Las Piñas rural bank padlocked

ABS-CBN News

Posted at Jan 28 2011 04:17 PM | Updated as of Jan 29 2011 02:33 AM

MANILA, Philippines - The central bank has padlocked a rural bank in Las Piñas City and placed it under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

The PDIC took over the Rural Bank of Zapote on Friday after the Bangko Sentral ng Pilipinas' policy-making Monetary Board ordered its closure due to mounting deposit liabilities.

Latest available records showed that as of September 30, 2010, the bank had total deposit liabilities of P536.65 million, consisting of about 2,945 accounts.

"Upon takeover, all bank records would be gathered, verified and validated," said the PDIC.

Rural Bank of Zapote is a two-unit bank. Its head office is located at Real St., Zapote while its lone branch is at the Casimiro Commercial Bldg., Aguilar Ave., Talon.

The PDIC said it will conduct a forum next week to inform depositors of the process of filing for insurance claims and the requirements.

It said it will start receiving claims on February 16 to 18, 2011 at the bank's premises. Filing, processing and payments of claims will be conducted from March 29 to 31.

The maximum deposit insurance coverage is P500,000.