tulo-Tulo Multi-Purpose Cooperative – Sariaya, Quezon.
On November 18, 1991, the Cooperative Bank of Quezon Province, under R.A. 6938 known as the Cooperative Code of the Philippines, was issued a “Certificate of Authority” by the Central Bank of the Philippines per Monetary Board Resolution No. QC-Q12-FCB dated November 14, 1991.
The bank’s day-to-day operation was managed by its four (4) pioneer employees headed by Ms. Cecilia A. de Guzman, together with her subordinates – Ms. Melinda T. Ladines, Mr. Renato L. Obeňa, and Ms. Milagros O. Almira.
The members of the Ad Hoc Committee/Interim Board of Directors were (1) Mr. Vicente M. Olea, Chairman; (2) Mr. Victor Eleazar, Vice-Chairman; (3) Atty. Jorge B. Vargas, Secretary; (4) Mr. Bienvenido R. Ravida, Treasurer; (5) Fiscal Romeo A. Dato, Director; (6) Atty. Aristo M. Llamas, Director; (7) Mr. Julian A. Panergo, Director; (8) Mr. Severino J. Mancenido, Director; and (9) Mr. Fernando T. Profugo, Director.
The Bangko Sentral ng Pilipinas, thru its special committee following-up the growth of all 40 cooperative banks existing in the country, has COOPERATIVE BANK OF QUEZON PROVINCE in First Rank in Luzon and Rank 2 in the country, along with the Coopbank of Davao, Tagum in Mindanao and Coopbank of Aklan in the Visayas.