Monetary Board places Rural Bank of Lingayen under PDIC receivership

The Monetary Board has placed Gulf Bank (Rural Bank of Lingayen Inc.) under the receivership of Philippine Deposit Insurance Corp., citing an unhealthy financial condition.

State-owned PDIC took over the bank on Friday.

“Latest available records show that as of Dec. 31, 2013, Gulf Bank had 12,991 accounts with total deposit liabilities of P364.39 million,” the insurer said. 

“A total of 12,929 deposit accounts or 99.52 percent of the accounts have balances of P500,000 or less and are fully covered by deposit insurance,” PDIC noted. “Total insured deposits amount to P355.07 million or 97.44 percent of total deposits,” it added.

Gulf Bank operates a head office on Avenida Rizal East Street in Lingayen, Pangasinan, while its five-branches are in Alaminos, Dagupan City, Mangatarem – all in Pangasinan – and in Baguio City.  

It is the fifth bank to be closed by Bangko Sentral ng Pilipinas so far this year. 

Also shuttered were the Rural Bank of Pres. M.A. Roxas Inc.  in Zamboanga del Norte, Rural Bank of Montevista in Davao del Norte, Rural Bank of Reina Mercedes in Isabela, and Silangan Savings and Loan Bank in Cavite. – VS, GMA News