The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) placed Rural Bank of Zapote (Las Piñas) under receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 103 dated January 27, 2011. As Receiver, PDIC took over the bank on January 28, 2011.

RB Zapote is a two-unit bank. Its head office is located at Real St., Zapote, Las Piñas while its lone branch is found at Casimiro Commercial Bldg., Aguilar Ave., Talon, Las Piñas. Latest available records show that as of September 30, 2010, the Bank had estimated total deposit liabilities of P536.65 million consisting of about 2,945 accounts.

In a statement, PDIC said that upon takeover, all bank records would be gathered, verified and validated. Meanwhile, a Depositors Forum will be conducted on Tuesday, February 1, 2011 to inform depositors of the process for filing deposit insurance claims and the requirements. It will be held at 10:00 a.m. at the Covered Court, Brgy. Pamplona Uno, E. Trinidad St., San Isidro Subd., Pamplona 1, Las Pinas City. Claim forms will also be distributed during the Forum.

Meanwhile, PDIC said it will start receiving claims on Wednesday, February 16, 2011 until February 18, 2011 at the bank’s premises. Filing, processing, and payment of claims will be conducted from March 28 to 31, 2011, also at the bank’s premises.

PDIC said that all valid deposit insurance claims would be paid. The maximum deposit insurance coverage is now P500,000.