The Equitable-PCIB Employees Credit Cooperative or EPCIBECC informally started way back in 1969 when twelve(12) employees of the First Insular Bank of CEBU (FIBC) agreed to voluntarily form a group and contribute an amount out of their salaries to a sinking fund. As the need arises, the members of this group would then borrow an amount from the sinking fund to be paid in semi-monthly installments with interest.
In 1970, this group, which had grown with 25 members and with a total capital contribution of Php775.00 decided to form a cooperative.
On September 14, 1971, the Articles of Incorporation and the By-Laws of the FIBC Employees’ Cooperative Credit Union, Inc. was approved by the Cooperative Administration Office in Manila.
Through the years, the First Insular Bank of Cebu (FIBC) and its successor banks underwent a series of mergers and consolidations, and while all these were happening, the coop likewise underwent a change in its registered cooperative name, each time adopting the name of the surviving bank.
In 1974, the First Insular Bank of Cebu (FIBC) merged with Bank of Asia (BA), with foreign bank partners, the Bank of America and the Dailchi Kangyo Bank. The surviving bank was named Insular Bank of Asia and America (IBAA). On July 30, 1981, the Amendments of Articles of Incorporation and By-Laws of IBAA Employees Credit Cooperative, Inc. was approved by the Ministry of Agriculture Region VII, Cebu City.
In 1986, Insular Bank of Asia and America (IBAA) merged with the Philippine Commercial International Bank (PCIBank). On September 6, 1989, the Amendments of Articles of Incorporation and By-Laws of PCIB Employees’ Credit Cooperative, Inc. was approved by the Ministry of Agriculture Region VII, Cebu City. And again, the coop amended its cooperative name to become Equitable PCIB with the Equitable Banking Corporation. The amendments to the Articles of Cooperative and By-Laws of Equitable-PCIB Employees Credit Cooperative was approved by the Cooperative Development Authority, Cebu Extension Office on March 11, 2004.
In compliance with Article 144 of RA 9520, a new Certificate of Registration was issued to Equitable-PCIB Employees’ Credit Cooperative by the Cooperative Development Authority (CDA) on October 5, 2009.
The coop was able to survive and withstand several crises:
1983 – Political crises (death of Ninoy Aquino)
1986 – EDSA 1 – People Power Revolution
1997 – Economic crises that hit Asia
2001 – EDSA 2 – ouster of Pres. Joseph Estrada