The Monetary Board (MB) placed the Rural Bank of Matanao (Davao del Sur), Inc. under receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1034 dated July 14, 2011. As Receiver, PDIC took over the bank on July 15, 2011.

RB Matanao is a single-unit bank based in Poblacion Matanao, Davao del Sur. , Latest available records show that as of March 31, 2011, RB Matanao had estimated total deposit liabilities of P4.82 million in 342 accounts.

In a statement, PDIC said that upon takeover, all bank records shall be gathered, verified and validated. PDIC said that a Depositors Forum (DF) shall be conducted on July 19, 2011 in Cagas Gym, Poblacion, Matanao, Davao del Sur, at 9:00 a.m. to explain the process of filing deposit insurance claims. During the DF, claim forms shall also be distributed.

Holders of deposit accounts with balances of P10,000 and below who have no outstanding loans and whose addresses are current and complete in the bank records are not required to file deposit insurance claims. 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 branches of the LandBank of the Philippines branches near RB Matanao. If depositors with balances of P10,000 and below have changed addresses without updating their bank records, they should file their claims.

Depositors with account balances of more than P10,000 and those whose balances are P10,000 and below whose addresses are not current or incomplete in the bank records and with outstanding loans are required to file claims. Announcements on the claims servicing operations will be posted on the PDIC website, www.pdic.gov.ph, and in the bank premises.

The PDIC also reminded borrowers of RB Matanao 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) account.