THE Monetary Board has ordered the closure of the Rural Bank of Calasiao Inc., placing it under receivership of the state deposit insurer.
In a statement on Wednesday, the Philippine Deposit Insurance Corp. (PDIC) said it would be gathering, verifying and validating the records of the single-unit rural bank.
The Rural Bank of Calasiao’s head office is located in Poblacion East, Calasiao, Pangasinan.
PDIC assured depositors that all valid deposits will be paid up to the maximum insurance coverage of P500,000.
As of June 30, 2015, the Rural Bank of Calasiao had 3,019 accounts with total deposit liabilities of P102 million. Total insured deposits amounted to P85.5 million, or 83.9 percent of total deposits.
Depositors with valid deposit accounts of P100,000 and below shall be eligible for early payment and need not file deposit insurance claims, except when they have outstanding obligations with the Rural Bank of Buguias or acted as co-makers of the obligations, and have incomplete or have not updated their addresses.
“PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the last week of November,” the insurer said.
Depositors have until November 24, 2015 to update their records using forms to be distributed by PDIC representatives at the rural bank’s premises.
For depositors required to file deposit insurance claims, the PDIC aims to start settlement operations by the second week of December.
The PDIC also announced that it would be conducting a depositors-borrowers forum from November 26. It urged depositors to attend so that they could verify if they were eligible for early payment.
The Rural Bank of Calasiao is the 12th rural bank to be placed under PDIC receivership this year. The Monetary Board closed a total of 14 rural banks in 2014.