MANILA, Philippines - Another rural bank has been shuttered by the Bangko Sentral ng Pilipinas.
The BSP has ordered the closure of Rural Bank of Lingayen, Inc. (Gulf Bank) in Pangasinan. This was the fifth bank closed down so far this year.
The Philippine Deposit Insurance Corp. took over Gulf Bank as the receiver on Friday.
Gulf Bank's main branch is located in Lingayen and four branches in Alaminos, Dagupan City, and Mangatarem in Pangasinan; and in Baguio City.
The bank is owned by chairman and president Myrna C. Lopez (27.37%), Vanessa L. Dapul (26.55%), Margarita C. Lopez (20.71%), Patricia C. Lopez-Torres (15.67%), Joseph T. Li (4.33%) and Claro A. Calaguio (3.63%).
The bank had 12,991 accounts with total deposit liabilities of P364.39 million.
Majority of the accounts have balances of P500,000 or less, which means they are fully covered by deposit insurance.
"Upon takeover, all bank records shall be gathered, verified and validated... All valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000," PDIC said.
The Depositors-Borrowers Forums will be held on April 9 and 10. Details are available on the PDIC website.