The Monetary Board placed the Rural Bank of Badiangan (Iloilo), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1067 dated July 5, 2012. As Receiver, PDIC took over the bank on July 5, 2012.

RB Badiangan is a single-unit bank with Head Office located at R.C. Tabiana St., Badiangan, Iloilo. Latest available records show that as of March 31, 2012, the Bank had 1,992 accounts with total deposit liabilities of P23.42 million. According to the latest Bank Information Sheet filed by RB Badiangan with the PDIC as of December 31, 2011, the bank is majority owned by Samuel C. Hortelano (38.96%), and Rebecca A. Buscar (22.49%). Its Chairman and President is Samuel C. Hortelano.

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 Saturday, July 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.

Depositors with valid account balances of P10,000 and below, who have no outstanding obligations with RB Badiangan and who have complete and updated addresses with the bank, need not file deposit insurance claims. PDIC targets to start mailing payments to these depositors to their addresses recorded in the bank by the second week of August 2012.

Depositors may update their addresses with PDIC representatives at the bank premises or during the Depositors Forum using the Depositor Update Forms (DUFs) to be furnished by PDIC representatives. 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 July 20, 2012.

Depositors whose accounts have balances of more than P10,000 and those who have outstanding obligations should file their deposit insurance claims. The inclusive dates and schedule of the claims settlement operations for these accounts will be announced by the last week of August 2012 through notices to be posted in the bank premises and other public places as well as through 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 Public Assistance Hotlines at (02) 8414630 to (02) 8414631 or e-mail 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.