BSP closes Cavite-based savings bank

Posted at 01/13/14 12:14 PM

MANILA, Philippines - A savings bank in Cavite has been shuttered by the Bangko Sentral ng Pilipinas' Monetary Board.

The Monetary Board placed the Silangan Savings and Loan Bank, Inc. under Philippine Deposit Insurance Corp. (PDIC) receivership last January 9. The PDIC said it took over the bank on the same day.

Silangan Savings and Loan Bank is a single-unit bank located along J.P. Rizal St., Silang, Cavite.

Bank records as of September 30, 2013 showed Silangan Savings had 1,367 accounts with total deposit liabilities of P72.49 million.

A total of 1,362 deposit accounts or 99.63% of the accounts have balances of P500,000 or less are fully covered by deposit insurance. Total insured deposits amounted to P72.08 million or 99.43% of total deposits.

Upon takeover, the PDIC said 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 will conduct a Depositors-Borrowers Forum on January 15, 2014 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 in the PDIC website. The claim forms and the requirements and procedures for filing are likewise available for downloading from the PDIC website.