A total of 11 banks failed in 2006, with 10 of them rural banks. The sole non-rural-bank is a development bank, Bank of Cebu, which is essentially a thrift bank.
10 Rural Banks
1 Thrift Bank
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11 Failed Banks
11. Rural Bank of Narra (Palawan), Inc.
– Head Office Poblacion, Narra, Palawan
– Had 1 branch: Puerto Princesa City, Palawan
– Closed by the BSP on December 7, 2006
– Taken over by the PDIC on December 8, 2006
10. The Bank of Cebu (A Development Bank)
– Head Office at 131 Manalili St. corner Osmeña Blvd.
in Cebu City
– Had 5 branches:
– S. Osmena St., Lapu-lapu City
– Mactan Export Processing Zone, Lapu-lapu City
– Mandaue City
– Consolacion, Cebu
– Carcar, Cebu
– Closed by the BSP on August 31, 2006
– Taken over by the PDIC on August 31, 2006
9. First Coconut Rural Bank, Inc.
– Head Office along P. Burgos St., Batangas City
– Closed by the BSP on July 27, 2006
– Taken over by the PDIC on July 27, 2006
8. Rural Bank of Pilar (Capiz), Inc.
– Head Office at Wilson St., Pilar, Capiz
– Had 1 branch: Bagong Lipunan Trade Center, Roxas City
– Closed by the BSP on July 6, 2006
– Taken over by the PDIC on July 7, 2006
7. Rural Bank of Malinao (Albay), Inc.
– Head Office in Bagumbayan, Malinao, Albay
– Closed by the BSP on July 6, 2006
– Taken over by the PDIC on July 7, 2006
6. The Center Rural Bank, Inc.
– Head Office at 10-B Jayson’s Building,
National Road, Muntinlupa City
– Closed by the BSP on February 23, 2006
– Taken over by the PDIC on February 24, 2006
5. Urduja Rural Bank of Tayug (Pangasinan), Inc.
– Head Office along Bonifacio Ave., Tayug, Pangasinan
– Closed by the BSP on February 2, 2006
– Taken over by the PDIC on February 3, 2006
4. Merchants Rural Bank of Talavera (Nueva Ecija), Inc.
– Head Office at Brgy. Cojuangco, Maharlika Highway,
Sta. Rosa, Nueva Ecija
– Had 7 branches:
– Poblacion, Talavera
– Science City of Munoz
– San Juan North, Cabiao
– Zaragosa
– Cabanatuan
– Gapan
– San Jose City
– Closed by the BSP on January 26, 2006
– Taken over by the PDIC on January 26, 2006
3. Rural Bank of Tangalan (Aklan), Inc.
– Head Office at Poblacion, Tangalan, Aklan
– Had 1 branch in Poblacion Norte, Sigma, Capiz
– Closed by the BSP on January 26, 2006
– Taken over by the PDIC on January 27, 2006
2. Rural Bank of the 21st Century, Inc. (Balagtas, Bulacan)
– Head Office along Km 29, McArthur Highway, San Juan,
Balagtas (Bigaa), Bulacan
– Had 3 branches: Bocaue, Bagumbayan and Meycauayan
in Bulacan
– Closed by the BSP on January 19, 2006
– Taken over by the PDIC on January 19, 2006
1. Rural Bank of Zamboanguita (Negros Oriental), Inc.
– Head Office in Zamboanguita, Negros Oriental
– Closed by the BSP on January 5, 2006
– Taken over by the PDIC on January 6, 2006