Legazpi Savings Bank, Inc.

Legazpi Savings Bank, Inc.

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Legazpi Savings Bank, Inc. (LSB) was founded by prominent families in the province on May 8, 1976. The Bank operated as Thrift Bank at the Los Baños Building along the corner of Rizal and Mabini Streets in Legazpi City. Eight officers and staff then manned LSB.

Deposits and loans to the public were its primary line of service. Management was under Mr. Luis S. Los Baños as its founding Chairman and President.

In 1993, the family of Don Alfonso Bichara of Ligao, Albay took control of the Bank and started its expansion in accordance with the mandate of the Bangko Sentral ng Pilipinas.

Its authorized capital stock was increased to PhP12 million, and in 1996, it was again increased to PhP100 million. In 1997, the Bank started to branch out throughout Albay and the Bicol Region.

Today, Legazpi Savings Bank, Inc. has eleven existing branches with Albay District as its Main Branch, Daraga, Tabaco, Polangui and Guinobatan – all in the province of Albay; Sorsogon; Daet, Camarines Norte; Virac, Catanduanes; Masbate and Naga.

Years passed, the banking environment became tougher for LSB to sustain its operations. Saddled with high non-earning assets and high interest rates on bought funds, the Bank’s margins began to deteriorate until it cannot anymore maintain the required capital level. So in 2012, Robinsons Bank Corporation (RBC) came into the picture offering equity infusion into LSB in exchange for the sale of 100% of its common and preferred shares.

In December 2012, RBC secured the final approval from the Bangko Sentral ng Pilipinas to acquire a “substantial controlling interest” in LSB; hence, making Legazpi Savings Bank, Inc. officially a subsidiary of Robinsons Bank.

Bicol Region
Banking and Financial services
From 201 to 500 workers

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