The Bank of Greece announced on Monday that it was revoking the operating licenses of three cooperative banks, those of Achaia, Lamia and Lesvos-Lemnos.

The three had deposits totaling 300 million euros while their combined loan portfolios did not exceed 250 million euros.

Other commercial banks have already expressed an interest in absorbing the three provincial lenders, which came under considerable pressure as many shareholders chose to liquidate their holdings, rendering the banks’ capital base very thin.

The impact of the closure of the three lenders is significant for local communities, while the Achaia cooperative bank has accused the BoG of acting hastily.

There are also fears that other local cooperative lenders will lose their licenses too.