The Monetary Board ordered the closure of G7 Bank, Inc. (Rural Bank of Nabua, Inc.) and placed it under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 961 dated July 31, 2008. PDIC is the statutory receiver of closed banks.

In a statement, PDIC assured depositors of the Bank that the state deposit insurer will conduct payout of valid claims for insured deposits as soon as possible. This is in keeping with the Corporation’s commitment to protect the interests of depositors by providing them immediate access to their insured deposits. The PDIC conducts rigorous examination of available bank records to ascertain the validity of claims, and the speed of the payout depends on the availability of bank records upon takeover. For deposit insurance claims that are deemed valid, payout operations normally start in nine days or less. But, for claims that need further verification, more in-depth examinations are conducted which may include interviewing claimants and requesting them to submit additional supporting documents.

G7 Bank, Inc. is a seven-unit bank with branches mostly in the Bicol Region. Its head office is in Naga City and its branches are in Daraga, Albay; Ligao, Albay; Naga-E. Angeles-Panganiban Streets; Polangui, Albay; Nabua, Camarines Sur; and Pasig City in Metro Manila.

PDIC took over G7 Bank on August 1, 2008. Based on the Bank’s latest report, it has total estimated deposits of about P3.4 billion as of June 30, 2008. end