MANILA - The Bangko Sentral ng Pilipinas said it ordered the closure of Cabanatuan City Rural Bank Inc, the seventh lender to the shuttered this year as the regulator cracks down on weak players.
The lender, which has 7 offices and branches in total, was prohibited from doing business from Sept. 28, according to a memorandum from the BSP's supervision and examination sector that was posted on its website.
The Philippine Deposit Insurance Corp was directed to take over the bank and liquidate its assets, the document said.
Aside from Cabanatuan City, the shuttered lender has branches in Bongabon, Rizal, San Antonio, San Jose, Talavera, and Zaragoza, also in Nueva Ecija.
Deposits are insured for up to P500,000 under the PDIC.
The Bangko Sentral has shuttered 6 other lenders this year and 22 last year.