BSP shuts down rural bank in QC
Even this Metro Manila-based bank was not spared.
The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the San Francisco Del Monte Rural Bank, Inc. on Thursday, Nov. 8.
The central bank is known to shut down rural banks, which are usually small lenders serving unreached areas in the provinces. But this one is rare, as the small lender is actually based in Quezon City.
The Philippine Deposit Insurance Corp. has taken over the bank for receivership and liquidation.
Another one bites the dust.