Closed Banks in the Philippines 2021

Here’s a list of closed banks in the Philippines 2021.

The first bank to be closed down in 2021 is Occidental Mindoro Rural Bank Inc.

Table of Contents:
. List of 6 closed banks in the Philippines as of September 28, 2021
. Instructions for depositors of recently-closed banks
. List of 2 foreign banks’ representative offices which shut down their offices in the Philippines

1. Occidental Mindoro Rural Bank Inc.

  • Office address at OMRI Bldg., Quezon St.
    Brgy. Bagong Sikat (Poblacion), Lubang, Occidental Mindoro
  • Closed down by the BSP on March 25, 2021
  • Taken over by the PDIC on March 29, 2021

See Lists of Closed Banks in the Philippines from Year 2000 to 2021

2. Palm Tree Bank Inc. (A Rural Bank)

  • Head office address at Door #5 Global Agro Building, Kolambog
    Lapasan Highway, Cagayan de Oro City
  • Had one branch: EC Tanghal Bldg. No. 5, Don Roman Vilo St.
  • Closed down by the BSP on April 22, 2021
  • Taken over by the PDIC on April 23, 2021

3. Rural Bank of Alimodian (Iloilo) Inc.

  • Head office address at Almacen St.
    Brgy. Poblacion, Alimodian, Iloilo
  • Had one branch: Cabaluna St., Brgy. Poblacion, Leon, Iloilo
  • Closed down by the BSP on May 6, 2021
  • Taken over by the PDIC on May 12, 2021

4. Rural Bank of Caloocan Inc.

  • Head office address at 55 A. Mabini St. corner Damayan St.
    Maypajo, Caloocan City
  • Had one branch: 571 A. Mabini St., Caloocan City
  • Closed down by the BSP on June 24, 2021
  • Taken over by the PDIC on June 25, 2021

5. Rural Bank of Datu Paglas Inc.

  • Office address at Poblacion, Datu Paglas
    Maguindanao, ARMM 9607
  • Closed down on August 26, 2021
  • Taken over by the PDIC on August 26, 2021

6. Grand Agri Rural Bank, Inc.

  • Office address at No. 23 Juarez St. corner Bonifacio St.
    Brgy. V, Lucena City, Quezon
  • Closed down by the BSP on September 23, 2021
    Reference: Circular Letter No. CL-2021-O7O
  • This bank was incorporated in 1996 with principal office in Tayabas City, Quezon.
    In 2014, GARB was acquired from its original stockholders by Guevent Investment
    Development Corp. (GIDC) and other investors.
    Reference: gibco.com.ph/images/garb.pdf

Instructions and Contact information for depositors of newly closed banks:

The Public Assistance Department (PAD)
Philippine Deposit Insurance Corp. (PDIC)
6th Floor, SSS Building
6782 Ayala Avenue corner V.A. Rufino St
Makati City 1226

Hotline : (632) 8841-4141 (for depositors within Metro Manila, during office hours)
Toll Free : 1-800-1-888-7342 (for depositors outside Metro Manila, during office hours)

You can also check posters at the premises of the closed bank and other public places within the municipality on the schedule of distribution of PDIC claim forms, receiving of claim forms and the deadline for filing of claims.

If your total balance is 100,000 pesos or below, and you do not have an outstanding loan or obligation, and you did not sign as a co-maker of a loan with the closed bank, you are not required to file a deposit insurance claim. Just make sure your address in the bank’s files are correct, complete and updated.

You can update your address by submitting Mailing Address Update Forms (MAUF) ASAP, either through the dropbox available at the bank premises, or by sending a scanned copy of MAUF form and valid ID to the email address of the closed bank.

Your insurance payment will be mailed to you via postal money order. There’s a target date for mailing.

Download the PDIC Deposit Insurance Claim Form here.

Update online your Mailing Address Update Form (MAUF Form) here.

PDIC Special Power of Attorney Form, in case you need to be represented by your representative

Cessation of Operations by Foreign Banks’ Representative Offices in the Philippines

Wells Fargo Bank NA – Manila Representative Office has ceased operations effective May 31, 2021. Reference: BSP Circular Letter CL-2021-045 dated June 10, 2021

Korea Development Bank – Representative Office in the Philippines has ceased operations effective December 31, 2020. Reference: BSP Circular Letter CL-2021-033 dated April 16, 2021

Reference for closure of Rural Bank of Datu Paglas: Report by philstar.com

Reference: PDIC Bulletin

closed banks in the Philippines 2021

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