On 11 September 1541, the new capital was flooded when the lagoon in the crater of the Agua Volcano collapsed due to heavy rains and earthquakes; the capital was then moved  to Antigua in the Panchoy Valley, now a UNESCO World Heritage Site. This city was destroyed by several earthquakes in 1773–1774. The King of Spain authorized moving the capital to its current location in the Ermita Valley, which is named after a Catholic church dedicated to the Virgen del Carmen. This new capital was founded on 2 January 1776.