Even while becoming a holding company, Urban Bank would retain its three subsidiaries: UDB, URDI and UII. The holding company would then immediately infuse an additional equity of 1-2 billion pesos into the existing P50 million equity of UDB, thereby increasing its capital by 20-40 times, making it one of the biggest thrift banks in the country. Urban Bank's assets excluding its non-performing loans would then be transferred to UDB. The proposal was presented to the Bangko Sentral on March 9, 2000. On April 25, 2000, Urban Bank declared a bank holiday to put a stop to the panic withdrawals that have been plaguing essentially the investment house, reaching up to 1-2 billion pesos on that day alone. Both Urban Bank and Urbancorp Investments suffered the run due to a jittery financial market at the hands of negative news that Urban Bank denies. In the five weeks leading up the bank holiday, Urban Bank remained amazingly solvent. In those five weeks, Urban Bank and Urbancorp Investments were able to make good on three billion pesos worth of withdrawals without any assistance from the BSP or the Philippine Deposit Insurance Corporation (PDIC), a feat that would be impossible for a financial institution of a comparable size. Even when the bank closed, Urban Bank claimed it had two billion pesos and Urbancorp Investments had 355 million pesos in liquid and non-risk assets. Less than twenty-four hours after the declaration of a voluntary bank holiday, and as a legal consequence of this, the BSP's Monetary Board ordered the summary closure of Urban Bank and Urbancorp Development Bank and the virtual closure of Urbancorp Investments. The PDIC, as a mandatory receiver of closed banks served upon UBI the closure order right after the Monetary Board met to deliberate on the voluntary bank holiday declared by Urban Bank citing the resolution number therein. The board decided based on previous meetings with the senior officers of the bank and the failed attempt to secure a "white knight" and in light of three supervision and examination sector (SES) reports submitted to it by the Bangko Sentral. Urban Bank claims that the three SES reports submitted were false. Eventually the Supreme Court dismissed all the cases filed by the officers of Urban Bank and found the closure in order. However, the fight to keep the bank open ultimately failed as the existing shareholders could not put up the minimum capital required to continue the bank. Urban Bank and Urbancorp Development Bank were ordered closed under Section 30(a) of Republic Act No. 7653, the New Central Bank Act.