BSP shuts down Camarines Norte-based rural bank
THE Bangko Sentral ng Pilipinas (BSP) has ordered a Camarines Norte-based Rural Bank of Sta. Elena closed and placed under receivership, state-run Philippine Deposit Insurance Corp. (PDIC) announced over the weekend.
The single-unit rural bank, at Barangay Sta. Elena (Pob.), Sta. Elena was prohibited from doing business and its assets and affairs placed under the control of PDIC.
Depositors of closed banks under PDIC receivership are entitled to be paid up to the maximum insurance coverage of P500,000.
As of June 30, 2018, the rural bank had 744 accounts with total deposit liabilities of P19.6 million. Total insured deposits amounted to P16.5 million or 84.2 percent of total deposits.
According to the PDIC, depositors with valid accounts of P100,000 and below are eligible for early payment and need not file deposit insurance claims, except when they have outstanding obligations with the closed bank or acted as co-makers of obligations.
“These individual depositors must ensure that they have complete and updated addresses with the bank. They may update their addresses until August 8, 2018 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises” PDIC said.
Rural Bank of Sta. Elena is the seventh bank to be placed under PDIC receivership this year.
The Monetary Board closed down seven banks in 2017 and 22 banks in 2016 and placed them under PDIC receivership. MAYVELIN U. CARABALLO
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