The Monetary Board (MB) placed the Rural Bank of Catubig (Northern Samar), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1838 dated November 7, 2013. As Receiver, PDIC took over the bank on November 11, 2013. Rural Bank of Catubig is a single-unit bank located at B. Tafalla St., Barangay 7, Poblacion, Catubig, Northern Samar. Latest available records show that as of September 30, 2013, Rural Bank of Catubig had 156 accounts with total deposit liabilities of P2.8 million. All 156 deposit accounts have balances of P500,000 or less and fully covered by deposit insurance. A total of 120 accounts have balances of P5,000 and below.

The PDIC said it will pay valid accounts with balances of P5,000 and below in cash during the claim settlement operations to be scheduled as soon as possible. Under PDIC’s policy on payment of deposit insurance, the Corporation is authorized to pay in cash under special circumstances such as calamity. Samar is one of the provinces that was devastated by super typhoon Yolanda.

In order to be paid in cash, depositors must present their evidence of deposit such as savings passbook, certificate of time deposit, latest bank statements, unused checks, or ATM card; and a valid identification document (ID) or barangay certificate.

The PDIC said that upon takeover, all bank records shall be gathered, verified and validated. It 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 Depositors-Borrowers Forum on November 14, 2013, 10:00 a.m. at the Catubig Multipurpose Cooperative Function Hall, Catubig, Northern Samar, to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum. 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 November 14, 2013.

Depositors with valid deposit accounts with balances of more than P5,000 but below P15,000 need not file deposit insurance claims. Depositors with valid accounts will be paid in check during the claims settlement operations. However, depositors who have outstanding obligations with the Rural Bank of Catubig, 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 are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the third week of November. 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 Catubig with the PDIC, the bank is majority-owned by Jaime B. Jamer (26.34%), Nelida J. Uy (25.74%), Fe B. Jamer (10.68%) and Jihan U. Tamares (6.39%). Its President and Chairman is Nelida J. Uy.

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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