The Monetary Board ordered the closure of the Rural Bank of Sta. Rita (Pampanga), Inc. and Rural Bank of Bacolor (Pampanga), Inc. by virtue of MB Resolution Nos. 15 and 16, respectively. Both resolutions dated January 8, 2009 designated the Philippine Deposit Insurance Corporation (PDIC) as Receiver of said banks.

PDIC on Friday deployed its receivership and examination teams to take over the banks. In a statement, PDIC said efforts are underway to implement the MB resolutions.

PDIC President Jose C. Nograles assured RB Sta. Rita and RB Bacolor depositors that all valid claims for deposit insurance will be paid.

As a standard procedure, PDIC conducts examination of deposit records. Said examination will yield the masterlist of insured deposits which is a prerequisite to the payout of deposit insurance claims. The PDIC said that periodic advisories will be issued to inform depositors of the schedule of claims servicing.

RB Sta. Rita is a two-unit bank with Head Office in San Vicente, Sta. Rita, Pampanga and a branch in San Fernando City, Pampanga while RB Bacolor is a three-unit bank with Head Office in Dolores, San Fernando City, Pampanga and with two branches in Mabalacat and San Fernando City. Latest available records show that as of September 30, 2008, these banks have combined estimated total deposit liabilities amounting to P391.9 million.