On the same date, the new members of the Plantersbank board were elected, and officers of China Bank and CBS were appointed to various board/management committees of Plantersbank. Integration activities have commenced and China Bank is preparing for the tender offer to the minority shareholders of the remaining 15.23% Plantersbank stock. Plantersbank is a good strategic fit with China Bank as both banks share the same strong commitment to SME finance. The acquisition bolsters China Bank's current strategy in two areas: growing its middle market/SME portfolio and accelerating its network expansion program. As of March 31, 2014, China Bank has P455 billion in resources combined with Plantersbank, ranking fifth largest among domestic private commercial banks in the Philippines; and has 450 branches nationwide (299 China Bank, 73 China Bank Savings, and 78 Plantersbank). Plantersbank was to continue to operate as a separate entity under the China Bank Group for about a year. China Bank was given three years from the date of the BSP approval, which means up to December 13, 2016, to complete the merger. China Bank raised P8 billion from its stock rights offering, issuing 161,609,878 shares at P49.50 per share. The shares were listed at the Philippine Stock Exchange on May 13, 2014. The fresh equity will be used to fund the growth in the Bank's loan portfolio, branch network expansion, and technology upgrades. China Bank is the last major bank to raise capital in recent years. The P8-billion stock rights offer marks the first time that China Bank raised capital from stockholders since it had its stock rights offer in August 1996 and March 1997, right before the Asian crisis. Since the start of its branch expansion program in 2006, China Bank has more than doubled its asset size, market reach, and branch network without having to go back to its shareholders for additional capital, until this year's stock rights offering. At its 2014 stockholders' meeting, China Bank declared P1.00 per share or 10% cash dividend for a total of P1.59 billion and an 8% stock dividend, and increased its authorized capital stock to P25 billion. The rights shares purchased by eligible shareholders at P49.50 per share are also entitled to the cash and stock dividends. China Bank is divided into the following subsidiaries and affiliates:  Ownership structure by family grouping as of June 2013: