PMT Forum member tacamonchi recently shared some useful updates about the Philippine Deposit Insurance Corporation’s (PDIC) takeover of the Rural Bank of Paranaque (Banco Paranaque) in the thread Legacy Financial Group’s rural banks.
Early this week, he visited RBoP’s Ortigas branch and was able to talk to a Ms. Hermie from the PDIC who graciously answered all his questions. Here are what he have gathered from the conversation.
Update: Two days after this article was posted, there are now official reports about Legacy banks closing and declaring a bank holiday. Read more here: Update on Legacy rural banks and in the Legacy Banks discussion thread.
After months of speculation in the PMT Forum, several banks under the Legacy Financial Group reportedly declared a bank holiday early this week, meaning they are, for the meantime, closed while planning for the next steps.
There are no official news available online yet but here’s what we have gathered so far based on posts by several PinoyMoneyTalk members.
Please note that the following are unofficial and unconfirmed statements and are merely opinions of PMT Forum members. As of this writing, there is no official word yet from the Bangko Sentral ng Pilipinas (BSP) or the Legacy Group.
