December 14, 2016

The Philippine Deposit Insurance Corporation (PDIC) announced that it has started mailing Postal money orders (PMOs) for all valid deposit accounts with balances of PHP100,000 and below maintained with the closed Xavier-Tibod Bank, Inc. (A Microfinance Rural Bank) on December 13, 2016, seven working days after the bank's takeover on December 2, 2016.

Eligible to receive early payments via PMOs are depositors with valid deposit balances of PHP100,000 and below; who have no outstanding loans with the closed bank, and who have complete mailing address in the bank records or updated this information through the PDIC Mailing Address Update Form (MAUF).

These PMOs may be encashed either with the local postal office or with the nearest branch of the Land Bank of the Philippines.

Xavier-Tibod Bank was ordered closed by the Monetary Board through Resolution No. 2133.A dated December 1, 2016. It is a two-unit rural bank with Head Office located on Pabayo St., Divisoria, Cagayan de Oro City (Capital), Misamis Oriental. Its other banking office (OBO) is located along National Highway, Brgy. Poblacion, Salay, Misamis Oriental.

Depositors who have not received their checks are advised to contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Inquiries may also be sent to the official PDIC Facebook account at www.facebook.com/OfficialPDIC.

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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 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.