The Monetary Board (MB) placed the Surigaonon Rural Banking Corporation under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 634 dated April 23, 2015. As Receiver, PDIC took over the bank on April 24, 2015.

Surigaonon Rural Banking Corporation is a 10-unit rural bank with Head Office located at Cor. Rizal and Gimena Streets, Surigao City, Surigao del Norte. It has branches in Tacloban City, Cagayan de Oro City, Davao City and Butuan City; and five branches in Surigao del Norte namely: Dapa, General Luna, Placer, Surigao City and Tubod. Based on the Bank Information Sheet filed with the PDIC as of December 31, 2014, the bank is owned by Alfredo T. Bonpin (53.3%), Michael Anderson D. Bonpin (14.79%), Lamberto T. Go (8.49%), Rudy G. Medina (5.17%), Willie A. Gan (4.22%), Paz S. Go (4.22%) and Edward L.R. Tiu (3.64%). Its Acting President is Margarito C. Bulaga and its Chairman is Rudy G. Medina.

Latest available records show that as of December 31, 2014, Surigaonon Rural Banking Corporation had 13,184 accounts with total deposit liabilities of P265.3 million. Total insured deposits amounted to P249.4 million or 94.0% 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 Surigaonon Rural Banking Corporation 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 May, 2015.

Depositors may update their addresses until May 4, 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 May, 2015.

The PDIC also announced that it will conduct Depositors-Borrowers Fora on May 7-8, 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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