Legacy Group Banks May Be Doomed

[Mike S]

Hey folks ...... remember all the banks will be closed from the 24th of Dec. to the 2nd of Jan. ............. 8 days ..... get plenty of money to tie you over as the ATM's will be down after a few days .......

[tom_shor]

Hey folks ...... remember all the banks will be closed from the 24th of Dec. to the 2nd of Jan. ............. 8 days ..... get plenty of money to tie you over as the ATM's will be down after a few days .......

Yes for sure. That is a long holiday.

[Mr Lee]

http://www.sunstar.com.ph/network/rural-ba...es-calm-clientsRural bank tries to calm clientsFriday, December 12, 2008 CEBU -- The Rural Bank of Subangdaku (RBS) Thursday assured its clients that it is financially stable and does not have plans of declaring a bank holiday.RBS made the assurance after several clients withdrew their deposits following the sudden declaration of a bank holiday by Philippine Countryside Rural Bank (PCRB) and Pilipino Rural Bank (PRB).RBS, in a statement issued Thursday, acknowledged that depositors are

[Mr Lee]

http://www.manilastandardtoday.com/?page=b...ess1_dec11_2008Para

[Mike S]

Now 2 banks in Dumaguete declare bank holiday ...... http://www.sunstar.com.ph/dumaguete/2-negr...declare-holiday

[TheMason]

"We humbly ask our depositors for patience and understanding. The bank has the financial capability to serve its clientele's needs," it said.

I think this statement needs to be added to the list of biggest lies in the world along with 'The check is in the mail.' It seems the nearness of closure is directly proportional to the vigorousness of the statement. I heard the same passionate statements from representatives of IndyMac, WaMu, Lehman, Bear Stearns, Goldman, etc. just days before the end came for them.

Maritess Obenza, RBS administrative officer, said the bank

[tom_shor]

Branch is closed because no one had the combination to the vault? Yet they want you to be confident of their management skills. :th_unfair: Our flight will be delayed this morning ladies and gentlemen the pilot left the keys to the plane in his other pants. :7_4_17[1]:

[Mr Lee]

http://www.abs-cbnnews.com/business/12/12/...er-receivershipBSP puts 3 more banks under receivershipabs-cbnNEWS.com | 12/12/2008 8:08 PMThree more have joined the growing list of banks placed under receivership of the Philippine Deposit Insurance Corp. (PDIC), the Bangko Sentral ng Pilipinas (BSP) said Friday.The banks-- Bank of East Asia and Philippine Countryside Rural Bank in Cebu, and First Interstate Bank based in Tacloban-- have been put under receivership after they unilaterally declared a bank holiday. So far this week, including the three recent additions, a total of seven banks will be taken over by the PDIC."The receivership enables the PDIC to take over the banks' assets to protect the interest of bank depositors and to start processing deposit insurance claims," noted the BSP.The BSP reiterated, however, that the bank closures had nothing to do with the global financial meltdown since these institutions have been under close watch even before the crisis.The seven banks were part of the group that earlier sought a court injunction to bar the central bank from taking action against them for their reported capital deficiencies and unsound banking practices, the BSP said.With the banks in trouble, concerns about the health of the banking sector in general have resurfaced, but the BSP assured that the banks placed under receivership represented only a "tiny fraction" of the industry.Earlier this week, the BSP directed the PDIC to take control of four banks, namely, Rural Bank of Paranaque, Rural Bank of Bais based in Negros Oriental, Pilipino Rural Bank in Cebu, and Rural Bank of San Jose based in San Jose, Batangas.Under the central bank's rules, banks are allowed to declare a bank holiday if and when they can no longer service the withdrawals of their depositors. The banks then can tap the BSP for emergency loans as bridge cash financing as long as they have the collateral to qualify. If not, they can declare a bank holiday and the BSP will take over to preserve the records of the bank pending further inquiries.Depending on the outcome of an examination by the BSP, the troubled banks can either reopen and resume operations normally or, if the problem is not transitory or temporary, the banks can be shut down by the BSP.Ailing banks are shut down by the BSP upon the authority of the Monetary Board. Afterward, the PDIC will step in and pay the claims of depositors as well as sell whatever assets left over.

[Mr Lee]

http://www.manilastandardtoday.com/?page=b...ess1_dec12_2008MB closes 3 more banks By Eileen A. Mencias The Monetary Board last night closed three more banks identified with the Legacy group of companies and placed them under the receivership of Philippine Deposit Insurance Corp. The Bangko Sentral ng Pilipinas in a statement said those placed under receivership were Rural Bank of Bais in Negros Oriental, Pilipino Rural Bank in Cebu and the Rural Bank of San Jose in Batangas. The central bank also said Philippine Countryside Bank in Cebu, Dynamic Bank formerly Rural Bank of Calatagan in Batangas, San Pablo City Development Bank and the Nation Bank in Bacolod City had declared a bank holiday. The first three are members of the Legacy Group. The Bangko Sentral on Tuesday put the Rural Bank of Para

[Mr Lee]

http://www.sunstar.com.ph/network/warnings...ised-early-2005Warnings about Legacy raised as early as 2005Sunday, December 14, 2008 CEBU -- As early as three years ago, a local banker raised alarm bells on practices at the Philippine Countryside Rural Bank (PCRB), which has declared a bank holiday this week.Jacinto Jamero, former owner of the PCRB before its sale to what was then known as the Legacy Consolidated Plans Inc. (LCPI), cited