The Monetary Board (MB) placed the First Reliance Bank [Rural Bank of Indang (Cavite)] under receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1238 dated August 18, 2011. As Receiver, PDIC took over the bank on August 18, 2011. PDIC shall gather, verify and validate all bank records and administer and preserve its assets for the benefit of all creditors.

PDIC conducted a Depositors Forum (DF) on August 23, 2011 to explain the process of filing deposit insurance claims. During the DF, claim forms were distributed.

First Reliance Bank is a two-unit rural bank. Its head office is located at San Gregorio St., Indang, Cavite while its lone branch is in Indang Public Market, also in Indang, Cavite. Latest available records show that as of June 30, 2011, First Reliance Bank had estimated total deposit liabilities of P152.6 million in 5,813 accounts.

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 office and branches of the LandBank of the Philippines near First Reliance Bank. PDIC targets to start mailing PMOs by the last week of September.

Depositors with balances of P10,000 and below who have changed addresses without updating their bank records as well as those with account balances of more than P10,000 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 instructed borrowers of First Reliance Bank to pay their loan obligations to the designated Philippine National Bank (PNB) account.