The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, closed a financially-ailing rural bank based in Samar, the fifth lender shut down this year.
The board said in a statement it prohibited Rural Bank of Basey (Samar) Inc. from doing business in the Philippines.
It also directed Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of Rural Bank of Basey. PDIC took over the bank on May 17, 2019.
Rural Bankof Basey is a single-unit rural bank located on Serafin Marabut St., Loyo, Basey, Western Samar.
Latest available records show that as of March 31, 2019, Rural Bank of Basey had 631 deposit accounts with total deposit liabilities of P41.4 million, of which 19.7 percent or P8.15 million are insured deposits.