THE Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the Rural Bank of Labrador (Pangasinan) Inc., placing the bank under the receivership of state deposit insurer Philippine Deposit Insurance Corp. (PDIC).
In a statement, PDIC said that upon takeover, all records of the single-unit rural bank will be gathered, verified and validated.
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 Dec 31, 2014, the Rural Bank of Labrador had 927 accounts with total deposit liabilities of P44.1 million, all of which are insured, the PDIC said.
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 Labrador 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 third week of April,” it said.
Depositors may update their addresses until April 21, 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 last week of April 2015.
The Rural Bank of Labrador is the third rural bank placed under PDIC receivership this year. The Monetary Board closed a total of 14 rural banks in 2014.