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2 rural banks closed |
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The Philippine STAR 02/07/2006
The Philippine Deposit Insurance Corp. (PDIC) has taken over two rural banks as statutory receiver after the Monetary Board (MB) ordered the closure last Jan. 26. These are the Merchants Rural Bank of Talavera (Nueva Ecija) and Rural Bank of Tangalan (Aklan) Inc. The Nueva Ecija rural bank was taken over Jan. 26 while the Aklan rural bank was taken over Jan. 27. Merchants RB of Talavera has eight banking units which are all based in Nueva Ecija. Its head office is in Sta. Rosa while its branches are located in Talavera, Muñoz, Cabiao, Zaragosa, Cabanatuan, Gapan and San Jose. As of June 2005, the bank had deposit liabilities of P393.3 million and more than 9,200 deposit accounts. The RB Tangalan, with head office in Tangalan, Aklan and one branch located in Sigma, Capiz, had deposit liabilities of P44.7 million and more than 5,200 deposit accounts as of September 2005. PDIC representatives are currently in the premises of the head offices and branches of these bank conducting examination of deposit records and other bank records in preparation for the processing and payment of claims for insured deposits. The PDIC is also conducting an inventory of the remaining assets of the closed bank. PDIC disclosed that it would fasttrack the examination of the deposit records to ensure immediate servicing of claims. The servicing of claims is dependent on the state of the bank records. The schedule for claims servicing will be published in newspapers and announced over the radio as soon as the masterlist of insured deposits is completed. Under Republic Act (RA) 9302 that amended the PDIC Charter, the maximum deposit insurance coverage is now P250,000 for each depositor, effective August 2004. PDIC advised depositors and creditors of these banks to directly transact only with designated PDIC representatives. |
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Photo Gallery |
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The 2008 RBAP Charter Symposium |
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2008 CFI Awards |
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Financial Reporting Package 2008 |
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