Cavite rural bank placed under PDIC receivership

Posted at 05/13/14 4:37 PM

MANILA, Philippines - Another rural bank has been ordered closed by the central bank.

The Monetary Board on Tuesday placed the Cavite Rural Banking Corporation under the receivership of the Philippine Deposit Insurance Corporation (PDIC) last May 9. The PDIC, as receiver, took over the bank on the same day.

Cavite Rural Banking Corp.'s head office is located at M.H. del Pilar St. corner Kiamzon St., Silang, Cavite. It has two branches located in Amadeo and one branch in Silang.

Based on available records, the rural bank had 1,452 accounts with total deposit liabilities of P71.52 million as of end-December.

A total of 1,445 deposit accounts or 99.52% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Total insured deposits amounted to P69.06 million or 96.56% of the total deposits.

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 latest Bank Information Sheet (BIS) showed the Cavite rural bank is owned by the etate of Andamo-Villanueva Inc. (40.62%), Elisa M. Andamo (20.27%), Emilio V. Andamo (15.02%), Emmanuel M. Andamo III (15.02%) and Abelardo V. Andamo (9.07%). Emmanuel is the chairman, while Emilio is the president.

A Depositors-Borrowers Forum will be held on May 15, 2014 to inform the bank's depositors of the requirements and procedures for filing deposit insurance claims.

For more information, call PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or e-mail to [email protected] Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).