PDIC takes over another rural bank

ABS-CBN News

Posted at Dec 11 2014 03:19 PM | Updated as of Dec 11 2014 11:19 PM

MANILA, Philippines - Another rural bank has been ordered closed, the 14th bank shut down by the Bangko Sentral ng Pilipinas this year.

The Monetary Board placed the Rural Bank of Burauen (Leyte), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC). The PDIC took over the bank on Wednesday (December 10).

The Rural Bank of Burauen only has one branch, which also serves as its head office in San Ramon St., Burauen, Leyte.

Based on records as of September 30, 2014, the bank had 2,026 accounts with total deposit liabilities of P33.13 million. The majority of the deposit accounts, around 2,020, have balances of P500,000 and below and are covered by deposit insurance.

The PDIC estimated total insured deposits amount to P32.42 million.

Based on the bank information sheet as of June 2013, the bank is owned by owned by Rosario V. Dagatan (30.1%), Jerone V. Dagatan (24.11%), Valeria G. Brigola (7.83%), Corazon D. Oribia (5.18%), Allan Jesus P. Bantula (3.04%), Ma. Fe P. Bantula (2.95%), Eufrocina C. Dagatan (2.86%), Emelita M. Almerino (2.7%) and Clinton Val G. Brigola (2.33%). The rural bank's chairman is Valeria G. Brigola and its president is Jerone V. Dagatan.

The PDIC will conduct the Depositors-Borrowers Forum on December 19, 2014 to inform depositors of the requirements and procedures for filing deposit insurance claims.