The Monetary Board (MB) has passed a resolution prohibiting the Lapu-Lapu Rural Bank, Inc. in Carcar City, southern Cebu from doing business.
MB Resolution No. 121, dated Jan. 28, 2016, also placed the assets and affairs of Lapu-Lapu Rural Bank, Inc. under receivership pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act).
The Philippine Deposit Insurance Corp. (PDIC) has been designated as receiver.
Nestor A. Espenilla Jr., deputy governor of the Bangko Sentral ng Pilipinas, issued a circular letter on the same day
informing all banks and non-bank financial institutions about the receivership status of Lapu-Lapu Rural Bank.
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