A total of 12 Philippine banks were closed by the BSP in 2002. Two of these 12 were savings banks or thrift banks — Unitrust Development Bank, based in Metro Manila, and All AsiaBank Corp., which operated in Davao City.
9 rural banks
1 cooperative rural bank
2 savings bank (Unitrust Development Bank and All Asia Bank Corp.)
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12 failed banks
1. Rural Bank of Lavezares (N. Samar), Inc.
– Taken over by the PDIC on January 3, 2002
– Liquidated by the court on May 2, 2002
2. Unitrust Development Bank
– Taken over by the PDIC on January 4, 2002
– Liquidated by the court on January 20, 2005
3. Rural Bank of Pili (Camarines Sur), Inc.
– Taken over by the PDIC on February 14, 2002
– Liquidated by the court on June 20, 2002
4. Bangko Rural ng Sta. Lucia (Ilocos Sur), Corp.
– Taken over by the PDIC on May 2, 2002
– Liquidated by the court on October 3, 2002
5. Rural Bank of Victoria (Laguna), Inc.
– Taken over by the PDIC on May 16, 2002
– Liquidated by the court on October 17, 2002
6. Rural Bank of Catbalogan (Eastern Samar), Inc.
– Taken over by the PDIC on June 13, 2002
– Liquidation date not reported
7. Bangko Rural ng Minalabac (Camarines Sur), Inc.
– Taken over by the PDIC on June 27, 2002
– Liquidated by a regional trial court on January 20, 2003
8. Cooperative Rural Bank of Albay, Inc.
– Taken over by the PDIC on July 11, 2002
– Liquidated by the court on January 30, 2003
9. All AsiaBank Corporation – Your Community Thrift Bank
– Office in San Pedro St., Davao City
– Taken over by the PDIC on August 2, 2002
– Liquidated by the court on April 1, 2004
10. Rural Bank of San Juan (La Union), Inc.
– Taken over by the PDIC on October 30, 2002
– Liquidated by the court on March 20, 2003
11. Rural Bank of Bislig (Surigao del Sur), Inc.
– Taken over by the PDIC on November 21, 2002
– Liquidated by the court on March 20, 2003
12. Meycauayan Rural Bank (Bulacan), Inc.
– Taken over by the PDIC on November 28, 2002
– Liquidated by the court on March 20, 2003
Source:
BIR.gov.ph
Note:
All AsiaBank Corp. was formerly named Banco Davao – Davao City Development Bank — Your Community Thrift Bank. Name change took effect on April 10, 2000. (BSP.gov.ph)
Philippine Banks Closed Down in 2015
Banks Closed Down in 2014
Banks Closed Down in 2013