The Monetary Board placed the First Provincial Bank, Inc. (Rural Bank) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 592 dated April 19, 2012. As Receiver, PDIC took over the bank on April 20, 2012.
First Provincial Bank is a four-unit bank with Head Office located along McArhur Highway cor. Juan Luna St., Tarlac City. Its three branches are in Mabalacat, Pampanga; Paniqui, Tarlac; and La Trinidad, Benguet. Latest available records show that as of June 30, 2011, the Bank had 4,233 accounts with total deposit liabilities of P190.5 million. According to the latest General Information Sheet filed by the First Provincial Bank with the Securities and Exchange Commission, the bank is owned by Blesilo Florido P. Buan, Florido P. Buan and Romina P. Canilao.
In a statement, 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.
PDIC said that depositors with valid accounts with balances of P10,000 and below, who have no outstanding obligations with First Provincial Bank and who have updated their addresses with the bank in the past year, need not file deposit insurance claims. PDIC targets to start mailing payments to these depositors to the last known addresses recorded in the bank by last week of May 2012.
Depositors whose accounts have balances of more than P10,000 and have outstanding obligations should file their deposit insurance claims. The claims settlement operations will be conducted at the bank premises by third week of June 2012. The inclusive dates and schedule 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, newspapers and radios as soon as it is finalized.
Depositorsí Forums will be conducted for all branches on Tuesday, April 24, 2012 at 9:00 a.m. to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will also be distributed during said Forum. The schedule and venues of the Depositorsí Forums are posted in the bank premises.
According to PDIC, depositors who have balances of P10,000 and below but whose addresses in the bank records may not be updated or are incomplete will be given the chance to update their addresses. Depositor Update Forms will be distributed to during the Depositors Forum for the depositors to accomplish, and will also be made available at the bank premises.
For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Public Assistance Hotlines at (02) 8414630 to (02) 8414631 or communicate through e-mail at 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.