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MB places Rural Bank of Labrador (Pangasinan), Inc. under PDIC receivership
All valid insured deposit claims will be paid

The Monetary Board (MB) placed the Rural Bank of Labrador (Pangasinan), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 596 dated April 16, 2015. As Receiver, PDIC took over the bank on April 16, 2015.

Rural Bank of Labrador is a single-unit rural bank with Head Office located in Poblacion, Labrador, Pangasinan. Based on the Bank Information Sheet (BIS) filed by the Rural Bank of Labrador with the PDIC as of December 31, 2014, the bank is owned by Mark Ernest L. Rosario (32.57%), Alicia R. Liboro (13.85%), Eriberto U. Rosario, Jr. (12.89%), Concepcion R. Cristobal (7.91%), Regina Rosario (3.92%), Anna Melissa R. Lichaytoo (3.82%), Jose Eriberto D. Rosario III (3.70%), Manuel P. Rosario (3.62%) and Martin Angelo L. Rosario (3.49%). Its President and Chairman is Mark Ernest L. Rosario.

Latest available records show that as of December 31, 2014, Rural Bank of Labrador had 927 accounts with total deposit liabilities of P44.1 million, all of which are insured.

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 Rural Bank of Labrador 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 third week of April, 2015.

Depositors may update their addresses until April 21, 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 last week of April, 2015.

The PDIC also announced that it will conduct a Depositors-Borrowers Forum on April 23, 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 topad@pdic.gov.ph.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.

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