BSP closes rural bank in Southern Leyte

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THE Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the Rural Bank of Padre Burgos (Southern Leyte) Inc., and placed the bank under the receivership of state deposit insurer Philippine Deposit Insurance Corp. (PDIC).

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In a statement , the PDIC said upon takeover, all bank records of Rural Bank of Padre Burgos shall be gathered, verified and validated.

The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.

The PDIC said that as of June 30, 2014, the Rural Bank of Padre Burgos had 6,120 accounts with total deposit liabilities of P32.6 million. A total of 6,108 deposit accounts or 99.8 percent of the accounts have balances of P500,000 or less and are fully covered by deposit insurance.

The state deposit insurer said the estimated total insured deposits amounted to P24.7 million or 75.8 percent of the total deposits.

A Depositors-Borrowers Forum will be conducted by the PDIC on , at the Padre Burgos Municipal Gym (located at the back of the bank premises), in Poblacion, Padre Burgos, Southern Leyte.

During the forum, the state deposit insurer will inform depositors of the requirements and procedures for filing deposit insurance claims.

“Claim forms will be distributed during the forum. The claim forms and the requirements and procedures for filing are likewise available for downloading from the PDIC website,” it said.

The PDIC said that depositors with valid deposit accounts with balances of P50,000 and below need not file deposit insurance claims.

But depositors who have outstanding obligations with Rural Bank of Padre Burgos, including co-makers of the obligations, or have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors who do not need to file deposit insurance claims, PDIC will start sending payments by mail to their addresses based on bank records by the fourth week of September, while for depositors who are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts not later than the first week of October 2014, it said.

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