The Monetary Board (MB) placed Rural Bank of Buguias (Benguet), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1704 dated October 22, 2015. As Receiver, PDIC took over the bank on October 26, 2015.

Rural Bank of Buguias is a six-unit rural bank with Head Office located in Abatan, Buguias, Benguet. Its five branches are located in Cervantes, Ilocos Sur; Kabayan and La Trinidad towns in Benguet; and Bauko and Tadian towns in the Mt. Province. Based on the Bank Information Sheet filed by the bank with the PDIC as of June 30, 2015, Rural Bank of Buguias is owned by Jose B. Alvarez (11.04%), Candy B. Alvarez (8.29%), Felicisima B. Alvarez (7.58%), Karina B. Alvarez (6.22%), Regina B. Alvarez (5.84%), Nieves B. Alvarez (5.81%), Tomas A. Yap, Jr. (5.14%), Ressurreccion M. Acop (3.84%), Antonio B. Alvarez (3.52%), Ruben L. Tinda-an (2.79%), Warlita F. Almora (2.75%) and Rosalia L. Tinda-an (2.51%). The Bank's President is Jose B. Alvarez and its Chairman is Rogelio B. Marrero.

Latest available records show that as of June 30, 2015, Rural Bank of Buguias had 16,244 accounts with total deposit liabilities of P347.4 million. Total insured deposits amounted to P303.1 million or 87.2% of total deposits.

PDIC said that during the takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.00.

Depositors with valid deposit accounts with balances of P100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, except when they have outstanding obligations with Rural Bank of Buguias or acted as co-makers of these obligations. Depositors have to ensure that they have complete and updated addresses with the bank. PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the second week of November 2015.

Depositors may update their addresses until November 5, 2015 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.

For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the third week of November 2015.

The PDIC also announced that it will conduct a Depositors-Borrowers Forum from November 6-9, 2015. It enjoins all depositors to attend the Forum to verify with PDIC representatives if they are eligible for early payment. Those not eligible will be informed of the requirements and procedures for filing deposit insurance claims. The time and venue of the Forum will be posted in the bank's Head Office and in the premises of its branches, and announced in the PDIC website, www.pdic.gov.ph. Likewise, the schedule of the claims settlement operations, as well as the requirements and procedures for filing claims will be announced through notices to be posted in the bank premises, other public places and the PDIC website.

For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342), the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to pad@pdic.gov.ph.

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