MANILA, Philippines - A rural bank in Ilocos Sur has been shuttered by the Bangko Sentral ng Pilipinas' Monetary Board.
The MB placed the Rural Bank of Magsingal (Ilocos Sur), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) on Thursday.
The PDIC took over the bank, which has its head office in San Vicente, Masingal, on Friday.
Based on the Bank Information Sheet filed by the bank with the PDIC as of December 31, 2014, the bank is owned by Felicisimo P. Gorospe (19.15%), Mario Rosalino U. Gorospe (15.77%), Rolando Ramos (12.77%), Valentin G. Preza (10.64%), Luzanta U. Gorospe (10.21%), Leonilo F. Ines, Jr. (9.57%), Ma. Teresa U. Gorospe (7.45%) and Leonilo Sean Ines III (2.26%).
Mario Rosalino Gorospe is the bank's president and chairman.
As of December 31, 2014, the bank had458 accounts with total deposit liabilities of P17.4 million, all of which are insured.
The PDIC will gather, verify and validate all bank records. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.
Depositors with valid deposit accounts with balances of P50,000.00 and below need not file deposit insurance claims, except when they have outstanding obligations with the Rural Bank of Magsingal or acted as co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank.
PDIC is planning to start mailing payments to these depositors at their addresses recorded in the bank by the second week of March.
Depositors may update their addresses until March 10, 2015.
For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the third week of March.
A Depositors-Borrowers Forum will be held on March 12, 2015.