MANILA, Philippines – The Philippine Deposit Insurance Corporation (PDIC) took over a rural bank in Misamis Occidental on Monday (July 22).
The PDIC assured assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.
The Monetary Board placed the Rural Bank of Oroquieta under PDIC receivership by virtue of MB Resolution No. 1143 dated July 21, 2014.
The rural bank’s lone branch is located in Calamba, Misamis Occidental.
As of March 31, 2014, Rural Bank of Oroquieta had 6,622 accounts with total deposit liabilities of P206.9 million.
A total of 6,542 deposit accounts or 98.8 percent of the accounts have balances of P500,000 or less and are fully covered by deposit insurance.
Estimated total insured deposits amounted to P152 million or 73.5 percent of the total deposits.
Its owners were identified as Mila G. Montesa, the heirs of Francisco German, Jr., the heirs of Trudon German, Rosario G. Leopoldo, Philip O. Casing, Segundino A. Caliao, Maximo W. Bigol, Julito W. Bigol, Julita B. Prasnik, the heirs of Emeterio Ocaya, Angelina L. German and Victor W. Bigol.
Montesa is the bank’s chairman and president.
PDIC said a Depositors-Borrowers Forum will be held on July 29 to inform depositors of the requirements and procedures for filing deposit insurance claims.
The schedules and venues of the forum as well as other details will be posted on the bank premises and in the PDIC website, www.pdic.gov.ph.