Money

BSP shuts down rural bank in Laguna

The Monetary Board has closed down De La O Rural Bank due to tight liquidity problems.

The Philippine Deposit Insurance Corporation has taken over the bank located in Pangil, Laguna last September 11 after it was placed under liquidation by the Bangko Sentral ng Pilipinas.

The bank had 2,079 deposit accounts with funds amounting to P84.8 million, majority of which are insured.

PDIC assured the bank’s depositors that all valid deposits and claims would be paid up to the maximum deposit insurance coverage of P500,000.00 per depositor.

Those with deposits below P100,000 would be immediately refunded, PDIC said.

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