Laguna rural bank placed under receivership

Posted at | Updated as of 02/09/13 9:35 AM

MANILA, Philippines - The central bank's Monetary Board has placed Rural Bank of Majayjay (Laguna), Inc., under the receivership of Philippine Deposit Insurance Corp. (PDIC).

RB Majayjay's head office and branch is in Majayjay, Laguna. It also has a branch in Nagcarlan.

The PDIC, in a press statement, said as of December 31, 2012, RB Majayjay had 7,136 accounts with total deposit liabilities of P149.50 million.

The bank's majority owners are Felipe Sobrevinas (10%), Inocencio Y. Estebal (9.06%), Alfredo M. Opinion (5.95%), Alexander C. Estebal (5.85%), Pelagio Villarante (5.5%), Florencio R. Arcenal (4.79%), Lorenzo Merueña (4.25%), Antonina A. Covar (3.79%), Isabelita B. Cruzat (3.52%), Concordia C. Covar (3.06%), Abner S. Covar (3.33%), Maria Lydia S. Resubal (2.79%), and Sherlyn and Chirstopher Garcia (2.33%).

PDIC assured bank customers that deposits will be paid up to the maximum deposit insurance coverage of P500,000.

PDIC also announced that it will conduct Depositors Forums on February 13 and 14, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims.

Information on said forums will be made available at http://www.pdic.gov.ph

PDIC plans to to start mailing payments to depositors by the third week of February.

It urged depositors to call PDIC personnel stationed at the bank premises or PDIC hotlines at (02) 841-4630 to (02) 841-4631, or e-mail [email protected]