South Bank, Inc. was originally organized by a group of Cagayan de Oro businessmen. It was formerly named as Kagay-anon Rural Bank (Cagayan de Oro City) Inc., and the only rural banking institution in Cagayan de Oro City at that time when establishment of bank branches was not yet liberalized.
Sometime in 2000, the bank was acquired by the A Brown Group of Companies, the foremost real estate developer/owner of Xavier Estates and other real estate developments. It was spearheaded by Dr. Walter B. Brown. It was then a single-branch banking unit, and was renamed South Bank, Inc.
In 2004, the Bank was acquired by the Zealep Group led by Dr. Rafaelita P. Pelaez, and has since grown from one (1) single branch rural bank to seven (7) branches and a fully-organized Head Office.
As a leading countryside banking institution; the bank serves as catalyst for providing quality financial products and services to its clientele; an effective agent of financial inclusion even as it provides an environment to its employees to grow while ensuring maximum return on investments to its stockholders.
There are nine (9) members of the Board, headed by Dra. Rafaelita P. Pelaez, as Chairman and Mr. Wilhelmino R. Mendoza, as President and CEO. The Board has appointed three (3) independent Directors and there are five (5) non-Zealep related Board Members who compose the RPT Committee.
The Pelaez family owns a number of business concerns under the Zealep Group, the core business of which is education (Liceo de Cagayan University and American International Education, Inc.), real estate, finance, among others.
The President and CEO, Wilhelmino R. Mendoza, formerly First Vice President and Area Head of BDO, Region Head of Solidbank and Land Bank of the Philippines is noted for his professionalism, integrity, probity and individual advocacies.