BSP shuts down Laguna thrift bank, 6th this year

MANILA, Philippines - The Bangko Sentral ng Pilipinas has ordered the closure of thrift bank World Partners Bank Inc., the sixth bank to be shuttered this year in an effort to weed out weak players in the industry.

In a statement, the Philippine Deposit Insurance Corp. said it took over the bank on Aug. 11, as directed by the Monetary Board under Resolution 1340.

World Partners Bank is a five-unit thrift bank, with head office located at 74 A. Mabini St., Brgy. Poblacion, San Pedro City, Laguna. Its four branches are located in Meycauayan and Sta. Maria in Bulacan, San Pablo City in Laguna, and Tanauan City in Batangas.

According to the bank’s general information sheet filed with the Securities and Exchange Commission, 60 percent of the bank’s stake is owned by Ang Hortaleza Corp., while the remaining 40 percent is owned by Rosalinda Hortaleza. The bank’s chairman is Rosalinda Hortaleza and its president is Leonora Sioco.

As of June 30, World Partners Bank has a total of 22,613 deposit accounts, with total deposit liabilities at P559.5 million.

The PDIC assured depositors all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000.

Depositors with valid deposit accounts with balances of P100,000 and below are eligible for early payment and need not file deposit insurance claims. This is with the exception of accounts by business entities, or those with outstanding obligations with World Partners Bank.

The state-run deposit insurer urged all depositors to update their addresses until Aug. 25. It also reminded borrowers to continue paying their loan obligations to the bank.