THE Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, closed the financially-ailing Rural Bank of Loreto (Surigao del Norte) Inc., the first lender shut down this year.
The board directed state-run Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank on Feb.14, 2018.
Rural Bank of Loreto is a four-unit rural bank with head office in Purok 1, Barangay San Juan, San Jose, Dinagat Islands, Surigao del Norte. Its three other banking offices are located in Cagdianao, Libjo (Albor), and Loreto, all in Dinagat Islands.
Latest available records show Rural Bank of Loreto had 2,264 deposit accounts with total deposit liabilities of P5.95 million that as of Dec. 31, 201.