The Bangko Sentral ng Pilipinas (BSP) and AMA Rural Bank of Mandaluyong, Inc. (AMA Bank) have reached a full and amicable settlement to resolve all disputes, aimed at protecting the interests of the bank’s depositors and clients. The regulator and subject have agreed to formalize the settlement through a compromise agreement.
Depositors, creditors, and other clients are advised to file their payment claims and direct any questions straight to AMA Bank.
Under the agreement, AMA Bank will remain under BSP supervision to ensure the settlement is properly carried out.
AMA Bank was ordered closed by the BSP in 2019, but the Supreme Court later ruled that the closure was unlawful. Despite the ruling, regulatory hurdles have delayed the bank’s reopening.
AMA Bank has begun paying insured deposits and is working to collect receivables from government-related accounts to cover larger deposits. However, the bank has yet to fully resume normal banking operations.
