The Monetary Board (MB) placed the Rural Bank of Gainza (Camarines Sur), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 172 dated January 31, 2013. As Receiver, PDIC took over the bank today.

RB Gainza is a single-unit rural bank located in Poblacion, Gainza, Camarines Sur. Latest available records show that as of September 30, 2012, RB Gainza had 559 accounts with total deposit liabilities of P22.65 million. Based on the latest Bank Information Sheet (BIS) submitted by RB Gainza to the PDIC, the bank is majority owned by its President Ronald Angelo S. San Vicente (33.64%), Rosalyn Angela S. San Vicente (33.64%) and its Chairman Rosalinda S. San Vicente (31.83%).

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 a Depositors Forum on February 5, 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.

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 6, 2013.

Depositors with valid deposit accounts with balances of P15,000 and below, who have no outstanding obligations with RB Gainza 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 February 11, 2013.

Depositors whose accounts have balances of more than P15,000 and who have outstanding obligations with RB Gainza should file their deposit insurance claims. The PDIC targets to start claims settlement operations for these accounts by February 14, 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 communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or e-mail pad@pdic.gov.ph.

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