The Monetary Board (MB) placed Lapu-Lapu Rural Bank, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 121 dated January 28, 2016. As Receiver, PDIC took over the bank on January 29, 2016.

Lapu-Lapu Rural Bank is a single unit rural bank located at Sta. Catalina St., Poblacion II, Carcar City, Cebu. Based on the Bank Information Sheet filed by the bank with the PDIC as of December 31, 2015, Lapu-Lapu Rural Bank is owned by Matias B. Aznar III (42.67%), Pilar S. Marfori (5.96%), Herminia S. Rosales (5.93%), Martha S. Lotilla (4.47%), Evelyn S. Miralles (4.47%), Douglas R. Sanson (4.47%), Gregorio C. Marfori (4.44%), Teodoro C. Cui, Jr. (4.31%), Eleonor S. Aznar (3.98%), and Dario C. Cui (3.54%). The Bank's President is Ramon Cayo Sanson Marfori and its Chairman is Jundeline Marie R. Sumanga.

Latest available records show that as of December 31, 2015, Lapu-Lapu Rural Bank had 1,909 accounts with total deposit liabilities of PHP67.6 million. Total insured deposits amounted to PHP60.7 million or 89.8% 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 Lapu-Lapu Rural Bank or acted as co-makers of these obligations. Depositors have to ensure that they have complete and updated addresses with the bank. PDIC will start mailing payments to these depositors at their addresses recorded in the bank no later than third week of February 2016.

Depositors may update their addresses until February 10, 2016 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 will start claims settlement operations for these accounts by third week of February 2016.

The PDIC also announced that it will conduct the Depositors-Borrowers' Forum on February 12, 2016. 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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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.