THE Bangko Sentral ng Pilipinas (BSP) has ordered a Batangas-based Tiaong Rural Bank Inc. closed and placed under receivership, state-run Philippine Deposit Insurance Corp. (PDIC) announced on Friday.

The eight-unit rural bank, at 2497 Maharlika Highway, Barangay San Antonio, Santo Tomas was prohibited from doing business and its assets and affairs placed under the control of the PDIC.

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