The Monetary Board (MB) placed the Rural Bank of La Trinidad, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1351.B dated August 15, 2013. As Receiver, PDIC took over the bank on August 22, 2013.

Rural Bank of La Trinidad is a two-unit bank with Head Office located at Solis Bldg., JC 105, Km 5, Pico, La Trinidad, Benguet. Its lone branch is in Dagupan City, Pangasinan. Latest available records show that as of June 30, 2013, Rural Bank of La Trinidad had 4,076 accounts with total deposit liabilities of P116.6 million. A total of 4,036 deposit accounts or 99.02% of the accounts have balances of P500,000 or less and fully covered by deposit insurance. Total insured deposits amounted to P98.0 million or 84.05% of the total deposits.

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 P500,000.00.

The PDIC also announced that it will conduct a simultaneous Depositors-Borrowers Forum on Wednesday, August 28, 2013, 10:00 a.m. at the Open Gymnasium, Provincial Capitol, La Trinidad, Benguet for depositors of the Head Office, and at the 4th Floor, Amethyst Hall, Lenox Hotel, Rizal St., Dagupan City, Pangasinan for depositors of the Dagupan City Branch. The Forum is a venue 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 are also posted in the bank premises and in the PDIC website, www.pdic.gov.ph. The claim forms and the requirements and procedures for filing are likewise available for downloading from the PDIC website.

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 with signature of the depositor. Depositors may update their addresses until August 30, 2013.

Depositors with valid deposit accounts with balances of P15,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with the Rural Bank of La Trinidad including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the first week of September.

For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the second week of September. 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.

According to the latest Bank Information Sheet (BIS) as of June 30, 2013 filed by the Rural Bank of La Trinidad with the PDIC, the bank is majority-owned by Ricardo C. Solis (27%), Humberto C. Solis (25%) and Marie C. Solis (15%). Its Chairman and President is Ricardo C. Solis.

For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC(7342), the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to 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.