The Mandaluyong City-based AMA Rural Bank said the closure order of the Bangko Sentral ng Pilipinas last week was “unreasonable,” adding the bank is liquid and fit to operate “in every capacity.”
The bank’s management said in a statement Monday AMA was the 15th largest rural bank in the country in terms of assets with resources of P2.76 billion as of end September 2019, based on its latest financial statement filed with the Bangko Sentral ng Pilipinas.
The bank is also considered the fifth largest in capitalization with P1.04 billion, and a net loan portfolio of P1.90 billion, consisting mainly of teacher salary loans estimated to be the 13th largest among rural banks.
“The bank is liquid with its shareholders’ capital injection of an additional P405 million, and a total deposit due from BSP/other banks amounting to P246 million. Given this strength, AMA Bank assures our clients, employees, and stakeholders that we are fit to operate in every capacity,” AMA said.
“We challenge the closure as unreasonable. Guided by legal measures, we are exploring all possible courses of actions to resume our full operations and continue to serve you,” it said.
