Millennium Bank, Rural Bank of Tagkawayan closed

by

Two separate rural banks in Cabanatuan City and Quezon Province were again ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) less than a month after a big commercial bank, ExportBank, declared a bank holiday due to liquidity problems.

On May 24, Millenium Bank of Cabanatuan City was ordered closed and placed under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 817.

A few days earlier, on May 17, the BSP placed Quezon-based rural bank New Rural Bank of Tagkawayan, Inc. under the receivership of the PDIC by virtue of MB Resolution No. 772.

Millenium Bank of Cabanatuan City

Millennium Bank is a rural bank with only one branch located at Del Pilar St., Cabanatuan City, Nueva Ecija. Records show the bank had 1,451 accounts with total deposit liabilities of P37.52 million.

The bank is owned by Philippine Indi. Commercial Enterprises (40%), Norberto Dela Merced (19.99%), and Ma. Victoria Cristina S. Abraham (18%). The bank’s chairman is Victoria Cristina Abraham and its President is Ma. Cristina Abraham.

New Rural Bank of Tagkawayan

New Rural Bank of Tagkawayan is headquartered in Lagdameo Boulevard, Tagkawayan, Quezon with seven (7) branches in Sariaya, Calauag, Candelaria, and Lucena City, all in Quezon Province and in San Juan and Rosario in Batangas.

According to the BSP, the Bank had 14,099 accounts with total deposit liabilities of P363.44 million. The latest General Information Sheet filed by the New RB of Tagkawayan with the Securities and Exchange Commission shows that  bank is owned by Daniel De Gala (39.85%) and Anicia De Gala (39.85%), with the latter being the bank chairman and President.

PDIC coverage

The PDIC assures all valid deposits will be paid up to a maximum of P500,000 as per the PDIC mandate. Depositors with account balances below P10,000, with no outstanding obligations, and who have updated their addresses with the bank in the past year are not required to file claims. Refund checks will be sent to the depositor’s address starting July 2012. Those with deposit balances more than P10,000 must file deposit insurance claims.

Depositors may attend the Depositors Forum where BSP and PDIC representatives will explain and answer questions regarding deposit claims. The schedule of these forums will be posted in the premises of the closed banks.

About the Author

James Ryan Jonas teaches business strategy, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.1 Billion ($56 Million) worth of retirement funds on behalf of thousands of UP employees.

PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more
blank

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more
blank

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more
blank

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more
blank

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more
blank

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more
blank

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more
blank

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

3 thoughts on “Millennium Bank, Rural Bank of Tagkawayan closed”

  1. I wonder why banks are closing these days when interest rates are low. It should be good business for them considering the volume of borrowers flocking in to get a loan.

    Reply

  2. Did the Jonathan Ames letter come yet? I signed up in January and i truly actually hope I didn’t miss it. Is there a way I can read through it if it did already come?

    Reply

Leave a Comment

Pinoy Money Talk

We are a money-oriented website in the Philippines focusing on the stock market, banking, entrepreneurship, and investment opportunities.

Follow Us on fb

© 2022 Pinoy Money Talk

About Terms of Service & Privacy Policy