Regulators close down rural bank in Tagaytay

ABS-CBN News

Posted at Sep 28 2012 11:56 AM | Updated as of Sep 28 2012 07:57 PM

MANILA, Philippines - The Monetary Board placed the Rural Bank of Tagaytay City (Cavite), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) last week.

PDIC took over the rural bank on September 20.

The bank has two branches, namely the head office at 322 Gen. Emilio Aguinaldo Hi-way, Barangay Maitim, Tagaytay City and a branch in Tagaytay-Mendez, Junction.

PDIC said upon its take over of the rural bank, all records shall be gathered, verified and validated. 

PDIC assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000. 

As of June 30, 2012, records show the rural bank Tagaytay City had 3,105 accounts with total deposit liabilities of P304.87 million. 

The bank is majority owned by V.S. Velazco Enterprise (40%) and Roseller C. Velazco (16.68%). Horacio Velazco is the chairman and president/CEO of the bank.

A depositors forum will be held today (September 28) to inform depositors of the requirements and procedures for filing deposit insurance claims.  

The PDIC said depositors, who have savings accounts with balances of P10,000 and below, do not need to file insurance claims. Payments to these depositors will be mailed to their addresses by third week of October 2012. 

The following should file their deposit insurance claims: 

1) Depositors whose savings accounts have balances of more than P10,000;

2) All depositors who are holders of certificates of time deposits (CTDs); and

3) Depositors who have outstanding obligations regardless of type of account. 

The schedule of the claims settlement for these accounts will be announced by the second week of November 2012.

For more information, call the PDIC Public Assistance Hotlines at (02) 8414630 to (02) 8414631 or e-mail [email protected]