THE Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, closed a financially-ailing rural bank in Batangas on Thursday, the first lender shut down this year.
The board prohibited Countryside Cooperative Rural Bank of Batangas from doing business in the Philippines. The board ordered Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of the bank. The state-run PDIC took over the bank the following day.
Countryside Cooperative Rural Bank of Batangas is a five-unit rural bank with head office located along national road, Barangay Pallocan, Kanluran, Batangas City. Its four branches are in Balayan, Lemery, Padre Garcia and Tanauan, all in Batangas.
The rural bank had 10,552 deposit accounts with total deposit liabilities of P193.2 million as of Sept. 30, 2016.