The Monetary Board (MB) placed the Community Bank (Rural Bank of Alfonso, Inc.) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 284 dated February 26, 2015. As Receiver, PDIC took over the bank on the same day.

Community Bank is a three-unit rural bank with Head Office located at Mabini St., Town Plaza, Alfonso, Cavite. Its two branches are located in Biñan, Laguna and Gen. Aguinaldo, Cavite. Based on the Bank Information Sheet (BIS) filed by the Community Bank with the PDIC as of June 30, 2013, the bank is owned by Alfredo D. Roa III (37.52%), Ruby D. Roa (27.15%), Ma. Theresa R. Antonio (14.00%), Georgia R. Remulla (13.40%) and Gabriel R. Limjoco (2.50%). Its President is Vicente C. Betos and its Chairman is Alfredo D. Roa III.

Latest available records show that as of March 31, 2014, Community Bank had 26,923 accounts with total deposit liabilities of P245.5 million. Total insured deposits amounted to P241.1 million or 98.2% of total deposits.

PDIC said that during the 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.

Depositors with valid deposit accounts with balances of P50,000.00 and below need not file deposit insurance claims, except when they have outstanding obligations with the Community Bank or acted as co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank. PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the second week of March 2015.

Depositors may update their addresses until March 5, 2015 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.

For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the third week of March 2015.

The PDIC also announced that it will conduct a Depositors-Borrowers Forum on March 11, 2015 to inform depositors of the requirements and procedures for filing deposit insurance claims. The time and venue of the Forum will be posted in the bank premises and announced in the PDIC website, www.pdic.gov.ph. Likewise, The schedule of the claims settlement operations, as well as the requirements and procedures for filing claims will be announced through notices to be posted in the bank premises, other public places and the PDIC website.

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

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