• Rural bank with P2.3-B deposit closes

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    The Monetary Board (MB) placed another rural bank under the receivership of the Philippine Deposit Insurance Corp. (PDIC) on Friday.

    By virtue of MB Resolution 823 dated May 23, 2013, the PDIC took over the Cooperative Rural Bank of Bulacan, an 18-unit bank with head office in Plaridel.

    In a statement, the PDIC said that the latest available records show that as of March 31, 2013, the rural bank had 44,388 accounts with total deposit liabilities of P2.17 billion

    It has a total of 44,166 deposit accounts, with 99.5 percent of the accounts having have balances of P500,000 or less and fully covered by deposit insurance, it added.

    The PDIC also noted that the rural bank’s total insured deposits amounted to P1.79 billion, or 82.4 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 depositors-borrowers forums from May 30, 2013, to June 5, 2013, to inform depositors of the requirements and procedures for filing deposit insurance claims.

    It added that depositors with valid deposit accounts with balances of P15,000 and below need not file deposit insurance claims.

    However, depositors who have outstanding obligations with the Cooperative Rural Bank of Bulacan 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 said.

    PDIC also reported that according to the latest bank information sheet as of December 31, 2012, filed by the Cooperative Rural Bank of Bulacan with the PDIC, the bank is majority-owned by Crb Employees Credit Coop. (39.74 percent) and United Coop Bankers Coop (34.77 percent).

    Its chairman is Isidoro Santos and its president and chief executive officer is Reynaldo Capalad.

    Mayvelin U. Caraballo

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