The Monetary Board (MB) placed the Community Rural Bank of Magsaysay (Davao del Sur), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 716 dated May 7, 2015. As Receiver, PDIC took over the bank on May 8, 2015.

Community Rural Bank of Magsaysay is a single-unit rural bank with Head Office located in Roxas Blvd., Magsaysay, Davao del Sur. Based on the Bank Information Sheet filed with the PDIC as of December 31, 2014, the bank is owned by Romualdo C. Caparida (26.95%), Dvo. Caparida Credit, Inc. (14.15%), Grace W. Caparida (12.46%), Josephine C. Manliguez (12.01%), Gracelyn C. Yñiguez (9.58%), Jeffrey M. Caparida (8.97%), Carter M. Caparida (8.82%) and Land Bank of the Philippines (4.24%). Its President is Josephine C. Manliguez and its Chairman is Romualdo C. Caparida.

Latest available records show that as of March 31, 2014, Community Rural Bank of Magsaysay had 772 accounts with total deposit liabilities of P5.7 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 Community Rural Bank of Magsaysay 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 beginning of the third week of May.

Depositors may update their addresses until May 12, 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.

The PDIC also announced that it will conduct a Depositors-Borrowers Forum on May 15, 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.

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.

* * * * *