The Bangko Sentral ng Pilipinas has shuttered another rural bank in Camarines Sur due to insolvency, the fourth so far this year.
In a statement, state-run Philippine Deposit Insurance Corp. (PDIC) said the Monetary Board on April 20 had prohibited Rural Bank of Ragay (Camarines Sur) Inc. from doing business.
PDIC was also ordered to liquidate the bank.
As designated receiver, PDIC yesterday took over the rural bank and its affairs, assets, branches and records.
Rural Bank of Ragay’s head office was located in Poblacion Ilaod, Ragay, Camarines Sur. It had one branch in Del Gallego, Camarines Sur.
The lender’s general information sheet filed with the Securities and Exchange Commission showed that as of June 30 last year, it was owned by the following: Linda C. Aquino (18.87 percent); Jaime A. Manubay (11.61 percent); Mildred A. Perez (10.45 percent); Kristoffer Lloyd C. Aquino (6.68 percent); former president and chair Emma Louisa C. Aquino (5.80 percent); Maika C. Aquino (5.80 percent); Charina A. Lonogan (5.25 percent); Rolando M. Carandang (4.13 percent); Theresita B. Aquino (3.30 percent); Guillermo E. Abogado (3.18 percent) and Ruben D. Literal (2.35 percent).
As of end-2016, the bank had 8,062 deposit accounts with liabilities totaling P178.5 million, of which 96.8 percent or P172.9 million were insured deposits, the PDIC said.
Last month, the Monetary Board also ordered the closure of Rural Bank of Goa (Camarines Sur) Inc.