The Monetary board, the policy-making body of the Bangko Sentral ng Pilipinas closed down Rural Bank of Guihulngan (Negros Oriental) Inc. on May 23.
The rural bank became the sixth lender closed by the board since the start of the year.
The board said in a statement over the weekend it prohibited Rural Bank of Guihulngan (Negros Oriental) Inc. from doing business in the country through a resolution MB dated May 23, 2019.
It also directed state-run Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of Rural Bank of Guihulngan. PDIC took over the bank on May 24, 2019.
Rural Bank of Guihulngan is a single-unit rural bank located at Sikatuna St., Poblacion, City of Guihulngan, Negros Oriental province.
Latest available records show the rural bank had 933 deposit accounts as of March 31, 2019, with total deposit liabilities of P5.95 million, of which 99.85 percent or P5.94 million are insured deposits.