Rural bank in Samar shuttered
Credit to Author: JORDEENE B. LAGARE| Date: Mon, 20 May 2019 16:16:56 +0000
Another rural bank, this time in Samar, was shut down by the Bangko Sental ng Pilipinas (BSP) and placed under receivership of the Philippine Deposit Insurance Corp. (PDIC).
In a statement on Monday, the state-run PDIC said the BSP’s Monetary Board (MB) prohibited Rural Bank of Basey (Samar), Inc. from doing business.
The bank’s assets and affairs were placed under PDIC’s control on May 17, making it the fifth bank to be closed by the BSP and to be placed under PDIC receivership this year. Just recently, the BSP ordered for the closure of Valiant Bank in Iloilo City.
The single-unit lender, the Rural Bank of Basey is located in Serafin Marabut St., Loyo (Pob.), Basey, Western Samar. As of March 31, it has 631 deposit accounts with total deposit liabilities of P41.4 million. Total insured deposits amounted to P8.15 million or 19.7 percent of total deposits.
Depositors of closed banks under PDIC receivership are entitled to be paid up to the maximum insurance coverage of P500,000. The PDIC said 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 banks or acted as co-makers of obligations.
“These individual depositors must ensure that they have complete and updated addresses with the bank,” it said.
Rural Bank of Basey depositors may update their addresses until May 22, 2019 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.
The MB closed 12 banks in 2018 and seven banks in 2017, placing them all under PDIC receivership.
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