BSP shuts down another rural bank, 12th in 2013
The Bangko Sentral ng Pilipinas (BSP) has placed another rural lender under receivership due to insolvency, with the bank’s assets not enough to cover obligations to depositors.
In a statement, Philippine Deposit Insurance Corp. (PDIC) announced that the BSP’s Monetary Board had shuttered the Rural Bank of San Jose del Monte in Bulacan on Aug. 1.
The bank was placed under the deposit insurer’s receivership, the 12th so far this year.
Its three branches are in Apalit, Pampanga; and in Meycuayan and Sapang Palay, Bulacan. Latest available records show that as of June 30, 2013, the Rural Bank of San Jose had 3,917 accounts with total deposit liabilities of P367.7 million.
A total of 3,855 deposit accounts or 98.4 percent of the accounts have balances of P500,000 or less and fully covered by deposit insurance. Total insured deposits amounted to P334.1 million or 90.9 percent of total deposits.
PDIC said that upon takeover, all bank records will be gathered, verified and validated.
The state deposit insurer assured depositors that all valid deposits will be paid up to the maximum deposit insurance coverage of half a million pesos.
The PDIC also announced that it would conduct a Depositors-Borrowers Forum on Aug. 6-8, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the forum.
Depositors with valid deposit accounts with balances of P15,000 and below need not file deposit insurance claims.
But depositors who have outstanding obligations with the Rural Bank of San Jose Del Monte including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.
The bank is majority-owned by the Heirs of Reuben M. Protacio (38 percent), Mario M. Leygo (17.5 percent) and Wilfredo R. Olaguer (17.5 percent), who is also the bank’s president and chair.
