MANILA, Philippines - The Philippine Deposit Insurance Corp. (PDIC) has taken over a rural bank in Cavite.
This comes after the Monetary Board placed the Banco Carmona, Inc. under the PDIC receivership last August 1.
The bank's head office is located at J.M. Loyola St., Carmona, Cavite, with one branch also located in Carmona.
Based on the Bank Information Sheet as of June 30, 2014 submitted to the PDIC, Banco Carmona had 2,260 accounts with total deposit liabilities of P40.5 million.
A total of 2,257 deposit accounts or 99.9% of the accounts fall within the P500,000 maximum deposit insurance coverage. Estimated total insured deposits amounted to P39.8 million or 98.2% of the total deposits.
However, the PDIC has been unable to locate the bank's owners, officers and employees. This means Banco Carmona has not properly turned over its records and assets.
PDIC said it has found some records and files at the bank premises, but these were incomplete. This is expected to delay the payout operations for the rural bank's depositors.
In processing deposit insurance claims, the PDIC said it would have to establish the correct deposit balances as of closure of the bank as well the correct loan balances of each depositor, if any.
"Given the circumstances in Banco Carmona, standard payout operations may not be adopted and payment of claims would be delayed. PDIC is doing its best to find the owners and officers of Banco Carmona to require them to cooperate and turn over all bank records to hasten the validation of the accounts," the PDIC said.
The PDIC identified the owners of the bank as listed on its General Information Sheet filed last April 2, 2013 with the Securities and Exchange Commission, as follows: Rowena Rodis (18.70%), Perseveranda Isla (15.93%), Arturo Poblete (14.96%), Ma. Cristina Creencia (9.16%), Salome Landas (7.22%), Olivia Asia (6.47%), Elena Levardo (5.71%), Irene Zarraga (4.89%), Teresita Vidallon (3.07%), Evelyn Encarnacion (2.92%), Vilma Encarnacion (2.92%), Ressureccion Teano (2.48%), Gloria/Cesar Casal (1.85%), Maria Alona Poblete (1.31%) and Arnell Ilas (1.13%). Its President is Nicasio Dela Pena, Jr.
The bank’s directors were identified as Filor Atangan, Perseveranda Isla, Olivia Asia and Elena Levardo. Other officers are Evelyn Camilon (Corporate Secretary), Nelita Catimbang (Compliance Officer), and Irene Zarraga (General Cashier).
The PDIC is holding a Depositors-Borrowers Forum on August 11, 2014 at 10:00 a.m. at Plaza Carmona in front of the Carmona Municipal Hall. During the forum, depositors will be updated on the circumstances of Banco Carmona’s closure and informed of the requirements for the filing and settlement of deposit insurance claims.