The Philippine Deposit Insurance Corporation (PDIC) took over Bankwise, Inc. on February 8, 2008 after the Monetary Board (MB) ordered the closure of the bank by virtue of MB Resolution No. 157 dated February 7, 2008.

A six-unit bank based in Makati City, the bank's head office is located at 828 5/F Crown Prince Court Bldg., A. Arnaiz Avenue, Brgy. San Lorenzo, Makati City. Its five branches are located in the cities of Mandaluyong, Las Piñas, Cebu, Davao, and Quezon. Latest available records showed that the bank's estimated total deposit liabilities amounted to P1.33 billion as of June 30, 2007.

In a statement, PDIC said that upon takeover, all bank records would be verified and validated in preparation for the payout operations. The PDIC advised depositors of the closed bank to wait for further announcements on the schedule of claims servicing. Under Republic Act 9302 that amended the PDIC Charter effective August 12, 2004, the maximum deposit insurance coverage is now P250,000 per depositor.