Business Headlines

MB shuts down Aguiluz family’s bankrupt AMA Bank: No more rehab or reopening

The Monetary Board has ordered the closure of the AMA Rural Bank of Mandaluyong Inc. owned by the Aguiluz family and First Women’s Credit Corp.

The Monetary Board has ordered the closure of the AMA Rural Bank of Mandaluyong Inc. owned by the Aguiluz family and First Women’s Credit Corp.

In a resolution issued on Nov. 7, the Monetary Board has barred AMA from doing business in the Philippines.

It also designated the Philppine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of AMA Bank.

Under Section 13 of R.A. No. 3591 (PDIC Charter), as amended by R.A.10846, a bank placed under liquidation shall in no case be re-opened and permitted to resume banking business. Section 12 provides that banks closed by the Monetary Board shall no longer be rehabilitated.

The Inquirer reported that PDIC posted the liquidation advisory in AMA Bank’s branches on November 9.

AMA Bank has 12 branches: Pasig City; Baliuag, Bulacan; San Fernando, Pampanga; Bacoor, Cavite; Cainta, Rizal; Morong, Rizal; San Pablo, Laguna; Calamba, Laguna; Baguio City; San Fernando, La Union; Tuguegarao City, Cagayan; and Tacloban, Leyte.

PDIC executive vice president Ma. Ana Carmel L. Villegas said upon liquidation, the powers of AMA Bank’s directors, officers and stockholders ould alos be terminated.

“Directors, officers, and stockholders shall be barred from interfering in any way with the assets, records and affairs of the Bank. Therefore, should you be in possession of any asset and/or records of the closed AMA Rural Bank of Mandaluyong, Inc., you are advised not to allow or honor any transaction affecting the same without the consent of the Receiver and to immediately turnover the said assets and/or records to the Deputy Receiver,” said Villegas.

“All assets of the Bank are deemed to be in custodia legis in the hands of the Receiver and may not be subject to attachment, garnishment, execution, levy or any other court processes,” she added.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.