testMB places Rural Bank of Reina Mercedes (Isabela), Inc. under PDIC receivership
All valid insured deposit claims will be paid
The Monetary Board (MB) placed the Rural Bank of Reina Mercedes (Isabela), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 204 dated February 7, 2014. As Receiver, PDIC took over the bank on February 10, 2014.
Rural Bank of Reina Mercedes is a three-unit rural bank with Head Office located in Brgy. Tallungan, Reina Mercedes, Isabela. Its two branches are located in Cauayan and San Mateo, Isabela. Latest available records show that as of December 31, 2013, Rural Bank of Reina Mercedes had 1,271 accounts with total deposit liabilities of P68.87 million. A total of 1,262 deposit accounts or 99.29% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Total insured deposits amounted to P66.98 million or 97.26% 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 February 13, 2014 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 on 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 February 14, 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 Rural Bank of Reina Mercedes 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 will start sending payments by mail to their addresses based on bank records by the 3 rd week of February.
For depositors that are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts also by the 3 rd week of the month. 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 Reina Mercedes with the PDIC, the bank is owned by Lina Judith C. Bautista (28.33%), David C. Bautista, Jr. (26.01%) and Pacita C. Bautista (16.58%). Its President is Romeo P. Garcia and its Chairman is Shelly G. Bautista.
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 email@example.com.
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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.