In 1976, First United Bank, the banking concern Pepe built on his own after his ouster from the family owned Bank of Commerce which he saved from bankruptcy decades ago, was sold for an amicable amount to his nephew, Danding Cojuangco, who was then close to President Marcos, with both mothers being Ilocanas notwithstanding.
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At Bank of Commerce, where he and his brother Juan "Itoy" Cojuangco and nephews Ramon Cojuangco (later of PLDT; son of brother Antonio Cojuangco Sr) and Danding Cojuangco (eldest son of deceased brother Eduardo Cojuangco Sr) each owned equitable stakes, the last three factions planned a coup d’ etat by toppling him from the presidency of the said bank.
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Some blamed Danding Cojuangco since owning the hacienda would complement San Miguel and Ginebra’s ethyl, molasses and sugar needs.
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One, it helped that their cousin Danding Cojuangco was the de facto kingpin of Tarlac and his kind mother Josephine Murphy-Cojuangco was still cordial to them.
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In fact, Pepe and his wife Metring were not able to send Pepe’s younger brother Eduardo Sr. (Danding Cojuangco’s father) to the United States for treatment for the mere fact that they could not exchange their pesos to dollars.