PDIC takes over rural bank in Quezon

Posted at 07/12/2013 4:39 PM | Updated as of 07/12/2013 4:39 PM

MANILA, Philippines - Another rural bank, this time in Quezon, has been placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

On Thursday, the Monetary Board (MB) placed the Quezon Traders Rural Bank of Candelaria, Inc. under the receivership of the PDIC. The PDIC took over the bank on Friday.

Quezon Traders Rural Bank of Candelaria is a single-unit bank located at Cabunag St., Pahinga, Poblacion, Candelaria, Quezon. 

According to records, as of March 31, 2013, the rural bank had 582 accounts with total deposit liabilities of P46.56 million. 

Around 97% of the deposit accounts have balances of P500,000 or less -- all fully covered by deposit insurance. Total insured deposits amounted to P46.17 million or 99.15% 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 P500,000.00. 

A Depositors-Borrowers Forum will be conducted on July 17.