Bank of Cebu
Encyclopedia
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. 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.
Bank of Cebu had some 8,000 depositors split among seven branches located in Metro Cebu
.
Cebu City
The City of Cebu is the capital city of Cebu and is the second largest city in the Philippines, the second most significant metropolitan centre in the Philippines and known as the oldest settlement established by the Spaniards in the country.The city is located on the eastern shore of Cebu and was...
in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. It is one of the largest banks based in Cebu province, and it started operations in 1961. The bank declared bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
and was declared insolvent on August 31, 2006, with the bank presently under the receivership
Receivership
In law, receivership is the situation in which an institution or enterprise is being held by a receiver, a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights." The receivership remedy is an equitable remedy that emerged in...
of the Bangko Sentral ng Pilipinas
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas and commonly abbreviated as BSP is the central bank of the Philippines. It was rechartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993...
. The closure of Bank of Cebu is considered controversial, and a case is pending in the Cebu City Court of Appeals.
Bank of Cebu had some 8,000 depositors split among seven branches located in Metro Cebu
Metro Cebu
Metro Cebu is the main urban center of the province of Cebu in the Philippines. Metro Cebu is located along the central eastern portion of the island including the nearby island of Mactan...
.