All valid insured deposit claims will be paid

The Monetary Board (MB) placed the Rural Bank of San Jose Del Monte, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1254 dated August 1, 2013. As Receiver, PDIC took over the bank on August 2, 2013.

Rural Bank of San Jose Del Monte is a four-unit bank with Head Office located at 204 Quirino Highway, Tungkong Mangga, San Jose del Monte City, Bulacan. Its three branches are in Apalit, Pampanga; and in Meycuayan and Sapang Palay, Bulacan. Latest available records show that as of June 30, 2013, Rural Bank of San Jose Del Monte had 3,917 accounts with total deposit liabilities of P367.7 million. A total of 3,855 deposit accounts or 98.4% of the accounts have balances of P500,000 or less and fully covered by deposit insurance. Total insured deposits amounted to P334.1 million or 90.9% 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 August 6-8, 2013 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 in 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 or during the Forum 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 of the depositor with signature. Depositors may update their addresses until August 12, 2013.

Depositors with valid deposit accounts with balances of P15,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with the Rural Bank of San Jose Del Monte including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the 3 rd week of August 2013.

For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the 4 th week of August 2013. 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, 2013 filed by the Rural Bank of San Jose Del Monte with the PDIC, the bank is majority-owned by the Heirs of Reuben M. Protacio (38%), Mario M. Leygo (17.5%) and Wilfredo R. Olaguer (17.5%). Its Chairman and President is Wilfredo R. Olaguer.

For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC(7342), the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to pad@pdic.gov.ph.