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BULLETIN   

BULLETIN NO. 2021-02
TO :ALL MEMBER BANKS
SUBJECT :

PALM TREE BANK, INC. (A RURAL BANK)


Please be informed that, pursuant to Section 30 of Republic Act (RA) No. 7653 (New Central Bank Act), the Monetary Board, in Resolution No. 482.A dated April 22, 2021, prohibited PALM TREE BANK, INC. (A RURAL BANK) (“Bank”) with head office address at Door #5 Global Agro Building, Kolambog, Lapasan Highway, Cagayan de Oro City, from doing business in the Philippines. The same Resolution directed the PHILIPPINE DEPOSIT INSURANCE CORPORATION (PDIC) as Receiver to proceed with the takeover and liquidation of the Bank in accordance with Section 12 of RA No. 3591, as amended (PDIC Charter). The Bank has one (1) branch located at EC Tanghal Bldg. No. 5, Don Roman Vilo St., Brgy. Poblacion VI, Cotabato City.

The PDIC took over the Bank and its assets, records and affairs on April 23, 2021.

The PDIC Charter provides in Section 13, that a bank placed under liquidation shall in no case be re-opened and permitted to resume banking business. Furthermore, Section 12 expressly provides that banks closed by the Monetary Board shall no longer be rehabilitated.

Be further informed that upon placement of the Bank under liquidation, the powers, functions and duties of the directors, officers and stockholders of the Bank are terminated. Accordingly, the directors, officers, and stockholders shall be barred from interfering in any way with the assets, records and affairs of the Bank. Therefore, anyone in possession of any asset and/or records of the closed Palm Tree Bank, Inc. (A Rural Bank) is advised not to allow or honor any transaction affecting the same without the consent of the Receiver and to immediately turnover the said assets and/or records to the designated Deputy Receiver at the address provided below.

Moreover, all assets of the Bank are deemed to be in custodia legis in the hands of the Receiver and may not be subject to attachment, garnishment, execution, levy or any other court processes.

All inquiries, communications or transactions relating to or involving the Bank should be addressed to:

The Public Assistance Department (PAD)
Philippine Deposit Insurance Corporation

Mail/Courier at: 3rd Floor, SSS Building, 6782 Ayala Avenue corner V.A. Rufino Street, Makati City 1226

Hotline : (632) 8841-4141 (for depositors within Metro Manila, during office hours)

Toll Free : 1-800-1-888-7342 or 1-800-1-888-PDIC (for depositors outside Metro Manila, during office hours)

Email : palmtree-pad@pdic.gov.ph

Facebook : www.facebook.com/OfficialPDIC

In view of the strict health protocols, visits to the PDIC will be on appointment basis only. Appointment schedule may be secured through telephone, email or Facebook private message with contact details as provided above.


MA. ANA CARMELA L. VILLEGAS
Executive Vice President
Receivership and Liquidation Sector

April 23, 2021
Date
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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
to insure the deposits of all banks. PDIC exists to
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