Another one bites the dust.
LBC Development Bank, commonly known as LBC Bank to depositors, has been ordered closed by the Bangko Sentral ng Pilipinas (BSP) starting September 9.
The Philippine Deposit Insurance Corp (PDIC) announced it is taking over the assets and liabilities of LBC Bank after the BSP determined last week that the thrift bank was insolvent and violated a cease-and-desist order on unsafe and unsound banking practices.