Monetary Board closes Laguna-based rural bank
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Sun, 24 Feb 2019 16:16:28 +0000
Monetary authorities have ordered a Laguna-based rural bank (RB) closed and placed under receivership.
“The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Mabitac (Laguna) Inc. from doing business in the Philippines,” the Philippine Deposit Insurance Corp. (PDIC) said in a statement late on Friday.
It was the second bank to be placed under PDIC receivership this year.
The bank’s assets and affairs were placed under control of the PDIC on February 22, 2019.
The 17-unit lender is headquartered at 17 J. Rizal St., Brgy. Sinagtala, Mabitac, Laguna.
It has two branches in Candelaria and Infanta, Quezon; six extension offices in Laguna (Cabuyao, Calamba, Los Baños, Paete, Siniloan and Sta. Maria); five micro banking offices in Laguna (Cabuyao, Los Baños, Paete), Batangas (Tanauan) and Rizal (Tanay); and three other banking offices located in Nagcarlan, Sta. Cruz and Sta. Rosa, all in Laguna.
Depositors of closed banks under PDIC receivership are entitled to be paid up to the maximum insurance coverage of P500,000.
Latest available records show that as of December 31, 2018, the rural bank had 45,807 deposit accounts with total deposit liabilities of P367.1 million. Total insured deposits amounted to P288.3 million equivalent to 78.52 percent of total deposits.
According to the PDIC, depositors with valid accounts of P100,000 and below are eligible for early payment and need not file deposit insurance claims, except when they have outstanding obligations with the closed bank or acted as co-makers of obligations.
“These individual depositors must ensure that they have complete and updated addresses with the bank. They may update their addresses until March 12, 2019 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises” PDIC said.
The Monetary Board closed 12 banks in 2018 and 7 banks in 2017, placing them all under PDIC receivership.
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