All valid insured deposit claims will be paid

The Monetary Board (MB) placed Siam Bank (A Rural Bank), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1920.A dated November 22, 2012. As Receiver, PDIC took over the bank on November 23, 2012.Â

Siam Bank is a five-unit bank with Head Office located at the Ground Floor, Executive Centrum Bldg., J.R. Borja St., Cagayan de Oro City, Misamis Oriental. Its four branches are in Iligan City (Lanao del Norte), Valencia (Bukidnon), Lugait and Villanueva (Misamis Oriental), all in Northern Mindanao. Latest available records show that as of September 30, 2012, Siam Bank had 5,376 accounts with total deposit liabilities of P140.48 million. According to the latest Bank Information Sheet (BIS) as of June 30, 2012 filed by Siam Bank with the PDIC, the bank is majority owned by Ma. Teresa F. Sarraga (40%), Jose Luis F. Sarraga (18%) and John Mark F. Sarraga (18%). Its Chairman is Francisco B. Sarraga and its President is Lope L. Bato, Jr.

In a statement, 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.Â

PDIC also announced that it will conduct Depositors Forum from November 29 to December 3, 2012 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will also be distributed during the Depositors Forum. The schedule and venue of the Depositors Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph.Â

Depositors may update their addresses with PDIC representatives at the bank premises or during the Depositors Forum using the Depositor Update Forms to be furnished by PDIC representatives. Duly accomplished Depositor 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 December 7, 2012.

Depositors with valid savings accounts with balances of P15,000 and below, who have no outstanding obligations with Siam Bank and who have complete and updated addresses with the bank, need not file deposit insurance claims. PDIC intends to start mailing payments to these depositors to their addresses recorded in the bank by the third week of December.Â

The following should file their deposit insurance claims: 1) Depositors whose savings accounts have balances of more than P15,000, 2) All depositors who are holders of certificates of time deposits (CTDs), and 3) Depositors who have outstanding obligations regardless of type of account. The inclusive dates and schedule of the claims settlement operations for these accounts will be announced by the first week of January 2013 through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph.Â

For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Public Assistance Hotlines at (02) 8414630 to (02) 8414631 or e-mailpad@pdic.gov.ph.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.
PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.

Corporate Communications Dept.Â
Tel: (O2) 8414637 / Fax (02) 8414833
Trunkline:Â (02) 8414000
Email:Â ccd@pdic.gov.ph