Millennium Bank, Rural Bank of Tagkawayan closed

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.

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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.

  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?


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