MANILA, Philippines - Another rural bank has been placed under receivership of the Philippine Deposit Insurance Corporation (PDIC).
The PDIC said it took over the Rural Bank of Reina Mercedes (Isabela), Inc. on Monday.
The Monetary Board placed the Rural Bank of Reina Mercedes (Isabela) under PDIC receivership last February 7.
The rural bank has three branches, with the head office located in Brgy. Tallungan, Reina Mercedes, Isabela. Its two branches are located in Cauayan and San Mateo, Isabela.
As of December 31, 2013, data showed the bank had 1,271 accounts with total deposit liabilities of P68.87 million. A total of 1,262 deposit accounts or 99.29% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Total insured deposits amounted to P66.98 million or 97.26% of total deposits.
Upon takeover, all bank records shall be gathered, verified and validated. PDIC assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.
A Depositors-Borrowers Forum will be conducted on February 13, 2014 to inform depositors of the requirements and procedures for filing deposit insurance claims.