Bank of Cebu

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The Bank of Cebu is a privately-owned thrift bank based in Cebu City in the Philippines. It is one of the largest banks based in Cebu province, and it started operations in 1961.[1] The bank declared bankruptcy and was declared insolvent on August 31, 2006, with the bank presently under the receivership of the Bangko Sentral ng Pilipinas. The closure of Bank of Cebu is considered controversial, and a case is pending in the Cebu City Court of Appeals.[2]

Bank of Cebu had some 8,000 depositors split among seven branches located in Metro Cebu.[1]

[edit] References

  1. ^ a b Bank of Cebu closes, Philippine Daily Inquirer, September 2, 2006
  2. ^ Bank of Cebu goes to court, bucking closure, Philippine Daily Inquirer, September 16, 2006

[edit] See also

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