The Monetary Board placed Millennium Bank, Inc. (A Rural Bank) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 817 dated May 24, 2012. As Receiver, PDIC took over the bank on May 25, 2012.

Millennium Bank is a single-unit bank located at Del Pilar St., Cabanatuan City, Nueva Ecija. Latest available records show that as of March 31, 2012, the Bank had 1,451 accounts with total deposit liabilities of P37.52 million. According to the latest General Information Sheet filed by Millennium Bank with the Securities and Exchange Commission, the bank is majority owned by Phil. Indi. Comml. Ent. (40%), Norberto Dela Merced (19.99%), and Ma. Victoria Cristina S. Abraham (18%). Its Chairman is Ma. Victoria Cristina S. Abraham and its President is Ma. Cristina S. Abraham.

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 Millennium 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 the depositors with small balances to their last known addresses recorded in the bank early July 2012.

Depositors whose accounts have balances of more than P10,000 and have outstanding obligations should file their deposit insurance claims. The inclusive dates and schedule of the claims settlement operations for these accounts will be announced in August 2012 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 details are finalized.

The Depositors Forum will be conducted on Thursday, May 31, 2012 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 venue of the Depositors Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph.

According to PDIC, depositors who have balances of P10,000 and below but whose addresses in the bank records may not have been updated or are incomplete may update their addresses with PDIC representatives at the bank premises. Depositor Update Forms will be distributed during the Depositors Forum for the depositors to accomplish, and will also be made available at the bank premises. These should be accompanied by a photo-bearing ID of the depositor with his signature.

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 pad@pdic.gov.ph.

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.