Urban Bank

The bank, along with its two subsidiaries, declared a voluntary bank holiday for failing to meet withdrawals and was consequently closed by the Bangko Sentral ng Pilipinas and put under the mandatory receivership of the Philippine Deposit Insurance Corporation on April 26, 2000.[citation needed] In 1995 it became the first Philippine bank to issue SEC-registered asset-backed-securities.[3] Less than twenty-four hours after the declaration of a voluntary bank holiday, and as a legal consequence of this, the BSP's Monetary Board ordered the summary closure of the bank.[6][7] The judge, Zeus Abrogar, dismissed the charges against two of the defendants, Arsenio Bartolome III and Corazon Bejasa, who had been chairman and company secretary respectively,[8] but found probable cause against the remaining respondents.[9] On April 18, 2008, the Supreme Court of the Philippines 2nd Division the reinstatement of a PHP 4.5 billion (US$109 million) estafa case against executives of the bank including Nida S. Santos, Milagros Santiago, Rowena Punzalan, Chulla Formanes, Loida O. Payonga and Amalia Ordas.
Export and Industry BankFinance and insurancePhilippinesMakatiFidel V. RamosTeodoro C. BorlonganFinancial servicesticker symbolBangko Sentral ng PilipinasPhilippine Deposit Insurance Corporationdevelopment bankManila Stock ExchangeMakati Stock ExchangePhilippine Stock Exchangeasset-backed-securitiesbank holidaypanic withdrawalsBank of Commerceprobable causeSupreme Court of the PhilippinesMegaLink