The Monetary Board (MB) placed the Fil-Agro Rural Bank, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1486 dated September 25, 2014. As Receiver, PDIC took over the bank on September 26, 2014.
Fil-Agro Rural Bank is a four-unit rural bank with Head Office located along McArthur Highway, Poblacion II, Marilao, Bulacan. Its branches are located in Calumpit, San Jose Del Monte and Santa Maria, all in Bulacan. Latest available records show that as of June 30, 2014, Fil-Agro Rural Bank had 2,926 accounts with total deposit liabilities of P52.1 million. A total of 2,920 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 P51.7 million or 99.3% 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 the Depositors-Borrowers Forum from October 3-6, 2014 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum. The schedule and venue of the Forum will be posted at the bank premises and in the PDIC website, www.pdic.gov.ph. 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 October 1, 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 Fil-Agro Rural Bank 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 second week of October, 2014.
For depositors who are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts not later than the third 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 Fi-Agro Rural Bank with the PDIC, the bank is owned by Nestor S. Custodio (34.15%), Ligas Kooperatiba Ng Bayan Sa Pagpapaunlad (34.15%), Eddie U. Bolina (33.28%), Cooperative Insurance System of the Philippines (16.48%) and Francisco S. Tan (2.00%). Its Chairman is Eddie U. Bolina and its President is Daryl G. Liangco.
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 firstname.lastname@example.org. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).