BSP shutters rural bank in Davao del Norte
MANILA, Philippines - Another rural bank has been shuttered by the Bangko Sentral ng Pilipinas.
The Monetary Board has placed the Rural Bank of Sto. Tomas (Davao del Norte), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) last September 13.
The PDIC took over the bank on Monday (September 16).
Rural Bank of Sto. Tomas has three units -- the head office located along R. Magsaysay Ave., Sto. Tomas, Davao del Norte, and two branches in Asuncion and Braulio Dujali.
As of June 30, 2013, the bank had 8,023 accounts with total deposit liabilities of P67.7 million. Around 99.9% of the deposit accounts have balances of P500,000 or less and fully covered by deposit insurance. Total insured deposits amounted to P58.2 million or 86.0% of the total deposits.
PDIC said assured the bank's 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 September 20, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims.
For more information, visit www.pdic.gov.ph. Concerned parties may also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC(7342), the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to [email protected].