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(Banco Filipino Savings & Mortgage Bank or Banco Filipino)
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On March 22, 1985, the Central Bank issued another resolution placing Banco Filipino under liquidation.
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Banco Filipino was established in 1964 by Tomas Aguirre, who is the patron of the same family who owns Agencia de Empeños de Aguirre, a popular pawnshop at the time. In fact, it was profits from the pawnshop that allowed Aguirre to establish the bank.
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Banco Filipino was a fast-rising star, such that in 1966, a mere two years after its founding, it was considered the premier banking institution in the Philippines. By the 1970s, everyone with a bank account had a bank account in Banco Filipino.
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Perhaps it was its Filipino branding that moved thousands to put their savings in the bank. Banco Filipino had a unique slogan, <b>Subok na matibay, subok na matatag</b> (Proven to be strong, proven to be stable).
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Its client base reached one million accounts in 1972, less than 10 years after opening its first branch. The feat, which no other bank in the Philippines had done before, was thanks to its aggressive expansion plan, especially in the countryside where Filipinos were hesitant to open savings accounts.
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On June 29, 1984, Banco Filipino was granted an emergency advance of P119.7 million under Monetary Board Resolution No. 839. 
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Later, on July 27, 1984, the then Central Bank granted P-3 billion credit line to Banco Filipino. On the same date, the then Central Bank placed Banco Filipino under conservatorship. Based on the major findings of examination by the Department of Supervision and Examination of the Central Bank which indicated insolvency and illiquidity, the then conservator of the Central Bank recommended among others to:
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Forbid the Bank Filipino Savings & Mortgage Bank to do business in the Philippines effective the beginning of office January 25, 1985, pursuant to Sec. 29 of R.A 265, as amended;
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When Monetary Board Resolution No. 75 was issued by the then Central Bank on January 25, 1985, Banco Filipino filed a complaint with the Regional Trial Court of Makati to set aside the action of the Monetary Board placing Banco Filipino on receivership. Later, on February 28, 1985 Banco Filipino filed with the Supreme Court (case docketed as G.R. No. 70054) a petition for certiorari and mandamus under Rule 65 of the Rules of Court seeking to annul the resolution (No. 75) of the then Central Bank on January 28, 1985 – as made without or in excess of jurisdiction or with grave abuse of discretion.
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On December 11, 1991, the Supreme Court in an en banc decision nullified Monetary Resolution No. 75 and ordered the Central Bank and the Monetary Board to reorganize the bank and allowed it to resume business. In the words of the Supreme Court: 
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"The assailed order of the Central Bank and the Monetary Board dated January 25, 1985 is hereby annulled and set aside. The Central Bank and the Monetary Board are ordered to reorganize petitioner Banco Filipino savings and Mortgage Bank and allow the latter to resume business in the Philippines under the controllership of both the Central Bank and the Monetary Board and under such conditions as may be prescribed by the latter in connection with its reorganization until such time that the petitioner bank can continue in business with safety to its creditors, depositors and the general public."
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Although Banco Filipino reopened in 1994, it was never the same bank. Out of the 92 branches it operated nationwide, only 15 managed to reopen. It lost millions of its clients, and billions of its assets because of its 1985 closure.
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After the first closure of Banco Filipino was declared void by the Supreme Court, Banco Filipino also filed for damage claims amounting to P18.8 billion to cover actual damages, liquidation expenses, attorney's fees, interest and other related expenses. 
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January 25, 1985: the Central Bank ordered the closure of Banco Filipino for insolvency