THE Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, closed a Rizal-based rural bank due to unhealthy financial condition, the 22nd lender shut down this year.
The board on Dec. 8 prohibited Eastern Rizal (Jalajala) Rural Bank Inc. from doing business in the Philippines. The board ordered Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank the following day.
Eastern Rizal is a three-unit rural bank with head office located at C. Villaran St., Jalajala, Rizal. Its two branches are located in Cainta, Rizal and Marikina City.
It is owned by Maribel Serrano (29.57 percent), Ramon Villavicencio (29.42 percent), Mary Ann Sy (28.02 percent), and Hedley Serrano (8.21 percent). The bank’s president and chairman is Maribel Serrano.
Eastern Rizal as of Sept. 30, 2016, had 3,216 accounts with total deposit liabilities of P47.8 million. Total insured deposits amounted to P47.4 million.