Failed Banks in the Philippines, 2002

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.)

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

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