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Oct 3, 2017 @ 14:22

BSP shuts down rural bank in Cabanatuan


The central bank found this small lender unfit to remain in business.

The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the Cabanatuan City Rural Bank, Inc. and prevented it from doing business in the Philippines.

The order from the Monetary Board was signed on Thursday, Sept. 28, which was followed by the Philippine Deposit Insurance Corporation (PDIC) taking over the bank the following day.

PDIC will have to liquidate the assets of the bank in order to pay its outstanding liabilities to depositors, which totaled P310.8 million as of June 30. Of this, P273.8 million are covered by state insurance.

The Cabanatuan bank operates seven branches across Nueva Ecija, with its head office along P. Burgos Avenue in the city.

Some 3,983 depositors are affected by the bank closure.

Under the PDIC Charter, bank accounts are insured for up to P500,000 each.

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