THE Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, closed another financially-ailing rural bank based in Iloilo City, the fifth lender shut down since the start of the year.
The Monetary Board barred Bangko Buena Consolidated Inc. (A Rural Bank) 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. PDIC took over the bank on July 27, 2018.
Bangko Buena Consolidated is an eight-unit rural bank with head office at No. 23 Valeria St. corner Rizal St., Barangay Nonoy, City of Iloilo. Its seven branches are located in Bacolod, Negros Occidental; Barotac Nuevo and Lambunao in Iloilo; Buenavista, Guimaras; Culasi and Pandan in Antique; and Dao, Capiz.
Latest available records show Bangko Buena as of March 31, 2018 had 9,845 deposit accounts with total deposit liabilities of P271.8 million. Total insured deposits amounted to P245.9 million, equivalent to 90.5 percent of total deposits.