sentences:  In 1990, after several years of lending to trading and commercial businesses in Cebu City, the bank began shifting its lending portfolio in favor of small and medium enterprises involved in manufacturing, taking advantage of the city's industrialization.On August 31, 2006, the Bank of Cebu declared bankruptcy and was subsequently declared insolvent, the first time a bank in the Philippines failed since the failure of Urban Bank in 2000.The bank was placed under the receivership of the Bangko Sentral ng Pilipinas, and at the time of its closure, it had some 8,000 depositors split among seven branches located in Metro Cebu.