Another rural bank placed under PDIC receivership
MANILA, Philippines - Another rural bank has been placed under the receivership of the Philippine Deposit Insurance Corporation (PDIC).
The Monetary Board (MB) on Tuesday said it had placed the Rural Bank of La Trinidad, Inc. under the receivership of the PDIC by virtue of MB Resolution No. 1351.B dated August 15, 2013.
The PDIC took over the bank as receiver last Thursday (August 22).
Rural Bank of La Trinidad's head office is located at Solis Bldg., JC 105, Km 5, Pico, La Trinidad, Benguet. Its lone branch is in Dagupan City, Pangasinan. The bank is majority-owned by Ricardo C. Solis (27%), Humberto C. Solis (25%) and Marie C. Solis (15%). Its chairman and president is Ricardo C. Solis.
As of June 30, 2013, Rural Bank of La Trinidad had 4,076 accounts with total deposit liabilities of P116.6 million.
More than 99% or 4,036 deposit accounts have balances of P500,000 or less, which are fully covered by deposit insurance. Total insured deposits amounted to P98 million or 84.05% of the total deposits.
Upon takeover, the PDIC said all bank records shall be gathered, verified and validated.
PDIC said all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.00.
Two simultaneous Depositors-Borrowers Forum will be held on Wednesday, August 28, 2013, 10:00 a.m. at the Open Gymnasium, Provincial Capitol, La Trinidad, Benguet for depositors of the Head Office, and at the 4th Floor, Amethyst Hall, Lenox Hotel, Rizal St., Dagupan City, Pangasinan for depositors of the Dagupan City Branch.
For more information, visit www.pdic.gov.ph.