Choice Bank Suspends Withdrawals From Deposit Accounts

Choice Bank Suspends Withdrawals From Deposit Accounts

BELIZE CITY, Belize — Choice Bank Ltd. told accountholders today that it has been forced into a “liquidity-constrained position” and has suspended all withdrawals from deposit accounts, as well as other outbound payment activities.  

Choice Bank, the card issuer for several adult payment solutions, said that as it progresses through its current position, “the bank is confident that all its depositors, cardholders and creditors will be kept whole.”

“With a view to enable the bank to manage cash flows in an orderly fashion to work through the current liquidity situation, in the interest of depositors and other creditors as a whole, the bank has taken the decision in its view as a matter of necessity, with immediate effect, to temporarily suspend all withdrawals from deposit accounts with the bank and other outbound payment activities (save for payment of employees, suppliers essential for core operations, consultants and advisers) until the bank and/or its relevant regulatory authorities (as the case may be) are satisfied that such suspension is no longer required,” Choice Bank said.

Choice Bank said the Belize City financial institution maintains a strong balance sheet with total equity including paid up capital and accumulated retained earnings in excess of $26 million, a most recent reported regulatory capital ratio of 26.92 percent and statutory liquidity ratio of 74.59 percent.

Those ratios significantly exceed all statutory capital adequacy and liquid asset requirements, Choice Bank said.

“The liquidity challenges the bank currently faces is truly a short-term one. As it progresses through this process, the bank is confident that all its depositors, cardholders and creditors will be kept whole,” Choice Bank said.

Related:  

Copyright © 2023 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Corey Silverstein to Host New 'Legal Impact' Webinar on A.I.

Corey Silverstein will be speaking at the XBIZ online legal panel “Porn & A.I.: Legal & Community Implications,” on October 10, at 4 p.m. (EDT).

Woodhull's Mandy Salley Joins This Week's #SexTalkTuesday

Woodhull Freedom Foundation COO Mandy Salley will serve as special guest moderator on the X-based chat show #SexTalkTuesday, where she will lead a discussion on the censorship of sexual freedom, tomorrow at 5 p.m. PDT.

North Dakota Republican Calls for Total Criminalization of Adult Content

A North Dakota Republican lawmaker took to Twitter over the weekend to call for the total criminalization of adult content and for all politicians to submit to “the Gospel of Jesus Christ.”

Conservative AGs Send Letter to Aylo About Supposed Moderation 'Loophole'

South Carolina Attorney General Alan Wilson, along with 25 other attorneys general largely from Republican-controlled states, sent an open letter to Pornhub parent company Aylo on Friday demanding the company address a supposed “loophole” that could allow users to post CSAM.

FSC Calls on North Carolina Governor to Veto Age-Verification Bill

Free Speech Coalition (FSC) has sent a letter to North Carolina Governor Roy Cooper, asking him to veto House Bill 8, to which a Republican legislator attached a copycat age-verification amendment.

Stalker Ex-Boyfriend Convicted of Murdering Industry Therapist Amie Harwick

The ex-boyfriend of slain Pineapple Support therapist Dr. Amie Harwick was convicted Thursday of first-degree murder for her February 2020 death.

Leading Free Speech Groups File Brief Blasting Texas' Age Verification and Mandatory Labeling Law

Several leading free-speech groups, led by the ACLU, urged the U.S. Court of Appeals for the 5th Circuit on Thursday to block the Texas age verification law that requires adult websites to post anti-porn propaganda, contending that this violates the First Amendment.

Pre-Nom Period for 2024 XBIZ Awards Ends Saturday

The deadline for pre-nomination entries for the 2024 XBIZ Awards, the adult industry's biggest night, is Saturday at midnight, PDT.

Erolabs Launches Adult Mobile Game 'Star Lusts'

Adult game studio Erolabs has released the first six chapters of its latest mobile title, "Star Lusts."

French Government Report Urges Criminalization of Adult Industry

A sensationalistic report released this week by a French government office is urging immediate state censorship and broad criminalization of the adult industry in France and worldwide.

Show More