The Monetary Board (MB) placed the Rural Bank of Lobo, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1438 dated September 18, 2014. As Receiver, PDIC took over the bank on September 19, 2014.

Rural Bank of Lobo is a four-unit rural bank with Head Office located in Poblacion, Lobo, Batangas. Its branches are located in Batangas City, Lipa City and Sto. Tomas, Batangas. Latest available records show that as of June 30, 2014, Rural Bank of Lobo had 4,324 accounts with total deposit liabilities of P129.3 million. A total of 4,300 deposit accounts or 99.4% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Estimated total insured deposits amounted to P124.4 million or 96.2% of the total deposits.

PDIC said that upon takeover of the bank, 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 a Depositors-Borrowers Forum on September 29, 2014 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 at 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 September 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 Lobo 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 who 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 October, 2014.

For depositors who are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts not later than the second week of October, 2014. 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 June 30, 2014 filed by the Rural Bank of Lobo with the PDIC, the bank is owned by Mary Ann R. Luz (38.28%), Ricarda L. Puno (7.54%), Norberto Q. Villar (6.69%), Jose Antonio R. Luz (6.22%), Arnulfo F. Go (5.59%), Efren R. Jabla (5.59%), Domingo F. Gonzales (4.3%), Angel V. Ornedo, Jr. (4.3%), Jose Pio R. Luz (3.71%), Eugenio C. Agapay (2.98%), Alfredo R. Bautista (2.53%), Magnificat Foundation, Inc. (2.07%), and Marie Rose L. Lotilla (2.05%). Its Chairman and President is Mary Ann R. Luz.

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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