3.01.2015

Failed Banks in the Philippines, 2015

By Nora
Latest List:  Philippine Banks Closed Down in 2016

We hope that the number of failing banks continues to decrease.
This year, 2015, the month of January passed by without one bank failing.
However, before February ended, one rural bank was closed down,
Rural Bank of Alfonso.

In 2014, there were 15 banks that failed.
13 banks were rural banks
1 bank was a cooperative bank
1 bank was a savings bank, Silangan Savings and Loan Bank Inc.
    Silangan bank's quarterly reports have not been seen on
    the BSP website since 2009, or probably even earlier
    (usually a sign of imminent failure)

Philippine Banks Closed Down in 2015

             as of December 31, 2015

A total of 14 banks were closed down in 2015.  All were rural banks.

14.  Peñafrancia Rural Bank of Calabanga (Cam. Sur), Inc.
        - Office address at Del Carmen, Calabanga, Camarines Sur
        - Put into receivership by the BSP on December 10, 2015
        - Taken over by the PDIC on December 11, 2015

13.   Rural Bank of Caba (La Union), Inc.
        - Office address at Poblacion Sur, Caba, La Union
        - Put into receivership by the BSP on December 10, 2015
        - Taken over by the PDIC on December 11, 2015
       
12.  Rural Bank of Calasiao, Inc.
       - Office address at RBCAL Bldg., Poblacion East
           Calasiao, Pangasinan
       - Closed down by the BSP on November 13, 2015
       - Taken over by the PDIC on November 16, 2015

11.  Rural Bank of Buguias (Benguet), Inc.
        - Head Office address at Abatan, Buguias, Benguet
        - Had 5 branches:
             Bauko, Mt. Province
             Tadian, Mt. Province
             Kabayan, Benguet
             Pico, La Trinidad, Benguet
             Brgy. Rosario, Cervantes, Ilocos Sur
        - Closed down by the BSP on October 22, 2015
        - Taken over by the PDIC on October 26, 2015

10.  Xavier-Punla Rural Bank, Inc.
       - Office address at Poblacion, Pangantucan
           Bukidnon
       - Closed down by the BSP on August 20, 2015
       - Taken over by the PDIC on August 24, 2015

9.  Farmers’ Rural Bank, Inc.
     - Office address at Rizal St., Lian, Batangas
     - Closed down by the BSP on August 14, 2015
     -  Taken over by the PDIC on August 14, 2015

8.  Rural Bank of Taysan (Batangas) Inc.
      - Office address at J.P. Rizal St., Brgy. Poblacion East
              Taysan, Batangas
      - Closed down by the BSP on June 26, 2015
      - Taken over by the PDIC on June 29, 2015

7.   Siargao Bank (A Rural Bank), Inc.
      - Head office address at 03406 Jose C. Sering Building
         Borromeo St., Surigao City
      - 2 Branches:
           Brgy. 8, Dapa, Surigao del Norte
           Palileo St., Mainit, Surigao del Norte
     - Closed down by the BSP on June 11, 2015
     - Taken over by the PDIC on June 15, 2015

6.  Rural Bank of Sta. Magdalena (Sorsogon), Inc.
      - Office address at Barangay 3, Poblacion
            Sta. Magdalena, Sorsogon
      - Closed down by the BSP on May 14, 2015
      - Taken over by the BSP on May 15, 2015

5.  Community Rural Bank of Magsaysay (Davao Del Sur), Inc.
      - Office address at Roxas Blvd.
          Magsaysay, Davao del Sur
      - Closed down by the BSP on May 7, 2015
      - Taken over by the PDIC on May 8, 2015
      -  Landbank had a 4.24-percent stake in the rural bank,
           which had 772 accounts with total deposits of 5.7 million
           pesos as of March 2014.

4.  Surigaonon Rural Banking Corp. 
     - Head Office address at Rizal St. corner Gimena St.
          Surigao City
     - Had 9 branches in the cities of Butuan, Cagayan de Oro,
        Davao, Butuan, Cabadbaran, Tacloban and Cebu
     - Closed down by the BSP on April 23, 2015
     - Taken over by the PDIC on April 24, 2015
     -  According to a Nov 2014 news report by Roel Catoto on Minda News,
        the bank experienced mass withdrawals after rumors of bankruptcy spread around.
       The majority owner said he infused 60 million and planned to add another 20 million
        to restore stability. He also said that the banks lost millions of money and he alleged
        that some people he trusted stole money from the bank.
       The rural bank offered a time deposit scheme in which a depositor of 380,000 pesos
        can get 1 million pesos after 11 years and one day.

3.  Rural Bank of Labrador (Pangasinan), Inc. 
      - Office address at Poblacion, Labrador, Pangasinan
      - Closed by the BSP on April 16, 2015
      - Taken over by the PDIC on April 16, 2015
       
2. Rural Bank of Magsingal (Ilocos Sur), Inc.
     - Office address at San Vicente, Magsingal, Ilocos Sur
     - Closed by the BSP on March 5, 2015
     - Taken over by PDIC on March 6, 2015

1. Community Bank (Rural Bank of Alfonso, Inc.)
    - Head Office address at Mabini St., Town Plaza
       Alfonso, Cavite
    - Closed by the BSP on February 26, 2015
    - Taken over by PDIC on February 26, 2015
    - Had 2 branches:
      - Poblacion, Biñan, Laguna
      - Poblacion II, Gen. Emilio Aguinaldo, Cavite

Philippine Banks Closed Down in 2014
Banks Closed Down in 2013

1 comment:

  1. filipina cabauatanMarch 12, 2015 at 7:24 AM

    please what is the first rural bank in Bicol....i need it in my paper..thanks

    ReplyDelete

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