THE Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, closed a Cavite-based rural bank due to unhealthy financial condition, the 10th lender shut down since January.
State-run Philippine Deposit Insurance Corp. said in a statement over the weekend the board placed Rural Bank of Amadeo (Cavite) Inc. under its receivership Friday. PDIC took over the bank on the same day.
Rural Bank of Amadeo is a two-unit rural bank with head office at 111 A. Mabini St., Amadeo, Cavite. Its lone branch is in Magallanes, Cavite.
Records showed that as of Dec. 31, 2015, the bank is owned by Andamo-Villanueva Estate Inc. (40 percent), Emmanuel Nicholas Andamo III (19.40 percent), Eliza Andamo (11 percent), Emilio Andamo (10.16 percent), Abelardo Andamo (10.15 percent), RBOA (Treasury stock) (6.49 percent) and Constancio Lamano (2 percent). The bank’s president and chairman is Henry Berber.
Rural Bank of Amadeo as of March 31, 2016 had 1,583 accounts with total deposit liabilities of P46.42 million, all of which are insured.
Also on Friday, the Monetary Board closed the Government Service Insurance System-owned GSIS Family Bank.
GSIS Family Bank is a 22-unit thrift bank with head office at the second floor of AIC Grande Tower, Garnet Road, Ortigas Center, Pasig City. The bank has seven branches in the National Capital Region, one in Bulacan, 11 in Cavite, and two in Laguna.
GSIS Family Bank, based on the bank information sheet filed by the bank with PDIC as of Dec. 31, 2015, is owned by the Government Service Insurance System (99.6 percent). The bank’s president is Emmanuel Benitez and its chairman is Geraldine Marie Berberabe-Martinez.
Latest available records show that as of March 31, 2016, the bank had 14,507 accounts with total deposit liabilities of P974.81 million. Total insured deposits amounted to P786.39 million or 80.67 percent of total deposits.
Other financially-ailing rural banks closed since the start of 2016 were Surigao-based Surigao City Evergreen Rural Bank Inc., Rural Bank of Malinao (Aklan) Inc., Rural Bank of Panay Inc., Koronadal Rural Bank Inc., Negros Oriental-based Rural Bank of Basay, Rural Bank of Villaviciosa (Abra) Inc., Cebu-based Lapu-Lapu Rural Bank Inc. and Rural Bank of Bayawan, also in Negros Oriental.
The Monetary Board in 2015 closed 14 rural banks, matching the same number of banks shut down in 2014.
