The Monetary Board (MB) placed the Banco Carmona, Inc. (A Rural Bank) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1181.A dated August 1, 2014. As Receiver, PDIC took over the bank on August 1, 2014.

Banco Carmona is a two-unit rural bank with Head Office located at J.M. Loyola St., Carmona, Cavite. Its lone branch is also located in Carmona, Cavite. Based on the Bank Information Sheet as of June 30, 2014 submitted to the PDIC, Banco Carmona had 2,260 accounts with total deposit liabilities of P40.5 million. A total of 2,257 deposit accounts or 99.9% of the accounts fall within the P500,000 maximum deposit insurance coverage. Estimated total insured deposits amounted to P39.8 million or 98.2% of the total deposits.

Despite efforts to locate the owners, officers and employees of the bank, they could not be located nor have they coordinated with the PDIC for the proper turnover of the records and assets of the bank, to date. PDIC is currently sifting through records and files found in the bank premises. So far the records have been found to be incomplete and not updated. The PDIC explained that, in processing deposit insurance claims, PDIC should establish the correct deposit balances as of closure of the bank as well the correct loan balances of each depositor, if any. Validation of booking and funding of a deposit account from the records of the bank is a requirement under Section 4(f) of RA 3591, as amended, otherwise known the PDIC Charter.

The PDIC further explained that for a bank of this size, payment to depositors with deposit balances of P50,000 and below would have started within two weeks upon takeover of the bank by the PDIC, while on-site claims settlement operations for those with balances higher than P50,000, within four weeks. Given the circumstances in Banco Carmona, standard payout operations may not be adopted and payment of claims would be delayed. PDIC is doing its best to find the owners and officers of Banco Carmona to require them to cooperate and turn over all bank records to hasten the validation of the accounts.

Based on the latest General Information Sheet (GIS) filed on April 2, 2013 with the Securities and Exchange Commission, the bank is owned by Rowena Rodis (18.70%), Perseveranda Isla (15.93%), Arturo Poblete (14.96%), Ma. Cristina Creencia (9.16%), Salome Landas (7.22%), Olivia Asia (6.47%), Elena Levardo (5.71%), Irene Zarraga (4.89%), Teresita Vidallon (3.07%), Evelyn Encarnacion (2.92%), Vilma Encarnacion (2.92%), Ressureccion Teano (2.48%), Gloria/Cesar Casal (1.85%), Maria Alona Poblete (1.31%) and Arnell Ilas (1.13%). Its President is Nicasio Dela Pena, Jr. The bank's Directors are Filor Atangan, Perseveranda Isla, Olivia Asia and Elena Levardo. Other officers are Evelyn Camilon (Corporate Secretary), Nelita Catimbang (Compliance Officer), and Irene Zarraga (General Cashier).

In the meantime, depositors of Banco Carmona are advised to attend the Depositors-Borrowers Forum on August 11, 2014 at 10:00 a.m. at Plaza Carmona in front of the Carmona Municipal Hall. During the forum, depositors will be updated on the circumstances of Banco Carmona's closure. They will also be informed of the requirements for the filing and settlement of deposit insurance claims.

Depositors of the bank are likewise advised to visit the PDIC website, www.pdic.gov.ph for any updates or information on when to file claims. Notices will also be posted at the bank premises and in other public places.

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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