The bank, owing to its name, catered heavily to coconut farmers, but also served a wide-ranging clientele.

[1][4] Effective March 1, 2022, UCPB merged with Land Bank of the Philippines (LBP), with the latter as the surviving entity.

755) by President Ferdinand Marcos on July 29, 1975, instructed the Philippine Coconut Authority (PCA) to "formulate and recommend for adoption credit policies affecting production, marketing and processing of coconut and other palm oils" and "to provide readily available credit facilities to the coconut farmers at preferential rates.

"[8] The PCA, headed by Juan Ponce Enrile, then purchased the 72.2% of First United Bank owned by Jose Cojuangco.

The bank was also heavily involved in social development projects and other charity works.