Don Ramon Aboitiz and Teotimo 'Timo' Abellana cofounded City Savings Bank in December 1965 with a simple vision to "help people of moderate means." They wanted to offer financial assistance to those who contributed to their communities but had no access to banks and banking services.
With its basic philosophy of "Simple is Good", CitySavings offers its clients simple and straightforward banking, coupled with warm and helpful customer service.
CitySavings has retained this "small bank" personality while growing their network and embracing technology to offer their customers greater convenience. Their main market is public school teachers who they serve nationwide. What makes CitySavings unique is that the whole organization is geared towards making the financing experience for the teachers easy and convenient, ensuring "high touch" at any level of customer interaction.
City Savings Bank is the thrift bank subsidiary of Union Bank of the Philippines and a member of the Aboitiz Group. We have one of the best operating efficiencies, lowest non-performing loans and highest capitalization levels in the thrift banking industry.
From one branch built in 1966, we now have over 100 branches with more than 1,000 employees, stockholders equity of PhP 9.9B, and total resources of PhP 71.2B, many times doubled over the initial capital when we started. Our client base has increased to more than 300,000 borrowers from 3,568 while our number of depositors has reached to over 200,000 from only 2,735 since we started our business. (Figures as of October 2016)
In the service of God and His kingdom, City Savings Bank aspires to be the preferred institution in the areas where we operate within the domestic banking industry.
We are an engaged team of professionals committed to keeping things simple in creating superior customer satisfaction.
Cebu City Savings and Loan Association (CCSLA) was founded and incorporated by Don Ramon Aboitiz and Teotimo Abellana with a simple vision to "help people of moderate means"; Don Ramon Aboitiz serves as the first Chairman of the Board.
CCSLA starts operations on January 24 with an initial capital of PHP 500,000.00 at Juan Luna St., Cebu City.
CCSLA begins expansion and opens its second branch in Colon St., Cebu City; Ranked 1st among 23 savings and loan associations in the country; Ends the '60s with a branch network of 2 branches.
Don Eduardo Aboitiz becomes Chairman, succeeding his father, Ramon, who led the Board until 1974; CCSLA makes its first expansion outside Cebu and opens a branch in Tagbilaran City, Bohol.
CCSLA renames itself to City Savings and Loan Association, Inc. (CSLA); Philippine League of Savings and Loan Association recognizes the Bank for its "outstanding operational efficiency and exemplary performance and service." The Bank receives the recognition for eight consecutive years (1977 - 1984).
CSLA Board elects Teotimo Abellana as its first President; Ends the '70s with a branch network of 3 branches.
CSLA receives official recognition as a Thrift Bank and rebrands as City Savings Bank (CitySavings); CitySavings introduces its tagline "Pa gamay-gamay lang".
Cebu City Government honors CitySavings as the "most outstanding private institution in the field of banking and finance."
Jon Ramon Aboitiz takes over as Chairman, succeeding his father, Eduardo.
Enrique Abellana takes over as President, succeeding his father Teotimo who led the Bank for 16 years - the longest serving President to date.
CitySavings opens Fuente Osmeña branch, its first in uptown Cebu, to build the deposit base and expand its reach as it continues to remain faithful to Don Ramon's benevolence and vision to help the ordinary working man.
CitySavings' Corporate Head Office breaks ground exactly 30 years since operations began.
CitySavings inaugurates its Corporate Head Office at corner Osmeña Boulevard and P. Burgos St., Cebu City; First kiosk branch opens at the supermarket section of Gaisano Country Mall, Cebu City; Cebu Chamber of Commerce and Industry (CCCI) awards special citation to CitySavings for being a success story.
Rene Almendras takes over as President; CitySavings expands to Eastern Visayas and opens Ormoc branch in Leyte; Ends the '90s with a branch network of 5 branches.
Mikel Aboitiz takes over as President.
CitySavings inks a memorandum of agreement with DepEd to assist public school teachers with their financial needs.
CitySavings opens a branch in Iloilo City, Iloilo, and begins its expansion in the Western Visayas region.
Mikel Aboitiz becomes Chairman of the Board, succeeding his brother Jon who led the Board since 1986 - the longest serving Chairman to date; CitySavings enters Mindanao and establishes its branch in Davao City.
CitySavings further expands to Northern Mindanao and opens a branch in Cagayan de Oro City.
Erramon Aboitiz takes over as Chairman.
CitySavings becomes a member of Bancnet, the country's largest ATM network, and launches CSB Access to make banking more convenient.
Aboitiz Equity Ventures (AEV) fully acquires CitySavings and names it as the thrift bank unit of the Aboitiz Group; CitySavings enters Luzon and establishes its first branch in Calamba, Laguna; Ends the 2000s with a branch network of 25 branches.
CitySavings unveils its refreshed brand identity with its tagline "Simple Is Good" and brand promise of "Straightforward Banking" CitySavings establishes its foothold in the National Capital Region with the opening of its Ortigas branch in Pasig City; CitySavings further expands to Central Luzon and opens a branch in San Fernando, Pampanga.
CitySavings establishes footholds in the Ilocos and Bicol regions and opens branches in San Fernando City, La Union and Legazpi City, Albay.
UnionBank acquires CitySavings and consolidates AEV's banking units; Eugene Acevedo takes over as Chairman, succeeding Erramon Aboitiz; CitySavings expands its network in Cagayan Valley and opens a branch in Tuguegarao City, Cagayan.
CitySavings gains foothold in the Cordilleras and opens its 50th branch in Baguio City, Benguet; BIR LTD - Cebu recognizes CitySavings as one of its top collection contributors.
CitySavings raises P13.9 M for Aboitiz Foundation's #BangonVisayas campaign as a relief and rehabilitation response to the calamity brought by Super Typhoon Yolanda. This is the Bank's largest CSR effort to date; Ends 2013 with a branch network of 50 branches.
Catalino Abacan takes over as President; CitySavings receives P1 B investment from UnionBank as part of its expansion plans in 2014; BIR LTD - Cebu recognizes CitySavings as one of its top collection contributors for the second time.
CitySavings marks massive expansion and enters CARAGA, MIMAROPA, and SOCCSKSARGEN regions by opening branches in Butuan City, Agusan del Note; in Calapan City, Oriental Mindoro; and in General Santos City, South Cotabato; Ends 2014 with a branch network of 65 branches.
CitySavings marks its entry to Zamboanga Peninsula and opens a branch in Pagadian City, Zamboanga del Sur; Opens its 100th branch in Zamboanga City; Ends 2015 with a branch network of 84 branches and 16 Loans Processing Outlets.
CitySavings celebrates 50 years of keeping it simple.
City Savings Bank, Inc. (CitySavings) signs a Share Purchase Agreement (SPA) to acquire Philippine Resources Savings Bank (PR Savings).