Cavite-based rural bank placed under receivership

ABS-CBN News

Posted at Jan 25 2013 05:45 PM | Updated as of Jan 26 2013 01:45 AM

MANILA, Philippines - The central bank's Monetary Board has placed Capitol City Bank, Inc., which is headquartered in Trece Martires City in Cavite, under the receivership of Philippine Deposit Insurance Corp. (PDIC).

Capitol City Bank has branches in Alabang in Muntinlupa City, and in the cities of General Trias and Trece Martires in Cavite.

The rural bank had 24,812 accounts with total deposit liabilities of P460.72 million as of June 30 last year, PDIC said. The shuttered bank is majority owned by its chairman, Nellie Ilas (48%), and its president, Lutgarda Morabe (19%).

PDIC assured bank customers that deposits will be paid up to the maximum deposit insurance coverage of P500,000.

It added Depositors Forums will be conducted from Jan. 31 to Feb. 2 to inform depositors how to file for deposit insurance claims. Information on said forums will be made available at https://www.pdic.gov.ph

The state-run insurer said it aims to start mailing payments to depositors on the second week of February.