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Friday, March 29, 2024

BSP closes bank in Lanao del Norte

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The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, closed a financially-ailing rural bank in Lanao del Norte.

Rural Bank of Maigo (Lanao del Norte) Inc. became the 11th bank which was shut down because of insolvency since the start of the year.

The BSP issued a resolution on Sept. 13, prohibiting the Rural Bank of Maigo from doing business pursuant to Section 30 of Republic Act 7653 or the New Central Bank Act.

The board also ordered the state-run Philippine Deposit Insurance Corp. to take over and liquidate the bank. PDIC took over the bank on Sept. 14, 2018. 

Rural Bank of Maigo is a single-unit rural bank located in Poblacion, Maigo, Lanao del Norte.

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Latest available records showed that as of June 30, Rural Bank of Maigo had 2,150 deposit accounts with total deposit liabilities of P73.25 million. Total insured deposits amounted to P64.06 million, equivalent to 87.4 percent of total deposits. 

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