PDIC takes over Siargao Bank

ABS-CBN News

Posted at Jun 16 2015 08:38 PM | Updated as of Jun 17 2015 04:38 AM

MANILA – The Philippine Deposit Insurance Corporation (PDIC) has placed under receivership a rural bank in Surigao City.

PDIC took over Siargao Bank, a three-unit rural bank in Borromeo St., Surigao City, Surigao del Norte, on Monday.

PDIC said that as of March 31, 2015, Siargao Bank had 9,739 accounts with total deposit liabilities of P116.9 million.

Total insured deposits amounted to P112.6 million or 96.4 percent of total deposits.

PDIC said during the takeover, all bank records shall be gathered, verified and validated.

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 and below need not file deposit insurance claims, except when they have outstanding obligations with Siargao Bank or acted as co-makers of these obligations, and have incomplete and/or have not updated their addresses with the bank.

PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the first week of July.

A Depositors-Borrowers Forum will be held on June 26 and 29, 2015 to inform depositors of the requirements and procedures for filing deposit insurance claims.

The time and venue of the forum will be posted in the bank premises and announced in the PDIC website, www.pdic.gov.ph https://www.pdic.gov.ph/.