The Monetary Board (MB) placed the La Consolacion Rural Bank (Laguna), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 417.A dated March 15, 2013. As Receiver, PDIC took over the bank on March 15, 2013.

La Consolacion Rural Bank is a single-unit bank with Head Office located at the G/F CCP Bldg., National Highway, Landayan, San Pedro, Laguna. Latest available records show that as of December 31, 2012, La Consolacion Rural Bank had 279 accounts with total deposit liabilities of P34.94 million. According to the latest Bank Information Sheet (BIS) as of December 31, 2012 filed by the La Consolacion Rural Bank with the PDIC, the bank is majority-owned by Ma. Theresa G. Amoloza (20%), Thelma G. De Leon (20%), Lois Anne M. Perez (15%) and Ma. Lailani M. Abalos (13%). Its Chairman is Thelma G. De Leon and its President is Ma. Theresa G. Amoloza.

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-Borrowers Forum on March 19, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum. The schedule and venue of the Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph.

Depositors may update their addresses with the PDIC representatives at the bank premises or during the Forum using the Mailing Address Update Forms to be furnished by PDIC representatives. Duly accomplished Mailing Address Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID of the depositor with signature. Depositors may update their addresses until March 19, 2013.

Depositors with valid deposit accounts with balances of P15,000 and below, who have no outstanding obligations with the La Consolacion Rural Bank and have complete and updated addresses with the bank, 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 March.

Depositors whose accounts have balances of more than P15,000 and all those who have outstanding obligations with La Consolacion Rural Bank should file their deposit insurance claims. The PDIC targets to start claims settlement operations for these accounts by the fourth week of March. 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.

* * * * *