The Monetary Board (MB) placed Express Savings Bank, Inc. under receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 987.B dated July 7, 2011. As Receiver, PDIC took over the bank on July 8, 2011.

A four-unit bank based in Laguna, its head office is located on J.P. Rizal Avenue, Cabuyao, Laguna. Its branches are in Santa Rosa, Binan and San Pedro, all in Laguna. Latest available records show that as of March 31, 2011, Express Savings Bank had estimated total deposit liabilities of P608.36 million consisting of 2,673 accounts.

In a statement, PDIC said that upon takeover, all bank records shall be gathered, verified and validated. PDIC said that Depositors Forums (DF) shall be conducted on July 12, 2011 to explain the process of filing deposit insurance claims and distribute claim forms. Details on the DF venues and exact time will be posted in bank premises and the PDIC website (www.pdic.gov.ph).

Holders of deposit accounts with balances of P10,000 and below who have no outstanding loans and whose addresses are current in the bank records are not required to file deposit insurance claims. PDIC targets to start mailing insurance payment for these account holders on the last week of August. Payments will be made through postal money order (PMO) mailed directly to depositors via express mail. These PMOs can be encashed at the local postal offices and LandBank of the Philippines branches. This group of depositors comprises 56.7% of the bank’s total deposit accounts amounting to P4.57 million.

Depositors with account balances of more than P10,000 and those whose balances are P10,000 and below with incomplete addresses in the bank records and with outstanding loans are required to file claims. Announcements on the claims operations will be posted on the PDIC website, and in the bank premises.

The PDIC also reminded borrowers of Express Savings Bank that loan repayments should be made only to the PDIC Deputy Receiver or the Assisting Deputy Receiver stationed at the bank premises, or deposited to the designated Philippine National Bank (PNB) accounts.