BSP orders closure of Laguna rural bank
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of a rural bank in Laguna bringing to 17 the number of financial institutions closed down by the regulator as part of efforts to weed out weak players in the industry.
The BSP’s Monetary Board issued Resolution 1808-A prohibiting the Sampaguita Savings Bank Inc. from doing business in the Philippines pursuant to Section 30 of Republic Act 7653 or The New Central Bank Act.
The closed rural bank was placed under the supervision of the state-run Philippine Deposit Insurance Corporation (PDIC) last Friday.
Sampaguita Savings Bank is a two-unit thrift bank with head office located on #10 J. Luna St., Brgy. Poblacion, San Pedro City, Laguna. Its lone branch is located in Biñan City, Laguna.
Major shareholders of the shuttered bank include Fe Almendrala, Alfredo Almendrala Jr., Alfredo Antonio, Generoso Espeleta, Maria Felicidad Espeleta, Victoria Espeleta, Rosa Ramirez, Amparo Nofuente, Maria Remedios Antonio, Trinidad Velayo, Dioscora Amante, and Allan Edison Rogelio.
Latest available records show that as of June 30, Sampaguita Savings Bank had 341 accounts with total deposit liabilities of P11.4 million. Total insured deposits amounted to P11.1 million involving 97.5 percent of total deposit accounts.
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