Is the loan of Bozhou Shang Tong Bank Co., Ltd. formal?

Bozhou Shang Tong Bank Co., Ltd. borrows on a regular basis. Relevant public information shows that Bozhou Shang Tong Bank Co., Ltd. is a new local joint-stock rural financial institution approved by Shandong Banking Regulatory Bureau, and it is a formal bank. Banks are financial institutions established in accordance with the law to operate monetary credit business, and they are the products of the development of commodity monetary economy to a certain stage.