rural bank

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.

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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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Supreme Court issues TRO vs. Legacy banks

It is reported that the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) successfully secured with the Supreme Court last week a Temporary Restraining Order (TRO) on enforcement of lower court rulings that favored several banks under the Legacy Group.

According to the story:

The high tribunal’s decision effectively gives banking regulators the green light to act on adverse findings made during their last examination of the 10 financial institutions scattered around the country.

The financial institutions covered by the ruling are Rural Bank of Parañaque Inc., Rural Bank of San Jose (Batangas) Inc., Rural Bank of Carmen (Cebu) Inc., Pilipino Rural Bank Inc., Philippine Countryside Rural Bank Inc., Rural Bank of Calatagan (Batangas) Inc. (now Dynamic Rural Bank), Rural Bank of DARBCI Inc., Rural Bank of Kananga (Leyte) Inc. (now First Interstate Rural Bank), Rural Bank of Bisayas Minglanilla (now Bank of East Asia), and San Pablo City Development Bank Inc.

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