The Monetary Board (MB) placed the Capitol City Bank, Inc. (A Rural Bank) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 119 dated January 24, 2013. As Receiver, PDIC took over the bank on January 24, 2013.

Capitol City Bank is a four-unit rural bank with Head Office located along Governor’s Drive, Trece Martires City, Cavite. Its three branches are in Alabang in Muntinlupa City; and in General Trias and Trece Martires City in Cavite. Latest available records show that as of June 30, 2012, Capitol City Bank had 24,812 accounts with total deposit liabilities of P460.72 million. Based on the latest Bank Information Sheet (BIS) submitted by Capitol City Bank to the PDIC, the bank is majority owned by Nellie M. Ilas (47.88%) and Lutgarda P. Morabe (19.2%). Its Chairman is Nellie M. Ilas while its President is Lutgarda P. Morabe.

In a statement, PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.

PDIC also announced that it will conduct Depositors Forums from January 31 to February 2, 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 Forums will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph.

Depositors may update their addresses with PDIC representatives at the bank premises or during the Depositors Forum using the Mailing Address Update Forms to be furnished by PDIC representatives. Duly accomplished Mailing Address Update Form should be submitted to the PDIC representatives accompanied by a photo-bearing ID of the depositor with signature. Depositors may update their addresses until February 5, 2013.

Depositors with valid deposit accounts with balances of P15,000 and below, who have no outstanding obligations with Capitol City Bank and who have either complete and updated addresses with the bank or have updated their addresses using the Mailing Address Update Form, need not file deposit insurance claims. PDIC targets to start mailing payments to these depositors to their addresses recorded in the bank by the second week of February 2013.

Depositors whose accounts have balances of more than P15,000 and who have outstanding obligations with Capitol City Bank should file their deposit insurance claims. The PDIC targets to start claims settlement operations for these accounts by the third week of February 2013. The schedule of the claims settlement operations will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph.

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