ECCOBANK, short name for Electric Cooperatives and Consumer-Owned Bank, was established in 2020 with the collaboration of the former New Covenant Bank Inc. (A Rural Bank) (NCBI) and the Rural Electrification Financing Corporation (REFC).

With the acquisition of a majority shares by REFC in the former NCBI, the new ECCOBANK now has stronger financial muscle to expand the scope of its financial services.

Since June 10, 2009, NCBI has been helping small farmers, fisherfolks, and small agriculture-related entrepreneurs in their financing needs. ECCOBANK continued with what NCBI effectively started, and now includes banking services tailored to the rural electrification sector, such as electric cooperatives and its member-consumer-owners.

The synergy created with the substantial capital infusion of the REFC into ECCOBANK is gradually generating an impact in the rural banking community as more innovative products and services are offered to meet the financing needs of a wider market. ECCOBANK is also prepared to penetrate changing market conditions, embarking on the digitization of its processes and product offerings to remain highly responsive to the demands and requirements of its customers.