Rural bank in La Union placed under receivership

Posted at 12/21/12 11:47 AM

MANILA, Philippines - A rural bank in La Union has been placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

The Monetary Board placed the Rural Bank of Bangar (La Union), Inc. under PDIC receivership last December 19. The PDIC took over the bank on December 20.

The bank, located at 2 Central East, Bangar, La Union, is majority owned by Juanito Jun S. Valdez (17.63%), Dionisia M. Lagunilla (9.22%), Zenaida Hermelina V. Galvez (9.01%); and Dante S. Valdez, Pedro Dominic S. Valdez, Melvin S. Valdez and Wilfredo S. Valdez (8.99% each).

Based on records as of September 30, 2012, the Rural Bank of Bangar had 1,256 accounts with total deposit liabilities of P21.37 million.

In a statement, PDIC said all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.

A Depositors Forum will be conducted on January 4, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims.

Claim forms will also be distributed during the Depositors Forum. The schedule and venue of the Depositors Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph.

For more information, depositors may call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or e-mail [email protected]