The Monetary Board placed the Rural Bank of Javier (Leyte), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 914 dated June 7, 2012. As Receiver, PDIC took over the bank on June 8, 2012.

RB Javier is a single-unit bank located in Zone II, Real Street, Javier, Leyte. Latest available records show that as of June 30, 2011, the Bank had 512 accounts with total deposit liabilities of P9.48 million. According to the latest General Information Sheet filed by RB Javier with the Securities and Exchange Commission, the bank is owned by Edward Y. Chua (20%), Edward Frederick I. Chua (20%), Cristina R. Pablo (20%), Margarito M. Redona (20%), and Thomas A. Cu (16%). Its Chairman and President is Edward Y. Chua.

In a statement, PDIC said that upon 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. PDIC also announced that it will conduct a Depositors Forum on Thursday, June 14, 2012 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will also be distributed during said Forum. The schedule and venue of the Depositors Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph.

PDIC said that depositors with valid account balances of P10,000 and below, who have no outstanding obligations with RB Javier and who have complete and updated addresses with the bank, need not file deposit insurance claims. PDIC targets to start mailing payments to the depositors with small balances to their last known addresses recorded in the bank by the 2nd week of July 2012.

According to PDIC, depositors who have balances of P10,000 and below but whose addresses in the bank records may not have been updated or are incomplete may update their addresses with PDIC representatives at the bank premises. Depositor Update Forms (DUFs) will be also be distributed to depositors during the Depositors Forum and will also be made available at the bank premises. Duly accomplished DUFs should be submitted to PDIC representatives accompanied by a photo-bearing ID of the depositor with his signature. Depositors may update their addresses until June 20, 2012.

Depositors whose accounts have balances of more than P10,000 and those who have outstanding obligations regardless of the amount of their balances or who have failed to update their addresses should file their deposit insurance claims. The PDIC will start receiving deposit insurance claims on June 19, 2012 until June 25, 2012 at the bank premises. Claims may be filed Monday to Friday, 8:00am to 5:00pm.

When filing deposit insurance claims, depositors are advised to present the duly accomplished Claim Form and Claim Status Sheet; original and photocopy of evidence of deposit, such as a passbook and Certificate of Time Deposit; and, original and photocopy of two (2) valid IDs with photo and signature. Depositors who are below 18 years old are also required to submit a photocopy of their Birth Certificate issued by the National Statistics Office or duly certified copy from the Local Civil Registrar. If the claimant is not the signatory in the bank records, a notarized Special Power of Attorney (SPA) of the depositor or parent of minor is required. Copies of the Claim Form, Claims Status Sheet and SPA may be downloaded from 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 Public Assistance Hotlines at (02) 8414630 to (02) 8414631 or communicate through e-mail at pad@pdic.gov.ph.

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.