MANILA, Philippines – A rural bank in Zamboanga del Norte has been placed under receivership of the Philippine Deposit Insurance Corporation (PDIC).
PDIC said it took over the Rural Bank of Pres. M.A. Roxas on March 21.
According to the bank’s records as of December 31, 2013, it had 23,009 accounts with total deposit liabilities of P47.68 million.
A total of 23,003 deposit accounts or 99.97% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance.
Total insured deposits amounted to P44.54 million or 93.43% of total deposits.
PDIC said all bank records shall be gathered, verified and validated, and 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 held on March 31 to inform depositors of the requirements and procedures for filing deposit insurance claims.
The schedule and venue of the forum will be posted on the bank premises and in the PDIC website.
The Rural Bank of Pres. M.A. Roxas is a two-unit rural bank with a head office located in Pres. Manuel Roxas, Zamboanga del Norte, Zamboanga Peninsula.
Its lone branch is located at Balintawak St., Dipolog City, Zamboanga del Norte, Zamboanga Peninsula.