MB places Cooperative Rural Bank of Bulacan under PDIC receivership
All valid insured deposit claims will be paid
The Monetary Board (MB) placed the Cooperative Rural Bank of Bulacan under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 823.A dated May 23, 2013. As Receiver, PDIC took over the bank on May 24, 2013.
Cooperative Rural Bank of Bulacan is an 18-unit bank with Head Office located in Banga I, Plaridel Bulacan. It has 13 branches in Bulacan (Angat, Balagtas, Baliuag, Bocaue, Bulacan, Malolos, Malolos-Cabanas, Meycauayan, Paombong, Pulilan, San Jose del Monte City, San Miguel and Sta. Maria); and a branch each in Urdaneta (Pangasinan), Cainta (Rizal), Sta. Rosa (Laguna) and Makati (a microfinance-oriented branch). Latest available records show that as of March 31, 2013, Cooperative Rural Bank of Bulacan had 44,388 accounts with total deposit liabilities of P2.17 billion. A total of 44,166 deposit accounts or 99.5% of the accounts have balances of P500,000 or less and fully covered by deposit insurance. Total insured deposits amounted to P1.79 billion or 82.4% of the 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 from May 30, 2013 to June 5, 2013 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 in 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 of the depositor with signature. Depositors may update their addresses until June 13, 2013.
Depositors with valid deposit accounts with balances of P15,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with the Cooperative Rural Bank of Bulacan 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 that need not file deposit insurance claims, PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank no later than the 3rd week of June 2013.
For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts no later than the 2nd week of July 2013. The schedule of the claims settlement operations 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.
According to the latest Bank Information Sheet (BIS) as of December 31, 2012 filed by the Cooperative Rural Bank of Bulacan with the PDIC, the bank is majority-owned by Crb Employees Credit Coop (39.74%) and United Coop Bankers Coop (34.77%). Its Chairman is Isidoro C. Santos and its President/CEO is Reynaldo C. Capalad.
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 firstname.lastname@example.org.
* * * * *
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.