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.

Read More