Iloilo City rural bank shuts down
Credit to Author: JORDEENE B. LAGARE| Date: Sun, 19 May 2019 16:34:40 +0000
MONETARY authorities have ordered the closure of an Iloilo-based rural bank and placed it under receivership.
“The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) prohibited Valiant Bank, Inc. from doing business in the Philippines,” the Philippine Deposit Insurance Corp. (PDIC) said in a statement recently.
The bank’s assets and affairs were placed under PDIC’s control on May 17, 2019. This is the fourth bank to be closed by the BSP and to be placed under PDIC receivership this year.
The head office of the nine-unit rural bank is located at Valiant Bldg., 41 Mabini St., Brgy. Liberation, Iloilo City, Iloilo. It has eight branches: four in Iloilo (Banate, Dueñas, Estancia and Sara); two in Capiz (Roxas City and Sapian); one in San Jose, Antique; and one in Bacolod City, Negros Occidental.
As of March 31, the rural bank has 6,567 deposit accounts with total deposit liabilities of P480.7 million. Total insured deposits amounted to P412.5 million or 85.81 percent of total deposits. Depositors of closed banks under
PDIC receivership are entitled to be paid up to the maximum insurance coverage of P500,000.
The PDIC said 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 banks or acted as co-makers of obligations.
“These individual depositors must ensure that they have complete and updated addresses with the bank,” it added. Valiant Bank depositors may update their addresses until May 27, 2019 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.
The Monetary Board closed 12 banks in 2018 and 7 banks in 2017, placing them all under PDIC receivership.
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