Dominic Edgard A. Cabangon has resigned as chairman and director of Citystate Savings Bank, effective February 25, citing personal reasons.
Cabangon is the son of Antonio Cabangon Chua, founder of the ALC Group. His departure leaves the bank temporarily without a chairman, as the board has yet to appoint a replacement.
On the same day, the board elected William Matthew M. Cabangon as a new director. He is currently president of AAA Southeast Equities, a trading participant of the Philippine Stock Exchange. He also serves on the boards of several non-bank financial institutions.
Matthew Cabangon graduated in 2015 from the Wharton School of the University of Pennsylvania with a degree in economics, focusing on finance and marketing.
The leadership change signals a transition period for Citystate Savings Bank. While the bank continues operations as usual, it will need to appoint a new chairman to provide strategic direction. The addition of William Matthew Cabangon to the board suggests continued involvement of the Cabangon family in the bank’s leadership, potentially maintaining stability within the broader ALC Group.
