Several Legacy Group Rural Banks in the Philippines declare bank holiday

The Bangko Sentral ng Pilipinas (BSP) placed three more rural banks affiliated with the Legacy group under the receivership of the Philippine Deposit Insurance Corporation (PDIC).

So far these are the banks that were taken over:

Bank of East Asia (Cebu City)
First Interstate Bank (Tacloban City)
Philippine Countryside Rural Bank (Cebu City)

Rural Bank of Paranaque (Parañaque City)
Rural Bank of Bais (Negros Oriental)
Pilipino Rural Bank (Cebu)
Rural Bank of San Jose (Batangas)
Rural Bank of Nueva Caceres (Naga City)

The BSP said in a statement that it had been monitoring these banks well before the global financial crisis began, because of potentially unsafe and unsound banking practices.