The Philippine Deposit Insurance Corporation (PDIC), statutory receiver of closed banks, took over today the Rural Bank of Pilar (Capiz), Inc. and Rural Bank of Malinao (Albay), Inc., after the Monetary Board (MB) ordered the closure of said banks by virtue of Monetary Board Resolution Nos. 871 and 872, respectively. Both MBRs were dated July 6, 2006.

RB Pilar has two (2) banking units, including its head office in Pilar, Capiz. Its only branch is located in Roxas City. Meanwhile, RB Malinao is a single unit bank located in Malinao, Albay.

As of June 30, 2005, estimated total deposit liabilities of RB Pilar is P10.24 million with around 1,500 deposit accounts while RB Malinao has estimated total deposit liabilities of P15.78 million with about 6.700 deposit accounts.

PDIC representatives are currently in the premises of the head office and branch of said closed banks conducting examination of the deposit records and other bank records in preparation for the processing and payment of claims for insured deposits. The PDIC is also conducting an inventory of the remaining assets of the closed bank. PDIC disclosed that it would fasttrack the examination of the deposit records to ensure immediate servicing of claims. The state deposit insurer, however, stated that the servicing of claims is dependent on the state of the bank records. The schedule for claims servicing will be published in newspapers and announced over the radio as soon as the masterlist of insured deposits is completed.

Under Republic Act 9302 that amended the PDIC Charter, the maximum deposit insurance coverage is now at P250,000 per depositor effective August 12, 2004.

PDIC advised depositors and creditors of the two rural banks to directly transact only with designated PDIC representatives. End