• PDIC takes over rural bank in Quezon

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    The Monetary Board (MB) has placed a rural bank in Quezon province under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

    In a statement, the PDIC said that it took over the Quezon Traders Rural Bank of Candelaria Inc. on July 12 by virtue of MB Resolution 1122 dated July 11.

    Quezon Traders Rural Bank of Candelaria is a single-unit bank located on Cabunag Street, Pahinga, Poblacion, Candelaria, Quezon.

    The PDIC said that the bank is majority owned by Ann Michelle Asayo Eufronio Gonzalvo, Ma. Gracia Licup and Aida Gallano. Its chairman and president is Gallano.

    The PDIC added that records showed that as of March 31, Quezon Traders Rural Bank of Candelaria had 582 accounts with total deposit liabilities of P46.56 million.

    A total of 565 deposit accounts, or 97.08 percent of the accounts have balances of P500,000 or less and fully covered by deposit insurance.

    Total insured deposits amounted to P46.17 million, or 99.15 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 July 17 to inform depositors of the requirements and procedures for filing deposit insurance claims.

    Claim forms will be distributed during the forum. The schedule and venue of the forum will be posted in the bank premises and on the PDIC Web site www.pdic.gov.ph.

    The PDIC also said that depositors with valid deposit accounts with balances of P15,000
    and below need not file deposit insurance claims.

    “But depositors who have outstanding obligations with the Quezon Traders Rural Bank of
    Candelaria 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 them at their addresses recorded in the bank no later than the start of the fourth week of July.

    For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts no later than the fourth week of July.

    Mayvelin U. Caraballo

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