Tuesday 20 August
BSP shuts down 5th rural bank in May Jun 2, 2019 @ 15:21

BSP shuts down 5th rural bank in May


The Bangko Sentral ng Pilipinas (BSP) has closed down another rural lender, its fifth in a month.

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East Coast Rural Bank of Hagonoy, Inc. Is permanently closed for business, the BSP announced late last week.

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The Bulacan-based bank runs one branch, with total deposits of P122 million spread across 1,412 accounts.

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The Hagonoy bank joined the four other banks that were earlier shut down by the BSP — The Palawan Bank (Palawan Development Bank), Valiant Bank, Rural Bank of Basey (Samar) and the Rural Bank of Guihulngan (Negros Oriental).

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The Philippine Deposit Insurance Corp. has taken over the Rural Bank of Hagonoy on May 31 as it starts liquidating the lender’s assets to pay off depositors.

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