MANILA - The Philippine Deposit Insurance Corp. (PDIC) on Friday said it took over the Rural Bank of Mabitac in Laguna following an order from the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP).
Resolution No. 270 cited the agency "as a receiver" and directed it to proceed with the takeover and liquidation of the bank after it was prohibited by the BSP to operate in the country, PDIC said in a statement.
Latest records show that as of Dec. 31, 2018, the Rural Bank of Mabitac had 45,807 deposit accounts with total deposit liabilities of P367.1 million. Total insured deposits amounted to P288.3 million, or 78.52 percent of total deposits, the statement said.
PDIC assured depositors that all valid deposits and claims would be paid to the maximum deposit insurance coverage of P500,000.
Individual depositors with valid deposit accounts with balances of P100,000 and below are eligible for early payment even without filing for deposit insurance claims.
Business firms and other depositors are required to file claims for deposit insurance, the PDIC said. The schedule of filing for claims will be announced as soon as available.
The Rural Bank of Mabitac is a 17-unit rural bank with branches in Quezon and extension and banking offices in Laguna, Batangas and Rizal.