The Philippine Deposit Insurance Corporation (PDIC) filed criminal charges against five former Directors and four officers and employees of Banco Carmona (A Rural Bank), for refusing to turn over bank records to PDIC in violation of Republic Act 3591, as amended, otherwise known as the PDIC Charter. The bank was ordered closed by the Monetary Board and placed under receivership by the PDIC on August 1, 2014. The bank is located at J.M. Loyola Street, Carmona, Cavite.

In a complaint filed before the Office of the City Prosecutor of Makati City on January 27, 2015, the PDIC charged Directors Perseveranda Isla, Rosalinda Gatdula, Ma. Cristina Creencia, Rosalie Lourdes Gaco and Roel Nupal, as well as bank officers and employees Irene Zarraga (Officer-in-Charge/Manager), Jessica Basillas (Acting Cashier/Teller), Rowena C. Rodis (Head Accountant) and Aiza R. Javier (Branch Teller) of the closed Banco Carmona (A Rural Bank), Inc. for violation of PDIC Regulatory Issuance No. 2006-2, which requires that documents and records of the bank must be kept intact within its premises.

When PDIC took over the bank, important bank documents and records were found to be missing. PDIC demanded the immediate turnover of the missing documents and records but respondents refused to comply and provided unsatisfactory explanations. The missing documents and records were necessary to enable PDIC to pay deposit insurance claims, and for PDIC to determine the financial condition of the bank.

Due to the absence of complete bank records and documents, the payment of deposit insurance claims of depositors of the closed Banco Carmona was considerably delayed, causing inconvenience to the closed bank's depositors who could have immediately accessed their deposits. The criminal charges highlighted that bank directors, officers, employees and/or agents are expected to exercise extraordinary due diligence in safeguarding the interests of their depositors.

The filing of charges against the nine (9) respondents is in support of PDIC's efforts to bring to justice parties that engage in acts that will put depositors and the Deposit Insurance Fund (DIF) and depositors at risk. PDIC vigorously pursues legal action against erring bank owners, officers and personnel for the benefit of depositors/creditors and to protect the DIF, PDIC's funding source for payment of insured deposits.

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