The Monetary Board (MB) placed Rural Bank of Calasiao, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1877 dated November 13, 2015. As Receiver, PDIC took over the bank on November 16, 2015.

Rural Bank of Calasiao is a single unit rural bank located in RBCAL Bldg., Poblacion East, Calasiao, Pangasinan. Based on the Bank Information Sheet filed by the bank with the PDIC as of June 30, 2015, Rural Bank of Calasiao is owned by Maximo Joaquin Abesamis (30.89%), Frederick Enerva Abesamis (11.23%), Magnolito Joves Acosta (8.58%), Remedios Cruz Zulueta (8.28%), Godofredo Joaquin Abesamis (6.10%), Guadalupe Abesamis Arambulo (5.20%), Editha Enerva Abesamis (4.52%), Angelita Jovellanos Torres (4.30%), Florencio Latonio Gabrillo (3.51%), and Arturo Prado Doria (2.10%). The Bank's President and Chairman is Frederick E. Abesamis.

Latest available records show that as of June 30, 2015, Rural Bank of Calasiao had 3,019 accounts with total deposit liabilities of PHP102.0 million. Total insured deposits amounted to PHP85.5 million or 83.9% 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 PHP500,000.00.

Depositors with valid deposit accounts with balances of PHP100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, except accounts maintained by business entities, or when they have outstanding obligations with Rural Bank of Calasiao or acted as co-makers of these obligations. Depositors have to ensure that they have complete and updated addresses with the bank. PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the last week of November 2015.

Depositors may update their addresses until November 24, 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 second week of December 2015.

The PDIC also announced that it will conduct a Depositors-Borrowers Forum on November 26, 2015. It enjoins all depositors to attend the Forum to verify with PDIC representatives if they are eligible for early payment. Those not eligible will be informed of the requirements and procedures for filing deposit insurance claims. The time and venue of the Forum will be posted in the bank's 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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