Banks Closed in 2006 — 10 of 11 Are Rural Banks

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
—-
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 OsmeƱa 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

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