The Philippine Deposit Insurance Corp. (PDIC) took over the single-unit Sarangani Rural Bank Inc. and assured its depositors that all valid deposits shall be paid up to P500,000.
In a statement, the state insurer said that the Monetary Board (MB) of the Bangko Sentral ng Pilipinas placed the rural bank under its receivership on December 6 by virtue of MB Resolution No. 2022, adding that upon takeover, all bank records shall be gathered, verified and validated.
According to the latest Bank Information Sheet filed by the Sarangani Rural Bank to the PDIC, the bank is owned by Francisco Laiz Jr., Rosa Ma. Gayos, Josefa San Pedro and Amanda Robosa.
The closed rural bank is located along P. Acharon Boulevard, General Santos City, South Cotabato, and had 2,408 accounts with total deposit liabilities of P45.57 million.
PDIC added that a total of 2,407 deposit accounts or 99. 96 percent of the accounts have balances of P500,000 or less and fully covered by deposit insurance, while total insured deposits amounted to P44.80 million or 98.31 percent of the total deposits.
It added that 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 December 16, 2013.