THE Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the Sorsogon-based Rural Bank of Sta. Magdalena placing the bank under the receivership of state deposit insurer Philippine Deposit Insurance Corp. (PDIC).
The Rural Bank of Sta. Magdalena is the sixth rural bank placed under receivership this year. The Monetary Board closed a total of 14 rural banks in 2014.
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