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Feb 14, 2018 @ 19:49

BSP shuts down rural bank in Dinagat


This bank has been ordered to stop its operations.

The Bangko Sentral ng Pilipinas (BSP) has closed down the Rural Bank of Loreto (Surigao del Norte), Inc. on Friday, Feb. 9.

In a statement, the BSP prohibited the rural bank from doing business in the Philippines. By Feb. 14, the Philippine Deposit Insurance Corporation (PDIC) PDIC took over the bank to facilitate its liquidation.

Rural Bank of Loreto is located in the Dinagat Islands, and maintained four offices within the province.

Total deposits are worth P5.95 million from over 2,000 bank accounts.

“Individual depositors with valid deposit accounts with balances of PHP100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, provided they have no outstanding obligations with Rural Bank of Loreto or have not acted as co-makers of these obligations,” the PDIC said.

This is the first bank to fold in 2018.

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