The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, closed another financially-ailing rural bank in Quezon City, bringing to 12 the number of closed banks this year.
The board prohibited San Francisco Del Monte Rural Bank Inc. from doing business in the Philippines.
It issued a resolution on Nov. 8 directing the Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank the following day.
San Francisco Del Monte Rural Bank is a single-unit rural bank located at Del Monte Ave. corner San Pedro Bautista St., in Barangay Damayan, 1st District, Quezon City.
Latest available records showed that as of June 30, the bank had 2,043 deposit accounts with total deposit liabilities of P284.03 million. Total insured deposits amounted to P281.58 million, or equivalent to 99.14 percent of total deposits.