The Monetary Board (MB) placed the Rural Bank of Montevista (Davao del Norte), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 407 dated March 6, 2014. As Receiver, PDIC took over the bank on March 7, 2014.

Rural Bank of Montevista is an eleven-unit rural bank with Head Office located in Sobrecary, City of Tagum, Davao del Norte. Its 10 branches are located in Laak, Mawab, Monkayo, Montevista, New Bataan and Pantukan in Compostela Valley; Bayugan, San Francisco and Trento in Agusan del Sur; and in Mati, Davao Oriental. Latest available records show that as of December 31, 2013, Rural Bank of Montevista had 35,293 accounts with total deposit liabilities of P230.35 million. A total of 35,248 deposit accounts or 99.87% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Total insured deposits amounted to P209.83 million or 91.09% 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 Depositors-Borrowers Forums on March 12 to 14, 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 March 17, 2014.

Depositors with valid deposit accounts with balances of P50,000.00 and below do not need to file deposit insurance claims. But depositors who have outstanding obligations with the Rural Bank of Montevista 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 who do not need to file deposit insurance claims, PDIC will start sending payments by mail to their addresses based on bank records by March 21, 2014.

For depositors that are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts also by the first week of April. The schedule of the claims settlement operations will be announced through notices to be posted at 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 December 31, 2013 filed by the Rural Bank of Montevista with the PDIC, the bank is owned by Get Holdings, Inc. (35.23%), University of Mindanao (Retirement Fund) (20.76%), RBM Employees Provident Fund (15.43%), Guillermo P. Torres, Jr. (9.9%), Edwin P. Torres (4.33%), Antonio M. Pilpil (4.08%), Victor Nicasio P. Torres (3.03%), and University of Mindanao (2.17%). Its President and Chairman is Felix A. Maceda.

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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