The Monetary Board (MB) placed the Rural Bank of Oroquieta (Misamis Occidental), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1143 dated July 21, 2014. As Receiver, PDIC took over the bank on July 22, 2014.

Rural Bank of Oroquieta is a two-unit rural bank with Head Office located at Barrientos corner Revil Streets, Oroquieta City, Misamis Occidental. Its lone branch is located in Calamba, Misamis Occidental. Latest available records show that as of March 31, 2014, Rural Bank of Oroquieta had 6,622 accounts with total deposit liabilities of P206.9 million. A total of 6,542 deposit accounts or 98.8% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Estimated total insured deposits amounted to P152.0 million or 73.5% 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 on July 29, 2014 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum. The schedules and venues of the Forums will be posted on 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 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 with signature of the depositor. Depositors may update their addresses until July 29, 2014.

Depositors with valid deposit accounts with balances of P50,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with Rural Bank of Oroquieta including co-makers of the obligations, or have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors that do not need to file deposit insurance claims, PDIC will start sending payments by mail to their addresses based on bank records by the first week of August.

For depositors that are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts on the third week of August. 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, 2013 filed by the Rural Bank of Oroquieta with the PDIC, the bank is owned by Mila G. Montesa (24.23%), the heirs of Francisco German, Jr. (17.27%), the heirs of Trudon German (16.58%), Rosario G. Leopoldo (6.97%), Philip O. Casing (5.61%), Segundino A. Caliao (5.16%), Maximo W. Bigol (3.3%), Julito W. Bigol (3.3%), Julita B. Prasnik (3.3%), the heirs of Emeterio Ocaya (3.1%), Angelina L. German (2.73%) and Victor W. Bigol (2.03%). Its Chairman and President is Mila G. Montesa.

For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises or call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).

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