BSP shuts down Sorsogon bank


THE Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the Sorsogon-based Rural Bank of Sta. Magdalena placing the bank under the receivership of state deposit insurer Philippine Deposit Insurance Corp. (PDIC).

The Rural Bank of Sta. Magdalena is the sixth rural bank placed under receivership this year. The Monetary Board closed a total of 14 rural banks in 2014.

In a statement, PDIC said that upon takeover, all records of the single-unit rural bank will be gathered, verified and validated.

Rural Bank of Sta. Magdalena’s head office is located in Barangay Poblacion in the town of Santa Magdalena in Sorsogon.

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

As of March 31,  the Rural Bank of Sta. Magdalena had 762 accounts with total deposit liabilities of P15.3 million, all of which are insured.

Depositors with valid deposit accounts that have balances of P50,000 and below need not file deposit insurance claims, except when they have outstanding obligations with the Rural Bank of Sta. Magdalena or acted as co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank.

“PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the fourth week of May,” it said.

Depositors may update their addresses until May 20, 2015 using the mailing address update forms to be distributed by PDIC representatives at the bank premises, it said.

For depositors who are required to file deposit insurance claims, the PDIC aims to start claims settlement operations for such accounts by the fourth week of May 2015.


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