MB places Rural Bank of Padre Burgos (Southern Leyte), Inc. under PDIC receivership
All valid insured deposit claims will be paid
The Monetary Board (MB) placed the Rural Bank of Padre Burgos (Southern Leyte), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1392.A dated September 12, 2014. As Receiver, PDIC took over the bank on September 15, 2014.
Rural Bank of Padre Burgos is a single-unit rural bank with Head Office located in Poblacion, Padre Burgos, Southern Leyte. Latest available records show that as of June 30, 2014, Rural Bank of Padre Burgos had 6,120 accounts with total deposit liabilities of P32.6 million. A total of 6,108 deposit accounts or 99.8% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Estimated total insured deposits amounted to P24.7 million or 75.8% of the total deposits.
PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.00.
The PDIC also announced that it will conduct a Depositors-Borrowers Forum on Monday, September 22, 2014, 9:00 AM, at the Padre Burgos Municipal Gym (located at the back of the bank premises), in Poblacion, Padre Burgos, Southern Leyte, to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum. The claim forms and the requirements and procedures for filing are likewise available for downloading from the PDIC website.
Depositors may update their addresses with the PDIC representatives at the bank premises using the Mailing Address Update Forms to be furnished by PDIC representatives. Duly accomplished Mailing Address Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID with signature of the depositor. Depositors may update their addresses until September 23, 2014.
Depositors with valid deposit accounts with balances of P50,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with Rural Bank of Padre Burgos, including co-makers of the obligations, or have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.
For depositors who do not need to file deposit insurance claims, PDIC will start sending payments by mail to their addresses based on bank records by the 4th week of September.
For depositors who are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts not later than the first week of October, 2014. The schedule of the claims settlement operations will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph.
According to the latest Bank Information Sheet (BIS) as of June 30, 2014 filed by the Rural Bank of Padre Burgos with the PDIC, the bank is owned by Gaudencio R. Cabilao (11.08%), Sheila C. Dequito (10.53%), Atty. Avenescio A. Piramide (10.37%), Neila D. Palermo (8.79%), Albert G. Esclamado (8.61%), Titus Rodulfo D. Palermo (6.23%), Mario F. Narit (4.87%), Felix P. Urag (4.63%), Allan B. Cabilao (4.22%), Ma. Gina C. Doyon (4.22%), Nanolito S. Roferos (2.91%), Nacianzeno S. Roferos, Jr. (2.91%), Domingo P. Espina (2.44%), Gaudencio B. Cabilao, Jr. (2.11%) and Gerardo P. Palermo, Jr. (2.0%). Its Chairman and President is Atty. Avenescio A. Piramide.
For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises or call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to email@example.com. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).