MB shuts down Aklan’s Rural Bank of Malinao

THE Monetary Board, the policy making body of Bangko Sentral ng Pilipinas, closed another rural bank due to unsound financial status, the sixth lender closed this year by the board.

The Monetary Board placed Rural Bank of Malinao (Aklan) Inc. under the receivership of Philippine Deposit Insurance Corp. following MB Resolution No. 510 dated March 22, 2016. PDIC as receiver took over the bank on March 23, 2016.

Rural Bank of Malinao is a six-unit rural bank with head office located at San Juan St., Brgy. Poblacion, Malinao, Aklan. Its branch is located in Cabatuan, Iloilo, while four Offsite Banking Offices are in Kalibo, Madalag, Malay and Tangalan, all in Aklan. 

Based on the bank information sheet filed by the bank with PDIC as of Dec. 31, 2015, Rural Bank of Malinao is owned by John Guidon Icamina Dela Cruz (39 percent), Gualterio Icamina Dela Cruz (26 percent), Grazia Athena Dela Cruz Zaulda (13 percent), Filbake Food Corporation (5 percent), Cynthia Cerrada Dela Cruz (3 percent), Bakers Dream Franchise (3 percent), and Aida Dela Cruz Constantino (2 percent). John Guidon Icamina Dela Cruz while Gualterio Icamina Dela Cruz is chairman.

Latest available records show that as of Dec. 31, 2015, Rural Bank of Malinao had 8,745 accounts with total deposit liabilities of P170.2 million. Total insured deposits amounted to P157.7 million or 92.62 percent of total deposits.

The MB in 2015 closed 14 rural banks, matching the number of shuttered banks in 2014.

Topics: Monetary Board , Rural Bank of Malinao (Aklan) Inc.
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