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BSP closes Iligan rural bank due to insolvency

By: - Reporter / @bendeveraINQ
/ 05:16 PM April 24, 2017

Philippine Deposit Insurance Corp

MANILA — The Bangko Sentral ng Pilipinas has closed down the Rural Bank of Iligan City Inc. due to insolvency, bringing to five the lenders shuttered so far in 2017.

In a statement Monday, state-run Philippine Deposit Insurance Corp. (PDIC) said the Monetary Board, the BSP’s highest policy-setting body, prohibited, on April 20, the Rural Bank of Iligan City from doing business.

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The PDIC was hence ordered to liquidate the bank, whose office was located in Barangay Poblacion, Iligan City.

As designated receiver, the PDIC last Friday took over the rural bank as well as its affairs, assets and records.

The lender’s general information sheet filed with the Securities and Exchange Commission showed that as of Dec. 31, 2016, it was owned by the following: Esmeraldo C. Roque Jr. (40 percent); Alice L. Andrada (19.39 percent); Maria Sarah Sirikit R. Dungca; (7.44 percent); B&C Industries (6.21 percent); Maria Sylvia R. Ilagan (3.81 percent); Mario Solomon P. Roque (3.81 percent); Mario Silvino P. Roque (3.81 percent); Villalaya Agro Development Corp. (2.91 percent); and Renato A. Tan (2 percent).

The bank was chaired by Francis C. Adeva, while its president was Esmeraldo C. Roque Jr.

As of the end of 2016, the bank had 394 deposit accounts with liabilities totaling P27.9 million, of which 47.2 percent or P13.2 million were insured deposits, the PDIC said.

“The PDIC assures depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000,” it said.

Also last week, the BSP ordered the closure of the Rural Bank of Ragay (Camarines Sur) Inc., following that of the Rural Bank of Goa (Camarines Sur) Inc. in the same province last month.

In January, the BSP closed down the Countryside Cooperative Rural Bank of Batangas, while it shuttered the Rural Bank of Barotac Viejo (Iloilo) Inc. in February.  SFM/rga

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TAGS: Bangko Sentral ng Pilipinas, bank closure, banks, Business, Countryside Cooperative Rural Bank of Batangas, Finance, insolvency, Laws and regulation, Philippine Deposit Insurance Corp., Regions, Rural Bank of Barotac Viejo (Iloilo) Inc., Rural Bank of Goa (Camarines Sur) Inc., Rural Bank of Iligan City Inc., Rural Bank of Ragay (Camarines Sur) Inc., rural banks, shuttered rural banks
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