The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, closed Bulacan-based East Coast Rural Bank of Hagonoy Inc. because of unsound financial condition.
East Coast Rural Bank became the seventh lender shut down by the board since the start of the year.
The board prohibited the rural bank from doing business and directed Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of the bank. The state-run PDIC took over the bank on May 31, 2019.
East Coast Rural Bank of Hagonoy Inc. is a single-unit rural bank located at HRBI Compound, G. Panganiban St., Barangay Santo Niño (Poblacion), Hagonoy, Bulacan.
Latest available records show that as of March 31, 2019, the rural bank had 1,412 deposit accounts with total deposit liabilities of P122 million. Abpout 91.36 percent or P111.4 million are insured deposits.
PDIC assured depositors all valid deposits and claims would be paid to the maximum deposit insurance coverage of P500,000.