Bangko Sentral shuts down Cabanatuan bank

The Bangko Sentral ng Pilipinas on Friday closed down another weak rural bank with total liabilities of over P37 million.

 

The closure was done based on Thursday’s Monetary Board Resolution No. 817 which ordered the closure of Millennium Bank Inc. in Cabanatuan City and placed it under the receivership of state-run Philippine Deposit Insurance Corp.

 

Millennium Bank is a single-unit bank on Del Pilar Street, Cabanatuan City in Nueva Ecija, with 1,451 accounts containing total deposits of P37.52 million as of end-March.

 

According to the latest general information sheet filed by Millennium Bank with the Securities and Exchange Commission, the bank is majority owned by Phil. Indi. Commercial Enterprises which owns 40 percent of the bank, Norberto dela Merced with 19.99 percent stake, and Ma. Victoria Cristina Abraham with 18 percent.

 

The bank is chaired by Ma. Victoria Cristina Abraham while  Ma. Cristina Abraham serves as president.

 

The PDIC is now gathering, verifying, and validating all bank records and assured depositors that all valid deposits would be paid up to the maximum deposit insurance coverage of P500,000.

 

Depositors whose valid accounts have balances of P10, 000 and below, have no outstanding obligations with Millennium Bank, and with updated addresses in the past year need not file deposit insurance claims.

 

The agency said it would start mailing payments to the depositors with small balances to their last known addresses based on bank records as of early July.

 

Depositors whose accounts have balances of more than P10,000 and have outstanding obligations should file for deposit insurance claims.

 

The dates and schedule of settlement claims for these accounts would be announced in August. —DVM, GMA News