MB closes Rural Bank of Maigo (Lanao del Norte), Inc.
PDIC to pay all valid insured deposit claims
September 14, 2018
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Maigo (Lanao del Norte), Inc. from doing business in the Philippines. Under Resolution No. 1484.A dated September 13, 2018, the MB directed the Philippine Deposit Insurance Corporation (PDIC) as Receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank on September 14, 2018.
Rural Bank of Maigo is a single-unit rural bank located in Poblacion, Maigo, Lanao del Norte.
Latest available records show that as of June 30, 2018, Rural Bank of Maigo had 2,150 deposit accounts with total deposit liabilities of PhP73.25 million. Total insured deposits amounted to PhP64.06 million equivalent to 87.4% of total deposits.
PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of PhP500,000.00. Individual depositors with valid deposit accounts with balances of PhP100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, provided they have no outstanding obligations with Rural Bank of Maigo or have not acted as co-makers of these obligations. These individual depositors must ensure that they have complete and updated addresses with the bank. They may update their addresses until September 19, 2018 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.
For business entities and all other depositors who are required to file claims for deposit insurance, the schedule for filing of claims will be announced as soon as possible through posters in the bank premises and in other public places, the PDIC website,www.pdic.gov.ph, and PDIC’s official Facebook account.
PDIC also reminded borrowers to continue paying their loan obligations with the closed Rural Bank of Maigo and to transact only with designated PDIC representatives at the bank premises.
For more information on the requirements and procedures for filing claims for deposit insurance and settlement of loan obligations, all depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers' Forum which will be held in a venue near the premises of the bank on September 24, 2018. Details will be posted in the bank premises and in other public places.
Depositors and borrowers may communicate with PDIC Public Assistance personnel stationed at the bank premises or call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila. Inquiries may also be sent by e-mail to email@example.com or via private message to the official PDIC Facebook account at www.facebook.com/OfficialPDIC.
Rural Bank of Maigo (Lanao del Norte), Inc.
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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PhP500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.
PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.