Serbia's National Bank executive board revoked Alta banka's operating licence on 31 October. The Belgrade-based bank's accounts are frozen and operations halted.
The central bank also ruled that the conditions for bankruptcy were met and transferred management to the Deposit Insurance Agency, which is to be appointed trustee by a court decision.
The regulator says the move protects depositors and creditors by keeping the bank's assets under supervision so they cannot be drained. A bankruptcy hearing is expected on Monday.