ExportBank closed, now under BSP receivership

Export and Industry Bank, more popularly known as ExportBank, is now closed and has been put by the Bangko Sentral ng Pilipinas (BSP) under receivership effective today, April 27, 2012.

Yesterday, April 26, ExportBank informed the BSP that it is insolvent and might be unable to meet maturing obligations and may be forced to declare a bank holiday. The Monetary Board of the BSP swiftly issued a resolution placing the bank under receivership.

The Philippine Deposit Insurance Corp. (PDIC) has taken over the bank and promised depositors refunds will be issued upon complete verification and validation of bank records.

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LBC Bank now closed; PDIC to issue deposit refunds

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.

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For sale: Philippine Bank of Communications (PBCom)

Anyone interested to buy the Philippine Bank of Communications (PBCom)?

PBCom, a minor player in the Philippine banking industry, is again up for rebidding with the Macquarie Group already sending out invitations to other banks to submit a bid proposal.

The sale is part of the bank’s agreement with the Philippine Deposit Insurance Corporation (PDIC) to divest a majority of its shares following the bank’s rehabilitation in 2004 wherein the PDIC extended P7.6 billion worth of financial assistance to PBCom.

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Banco Filipino closes, blames BSP for bank holiday

And we all thought they were “Subok na Matibay, Subok na Matatag.”

Several branches of Banco Filipino were closed today, March 15 — the second time the troubled bank declared a bank holiday in 26 years.

The bank admitted they are recently experiencing “heavy withdrawals” and blamed the country’s Central Bank for “orchestrating” a smear campaign against them.

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BMS Bank declares bank holiday

Several PMT Forum members have shared that they received a message from the staff of BMS Bank that the bank is currently on a bank holiday. I personally tried calling the Pasig main branch and two other branches to confirm the news but my calls went unanswered.

If this is true, BMS Bank will be added to the growing list of Philippine banks that have been closed or gone bankrupt. (See PDIC closes 9 more rural banks and Guide for Legacy depositors: How to claim money from PDIC)

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BSP closes 9 more rural banks

Nine more rural banks in the Philippines were closed by the Bangko Sentral ng Pilipinas (BSP) before the year 2009 ended.

As per the announcement of the BSP’s Monetary Board, the following rural banks were prohibited from doing business in the Philippines and its assets and affairs placed under receivership pursuant to Section 30 of R.A. No. 7653.

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Closed by the BSP: Philippine Farmer’s Bank

Following recent closures of  rural banks in the Philippines particularly that of the Legacy Group, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) again placed one rural bank under receivership.

Effective September 18, the Philippine Deposit Insurance Corp. (PDIC) will take over The Philippine Farmer’s Bank.

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