The Philippine Deposit Insurance Corporation (PDIC) announced that there will be a delay in the payment of deposit insurance for the closed Banco Carmona (A Rural Bank), Inc. due to the absence of complete and updated bank records. In the Depositors-Borrowers Forum held at the Penthouse of the Carmona Municipal Hall on August 11, 2014, the PDIC informed depositors that despite efforts to locate the bank owners, officers and employees of the bank, they could not be located nor have they coordinated with the PDIC for the proper turnover to the PDIC of the records and assets of the bank. Without the complete records, the PDIC will not be able to conduct the validation process for bank deposits, a requirement before deposit insurance claims are paid.

During the Forum, the PDIC also explained its objective to pay valid deposit insurance promptly. Payment of deposit insurance claims for accounts with deposit balances of up to P50,000 usually starts within 18 days after a closed bank is taken over by the PDIC. Payment via Postal Money Order check is mailed directly to depositors with valid deposits of up to P50,000, with complete mailing address and without outstanding obligation to the bank. Payment for accounts with deposit balances of more than P50,000 is usually completed within 28 days after bank takeover.

The turnaround time (TAT) as well as standard payout procedures for deposit insurance cannot be implemented in the case of Banco Carmona due to incomplete and not updated records. Bank officers and employees, who met with PDIC representatives at the bank premises after the Depositors-Borrowers Forum last August 11, promised to turn over documents but they have not done so as of this writing.

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. The bank has deposit liabilities of P42 million and loan balances of P67 million as of January 31, 2014, based on the report it submitted to the Bangko Sentral ng Pilipinas. Banco Carmona was placed under PDIC receivership on August 1, 2014.

Based on the latest General Information Sheet (GIS) filed by the bank on May 12, 2014 with the Securities and Exchange Commission, Banco Carmona is owned by Arturo Poblete (14.96%), Rowena Rodis (10.66%), Perseveranda Isla (10.08%), Ma. Cristina Creencia (9.16%), Rosalinda Gatdula (8.04%), Salome Landas (7.22%), Olivia Asia (6.47%), Cristobal Umale (5.85%), Elena Levardo (5.70%), Irene Zarraga (4.89%), Maria Alona Poblete (4.39%), Evelyn Encarnacion (2.92%), Vilma Encarnacion (2.92%), Ressurreccion Teano (2.48%), Gloria/Cesar Casal (1.85%), Arnell Ilas (1.13%), Roel Naupal (0.96%), and Rosalie Lourdes Gaco (0.32%). Its President is Perseveranda Isla who is also one of its Directors. The bank's Directors are Rosalinda Gatdula (also Secretary), Ma. Cristina Creencia, Rosalie Lourdes Gaco and Roel Naupal. Other officers are Norma Mendoza (Compliance Officer), Irene Zarraga (Officer-in-Charge), Gilbert de Silva (Loan Officer) and Rowena Rodis (Finance Officer/Treasurer).

In the meantime, depositors were advised to prepare their evidence of deposits and two (2) valid IDs, and to accomplish the Mailing Address Update Form (MAUF).

Depositors of the bank were likewise advised to visit the PDIC website, www.pdic.gov.ph, for any update or information on the schedule of the payout operations. The PDIC said that notices will also be posted at the bank premises and in other public places as soon as the payout schedule is finalized.

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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