2/12/2018

Banks Closed Down in 2018


In 2017, only 7 Philippine banks failed. Six were rural banks and one was a thrift bank.
This year, the month of January passed without any bank closed down, and I was glad.

The programs of the BSP, PDIC and Landbank to strengthen rural banks must have helped. Their Consolidation Program for Rural Banks (CPRB) has been relaunched and will be available until October 26, 2019. It encourages rural banks which are located near each other to merge or consolidate and become stronger. They will be helped to improve their systems and processes.

But February 9 came, and the first bank to be closed down in 2018 was announced.
And another on February 22.

See lists of banks closed down by the BSP and taken over by the PDIC from the years 2000 to 2017.

Philippine Banks Closed Down in 2018
as of July 31, 2018


1.  Rural Bank of Loreto (Surigao del Norte), Inc.
      - Head Office: Purok 1 , Brgy. San Juan
          San Jose, Dinagat Islands, Surigao del Norte    
      - Closed by the BSP on February 9, 2018
      - Taken over by the PDIC on February 14, 2018
      - Had 3 other banking offices in Dinagat Islands:
        - Cagdianao
        - Libjo (Albor)
        - Loreto

2.  Empire Rural Bank, Inc.
     - Office address at No. 154 C.M. Recto Ave.
     - Poblacion Barangay 4, Lipa City, Batangas
     - Closed down by the BSP on February 22, 2018
     - Taken over by the PDIC on February 23, 2018

3.  Rural Bank of Initao (Misamis Oriental), Inc.
     - Office address at Poblacion, Initao, Misamis Oriental
     - Closed down by the BSP on April 30, 2018
     - Taken over by the PDIC on May 2, 2018

4.  Women's Rural Bank, Inc.
      - Head Office address at 29-A Carandang St., Barangay C (Poblacion)
            Rosario, Batangas,
      - Had one branch: located at Brgy. Bihis, Santa Teresita, Batangas
      - Closed down by the BSP on July 12, 2018
      - Taken over by the PDIC on July 13, 2018

5.  Bangko Buena Consolidated, Inc. (A Rural Bank)
      - Head Office address at #23 Valeria St. cor. Rizal St.
          Brgy. Nonoy, Iloilo City
     - Closed down by the BSP on July 26, 2018
     - Taken over by the PDIC on July 27, 2018
     - Had 7 branches:
       - Rizal St. cor, Lacson St., Brgy. 24 (Pob), Bacolod City
       - M.H. del Pilar St., Brgy. Ilaud Poblacion, Barotac Nuevo, Iloilo   
       - Brgy. Mclain, Buenavista, Guimaras
       - Brgy. Centro Sur (Pob), Culasi, Antique
       - Coalition St. cor. Gonzales St., Brgy. Poblacion Ilawod, Lambunao, Iloilo   
       - Brgy. Poblacion Ilaya, Dao, Capiz
       - Dybuco St. cor. Justice Zaldivar St., Brgy. Centro Norte (Pob), Pandan, Antique


Bank Closures in 2016:
In 2016, a total of 23 banks stopped operating. 22 banks were closed down and one thrift bank voluntarily surrendered its banking license. Of the 22 closed down, 20 were rural banks and 2 were thrift banks.

It was Progress Savings and Loan Bank, which did business in Subic, Zambales, that asked the BSP to cancel its banking license. The two other savings banks that were closed were Comsavings Bank, also called GSIS Family Bank, previously located in the Ortigas Center, and Sampaguita Savings Bank, previously located in San Pedro, Laguna.
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