The number of banks shuttered by the Bangko Sentral ng Pilipinas so far in 2016 due to insolvency has reached 20, the latest of which was a rural bank in Negros Occidental.
The Monetary Board—the BSP’s highest policymaking body—in a Nov. 17 resolution prohibited Community Rural Bank of Magallon (Moises Padilla, Negros Occidental) Inc. from doing business, state-run Philippine Deposit Insurance Corp. (PDIC) said in a statement.
As designated receiver, the PDIC on Nov. 18 took over the single-unit lender located in Moises Padilla, Negros Occidental, as well as its affairs, assets and records.
According to the PDIC, Community Rural Bank of Magallon’s bank information sheet showed that as of June 30, it was owned by the following: Magallon Integrated Holdings Corp. (30.55 percent), Maximiano R. Tan (8.4 percent), Jose Alfredo de Leon (8.4 percent), Perbea N. Paderna (8.02 percent), Gem Guanco (6.49 percent), Ma. Louella M. Aranas (5.8 percent), Jesus Clint O. Aranas (5.77 percent), Ma. Roxanne Zayco (2.9 percent), and Manuel Aurelio (2.1 percent).
Robert R. Tillaman was the bank’s president and its chair was Naoya Sakamoto, the PDIC said.
The rural bank’s latest records also showed that as of June 30, it had 1,315 accounts with total deposit liabilities of P28.5 million, of which 85.9 percent or P24.5 billion were insured deposits.
The other lenders earlier placed by the BSP under PDIC receivership included 18 rural banks: Rural Bank of Villaviciosa (Abra) Inc., Lapu-Lapu Rural Bank Inc., Rural Bank of Bayawan (Negros Oriental) Inc., Rural Bank of Basay (Negros Oriental) Inc., Rural Bank of Panay Inc., Koronadal Rural Bank Inc., Rural Bank of Malinao (Aklan) Inc., Surigao City Evergreen Rural Bank Inc., Rural Bank of Amadeo (Cavite) Inc., New Rural Bank of Binalbagan, Rural Bank of Siaton (Siaton, Negros Oriental) Inc., Rural Bank of Alabat (Quezon) Inc., Rural Bank of Cabadbaran (Agusan) Inc., Rural Bank of Claveria (Cagayan) Inc., Rural Bank of Luna (Isabela) Inc., Sampaguita Savings Bank Inc., Community Rural Bank of Dingras (Ilocos Norte) Inc. and Rural Bank of Salinas Inc.
The Monetary Board also closed down thrift bank GSIS Family Bank this year.