PDIC takes over Bulacan rural bank

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The Monetary Board placed another rural bank in Bulacan under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

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In a statement, the PDIC said that it took over the Rural Bank of San Jose Del Monte Inc. on August 2 by virtue of MB Resolution 1254 dated August 1.

The Rural Bank of San Jose Del Monte is a four-unit bank with head office located at Quirino Highway, Tungkong Mangga, San Jose del Monte City, Bulacan.

It has branches in Apalit, Pampanga, and in Meycuayan and Sapang Palay, Bulacan.

The rural bank is majority-owned by the Heirs of Reuben Protacio (38 percent), Mario Leygo (17.5 percent) and Wilfredo Olaguer (17.5 percent). Its chairman and president is Wilfredo Olaguer.

Records showed that as of June 30, 2013, the Rural Bank of San Jose Del Monte had 3,917 accounts with total deposit liabilities of P367.7 million.

A total of 3,855 deposit accounts, or 98.4 percent of the accounts have balances of P500,000 or less, and fully covered by deposit insurance.

Total insured deposits amounted to P334.1 million, or 90.9 percent of the total deposits.

PDIC said that upon takeover, all bank records 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 also announced that it will conduct a Depositors-Borrowers Forum on August 6 to 8, 2013, to inform depositors of the requirements and procedures for filing deposit insurance claims.

The schedule and venue of the forum will be posted in the bank premises and on the PDIC website, www.pdic.gov.ph. The claim forms and the requirements and procedures for filing are also available for downloading from the PDIC website.

“But depositors who have outstanding obligations with the Rural Bank of San Jose Del Monte including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims,” it stated.

Meanwhile, for depositors that need not file deposit insurance claims, PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the third week of August 2013.

For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the fourth week of August 2013.

Mayvelin U. Caraballo

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