It's business as usual for Carmen Rural Bank

CEBU - The management of the Rural Bank of Carmen yesterday announced that its operations remain normal, contrary to reports that it has also declared a “bank holiday”.

Rural Bank of Carmen president Maria Karen Pitoy said “it’s business as usual” at the bank and assured its depositors their operations remain stable. Aside from those within the town, a big bulk of the bank’s clients comes from the neighboring towns of Catmon and Sogod.

Pitoy said the bank’s services continue even with the long Christmas holiday ahead.

The Rural Bank of Carmen is one of the banks under the Legacy Group whose other banks —Philippine Countryside Rural Bank and Pilipino Rural Bank— have declared a bank holiday a week ago.

Philippine Countryside Rural Bank has five branches in Liloan, Consolacion, Lapu-Lapu City, Mandaue City, and Naga City while Pilipino Rural Bank has two branches in Mandaue City and Argao. The Pilipino Rural Bank branch in Tagbilaran City, Bohol has declared the same.

The Bank of East Asia in Minglanilla has also declared a bank holiday.

The banks “on holiday” have already been placed under receivership by the Philippine Deposit Insurance Commission.

Also placed under receivership are six other banks under the Legacy Group outside Cebu, including the Rural Bank of Bais in Bais City, Negros Oriental; Rural Bank of Parañaque in Parañaque City in Metro Manila; Dynamic Bank in Batangas; Nation Bank in Bacolod City; San Pablo City Development Bank in Cavite City; and Rural Bank of San Jose in Batangas.  — Jose P. Sollano/JMO (THE FREEMAN)