The Bangko Sentral ng Pilipinas has ordered the closure of Rural Bank of Larena in Siquijor.
The Philippine Deposit Insurance Corp. (PDIC) took over the bank on Oct. 11.
The rural bank runs one branch in Bgy. North Poblacion, through 482 accounts worth around P12.9 million. Of that amount, P12.4 million is covered by deposit insurance.
Account holders with less than P100,000 in the bank can instantly claim their money while those with bigger deposits or with outstanding loans will have to go through rigorous evaluation, PDIC said.