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.
East Coast Rural Bank of Hagonoy, Inc. Is permanently closed for business, the BSP announced late last week.
The Bulacan-based bank runs one branch, with total deposits of P122 million spread across 1,412 accounts.
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).
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.