The Monetary Board (MB) placed Rural Bank of Majayjay (Laguna), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 241.A dated February 7, 2013. As receiver, PDIC took over the bank on February 8, 2013.

RB Majayjay is a three-unit rural bank with Head Office located along P. Zamora St., Majayjay, Laguna. Its two branches are in Nagcarlan and in Majayjay, Laguna. Latest available records show that as of December 31, 2012, RB Majayjay had 7,136 accounts with total deposit liabilities of P149.50 million. Based on the latest Bank Information Sheet (BIS) submitted by RB Majayjay to the PDIC, the bank is majority owned by Felipe Sobrevinas (10%), Inocencio Y. Estebal (9.06%), Alfredo M. Opinion (5.95%), Alexander C. Estebal (5.85%), Pelagio Villarante (5.5%), Florencio R. Arcenal (4.79%), Lorenzo Merueña (4.25%), Antonina A. Covar (3.79%), Isabelita B. Cruzat (3.52%), Concordia C. Covar (3.06%), Abner S. Covar (3.33%), Maria Lydia S. Resubal (2.79%), and Sherlyn and Chirstopher Garcia (2.33%). Its Chairman is Romeo S. Modina while its President is Abner S. Covar.

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 on February 13 and14, 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 16, 2013. Depositors with valid deposit accounts with balances of P15,000 and below, who have no outstanding obligations with RB Majayjay 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 third week of February 2013.

Depositors whose accounts have balances of more than P15,000 and who have outstanding obligations with RB Majayjay should file their deposit insurance claims. The PDIC targets to start claims settlement operations for these accounts by the last 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 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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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 permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 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.