PDIC takes over rural bank in Camarines Sur

Posted at 02/01/2013 3:31 PM

MANILA, Philippines - A rural bank in Camarines Sur has been placed under receivership of the Philippine Deposit Insurance Corp.

The Monetary Board placed the Rural Bank of Gainza (Camarines Sur) under PDIC receivership in MB Resolution no. 172 dated January 31.

On Friday, the PDIC took over RB Gainza, a single unit rural bank in Poblacion, Gainza, Camarines Sur.

Based on available records, the bank had 559 accounts with total deposit liabilities of P22.65 million as of September 30, 2012.

The bank is majority owned by its president Ronald Angelo S. San Vicente (33.64%), Rosalyn Angela S. San Vicente (33.64%) and its chairman Rosalinda S. San Vicente (31.83%).

PDIC said it will gather all bank records, then verify and validate these.

All valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.

A Depositors Forum will be conducted on February 5, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims.

Depositors with valid deposit accounts with balances of P15,000 and below and who have no outstanding obligations with RB Gainza, do not need to file deposit insurance claims.

PDIC will start mailing payments to these depositors by February 11.

However, depositors whose accounts have balances of more than P15,000 and who have outstanding obligations with RB Gainza should file their deposit insurance claims.

Claims settlement for these accounts will start on February 14.