The Bangko Sentral ng Pilipinas (BSP) has ordered the Rural Bank of Lemery, Inc. to cease operations Oct. 31 amid liquidity problems.
The Philippine Deposit Insurance Corp. has taken over the bank as receiver. As such, PDIC is in charge of liquidating the rural lender’s assets to settle obligations to depositors.
Rural Bank of Lemery had 1,096 accounts with deposits worth P69.56 million, of which 93.29% or P64.9 million is insured.
Depositors are insured up to P500,000.