BSP closes, takes over Pangasinan rural bank
>> Sunday, November 14, 2021
By Mayvelin U. Carballo
DAGUPAN CITY, Pangasinan -- The Bangko Sentral ng Pilipinas (BSP) has
closed and placed under receivership a rural bank in Pangasinan province.
The Philippine Deposit Insurance Corp. (PDIC) announced in a weekend bulletin that the central bank's policymaking Monetary Board ordered Kaluyagan Rural Bank Inc. to be shuttered in a decision dated Oct. 28.
"The same resolution directed Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of the bank in accordance with Section 12 of RA (Republic Act) No. 3591 as amended (PDIC Charter)," the bulletin added.
The PDIC said it took over the bank and its branch, assets, records and affairs on Oct. 29, 2021. The closed lender had one branch in Perez Boulevard, Barangay Herrero, City of Dagupan, Pangasinan province.
It was the eighth bank to be taken over by the government-owned deposit insurer this year. Depositors of shuttered banks under PDIC receivership were eligible for compensation up to the maximum insurance coverage of P500,000.
The PDIC said a bank that had been placed under liquidation would not be reopened or allowed to restart banking operations as required by its charter or RA 3591.
"Furthermore, Section 12 thereof expressly provides that banks closed by the Monetary Board shall no longer be rehabilitated," the bulletin continued.
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The state-run insurer also reminded the public that the powers, functions, and duties of the bank's directors, officials and stockholders were terminated once the bank was placed under liquidation.
As a result, the directors, executives and stockholders of the shuttered bank were prohibited from meddling in any manner with the bank's assets, documents or affairs, the bulletin reminded.
"Therefore, anyone in possession of any assets and/or records of the closed Kaluyagan Rural Bank Inc. is advised not to allow or honor any transaction affecting the same without the consent of the receiver and to immediately turn over the said assets and/or records to the designated Deputy Receiver at the address provided below," the PDIC emphasized.
Furthermore, it said all of the bank's assets were deemed to be in the receiver's custodia legis and were not subject to attachment, garnishment, execution, levy or any other court actions.
The Monetary Board closed five banks in 2020 and 11 banks in 2019, placing them all under PDIC receivership.
The Philippine Deposit Insurance Corp. (PDIC) announced in a weekend bulletin that the central bank's policymaking Monetary Board ordered Kaluyagan Rural Bank Inc. to be shuttered in a decision dated Oct. 28.
"The same resolution directed Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of the bank in accordance with Section 12 of RA (Republic Act) No. 3591 as amended (PDIC Charter)," the bulletin added.
The PDIC said it took over the bank and its branch, assets, records and affairs on Oct. 29, 2021. The closed lender had one branch in Perez Boulevard, Barangay Herrero, City of Dagupan, Pangasinan province.
It was the eighth bank to be taken over by the government-owned deposit insurer this year. Depositors of shuttered banks under PDIC receivership were eligible for compensation up to the maximum insurance coverage of P500,000.
The PDIC said a bank that had been placed under liquidation would not be reopened or allowed to restart banking operations as required by its charter or RA 3591.
"Furthermore, Section 12 thereof expressly provides that banks closed by the Monetary Board shall no longer be rehabilitated," the bulletin continued.
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The state-run insurer also reminded the public that the powers, functions, and duties of the bank's directors, officials and stockholders were terminated once the bank was placed under liquidation.
As a result, the directors, executives and stockholders of the shuttered bank were prohibited from meddling in any manner with the bank's assets, documents or affairs, the bulletin reminded.
"Therefore, anyone in possession of any assets and/or records of the closed Kaluyagan Rural Bank Inc. is advised not to allow or honor any transaction affecting the same without the consent of the receiver and to immediately turn over the said assets and/or records to the designated Deputy Receiver at the address provided below," the PDIC emphasized.
Furthermore, it said all of the bank's assets were deemed to be in the receiver's custodia legis and were not subject to attachment, garnishment, execution, levy or any other court actions.
The Monetary Board closed five banks in 2020 and 11 banks in 2019, placing them all under PDIC receivership.
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