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Friday, March 29, 2024

BSP orders closure of Negros rural bank

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The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, order the closure of a financially-ailing rural bank in Negros Occidental.

The board closed the Community Rural Bank of Magallon (Moises Padilla, Negros Occidental) Inc.  In a resolution, the board prohibited the bank from doing business in the Philippines.

State-run Philippine Deposit Insurance Corp. took over the bank Nov. 18, 2016.

Community Rural Bank of Magallon is a single-unit rural bank located at Gomez St., Moises Padilla, Negros Occidental.

Latest available records showed that as of June 30, Community Rural Bank of Magallon had 1,315 accounts with total deposit liabilities of P28.5 million. Total insured deposits amounted to P24.5 million involving 85.9 percent of total deposit accounts.

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Prior to Community Rural Bank of Magallon, the board also ordered the closure of 19 lenders this year.

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