BSP shutters rural bank in Ilocos Norte | Inquirer Business

BSP shutters rural bank in Ilocos Norte

By: - Reporter / @bendeveraINQ
/ 02:11 PM November 05, 2016

The Bangko Sentral ng Pilipinas last week shuttered a rural bank in Ilocos Norte, bringing the number of closed countryside lenders so far this year to 17.

In a statement late Friday, state-run Philippine Deposit Insurance Corp. (PDIC) said the Monetary Board, the BSP’s highest policymaking body, in a Nov. 3 resolution prohibited Community Rural Bank of Dingras (Ilocos Norte) Inc. from doing business.

As designated receiver, the PDIC took over the three-unit bank as well as its affairs, assets, branch and records on Nov. 4.


The bank had a head office in Dingras, Ilocos Norte as well as two branches in Batac City and Paoay town in the same province.


According to the PDIC, the bank’s information sheet showed that it was owned by the following: Teresita P. Villa (35.98 percent), Caridad U. Villa (18.28 percent), Jose S. Salasac (3.61 percent), Rolando Unciano (2.69 percent), Marino Unciano (2.41 percent), Evelyn G. Unciano (2.24 percent), Trinidad N. Nagum (2.12 percent), and Rene A. Hermano (2.09 percent).

The latest records of Rural Bank of Dingras (Ilocos Norte) as of June 30 showed that it had 1,859 accounts with total deposit liabilities of P75.6 million, of which 98.5 percent or P74.5 billion were insured deposits.

“PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000. The schedule of claims settlement operations will be announced as soon as finalized. PDIC also reminded borrowers to continue paying their loan obligations with the closed Community Rural Bank of Dingras and to transact only with designated PDIC representatives at the bank premises,” the state-run agency said.

A depositors-borrowers’ forum will be held on Nov. 17, during which the PDIC will provide more information regarding procedures and requirements to file claims as well as settle loan obligations, it added.

The 16 other rural banks earlier placed by the BSP under PDIC receivership were Rural Bank of Villaviciosa (Abra) Inc., Lapu-Lapu Rural Bank Inc., Rural Bank of Bayawan (Negros Oriental) Inc., Rural Bank of Basay (Negros Oriental) Inc., Rural Bank of Panay Inc., Koronadal Rural Bank Inc., Rural Bank of Malinao (Aklan) Inc., Surigao City Evergreen Rural Bank Inc., Rural Bank of Amadeo (Cavite) Inc., New Rural Bank of Binalbagan, Rural Bank of Siaton (Siaton, Negros Oriental) Inc., Rural Bank of Alabat (Quezon) Inc., Rural Bank of Cabadbaran (Agusan) Inc., Rural Bank of Claveria (Cagayan) Inc., Rural Bank of Luna (Isabela) Inc., and Sampaguita Savings Bank Inc.

Including thrift bank GSIS Family Bank, the Monetary Board closed down a total of 18 banks thus far in 2016. CDG



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TAGS: Bangko Sentral ng Pilipinas, Bank, Philippine Deposit Insurance Corp. (PDIC)

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