MANILA, Philippines – Asian Consumers Bank, a rural bank in Pangasinan, has been placed under the receivership of the Philippine Deposit Insurance Corporation (PDIC).
PDIC took over the bank, which has three branches in Calasiao, San Carlos City and Urdaneta, on June 27.
Based on records as of March this year, Asian Consumers Bank had 2,774 accounts with total deposit liabilities of P119.5 million.
A total of 2,756 deposit accounts or 99.35 percent of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Total insured deposits amounted to P112.72 million or 94.33 percent of the total deposits.
Records also showed that bank is owned by King Victor V. Aquino (13.03 percent), Marissa M. Aquino (13.03 percent), Genevieve V. Aquino (13.03 percent), Cesar Angelo M. Aquino, Jr. (9.12 percent), Christian Alain M. Aquino (9.8 percent), Leo Damian V. Aquino (8.76 percent), John Carlo V. Aquino (8.71 percent) and Carissa Angela M. Aquino (8.69 percent).
Bank chairman was identified as Eduardo G. Montenegro and its president is Marissa M. Aquino.
PDIC said all bank records will 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.
The PDIC also announced that it will conduct Depositors-Borrowers Forums on July 7 and 8, 2014 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum.
The schedules and venues of the Forums will be posted on the bank premises and in the PDIC website.