The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, has closed another rural bank due to unsound financial condition, the fourth lender shut down since the start of the year.
The board said in a statement over the weekend it prohibited Iloilo City-based Valiant Bank Inc. (A Rural Bank) from doing business.
The board also directed state-run Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of Valiant Bank. PDIC took over the bank the following day.
Valiant Bank is a nine-unit rural bank with head office in Valiant Bldg., 41 Mabini St., Barangay Liberation, Iloilo City, Iloilo. It has eight branches: four in Iloilo (Banate, Dueñas, Estancia and Sara); two in Capiz (Roxas City and Sapian); one in San Jose, Antique; and one in Bacolod City, Negros Occidental.