The Monetary Board (MB) placed the Sarangani Rural Bank, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 2022 dated December 5, 2013. As Receiver, PDIC took over the bank on December 6, 2013.

Sarangani Rural Bank is a single-unit bank located along P. Acharon Blvd., General Santos City, South Cotabato. Latest available records show that as of September 30, 2013, Sarangani Rural Bank had 2,408 accounts with total deposit liabilities of P45.57 million. A total of 2,407 deposit accounts or 99.96% of the accounts have balances of P500,000 or less are fully covered by deposit insurance. Total insured deposits amounted to P44.80 million or 98.31% of 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 Depositors-Borrowers Forum on December 11, 2013 to be held at the Audio-Visual Room, MSU Graduate School, CETD Campus, Laurel St., General Santos City at 2:00 in the afternoon. Depositors will be informed of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum, free of charge. The claim forms and the requirements and procedures for filing are likewise available for downloading from the PDIC website, www.pdic.gov.ph.

Depositors whose addresses are different from the bank records should 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 December 12, 2013.

Depositors with valid deposit accounts with balances of P50,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with the Sarangani Rural Bank 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 December 16, 2013.

For depositors who are required to file deposit insurance claims, the PDIC will conduct the claims settlement operations for these accounts from December 17 to 18, 2013.

According to the latest Bank Information Sheet (BIS) as of June 30, 2013 filed by the Sarangani Rural Bank with the PDIC, the bank is owned by Francisco L. Laiz, Jr. (21.87%), Rosa Ma. L. Gayos (20.08%), Josefa L. San Pedro (20.08%) and Amanda L. Robosa (20.04%). Its President and Chairman is Francisco L. Laiz, Jr.

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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