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[av_heading heading=’BSP closes Community Rural Bank of NegOcc’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”][/av_heading]
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THE Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Community Rural Bank of Magallon, Inc., a single-unit rural bank on at Gomez Street, Moises Padilla, Negros Occidental, from doing business in the Philippines.
Under Resolution No. 2031.B dated Nov. 17, the MB directed the Philippine Deposit Insurance Corp. (PDIC) as receiver to proceed with the takeover and liquidation of the bank which PDIC took over on Nov. 18.
Based on the bank information sheet filed by the bank with the PDIC as of June 30, Community Rural Bank of Magallon is owned by Magallon Integrated Holdings Corp. with shares of 30.55 percent, Maximiano R. Tan with 8.4 percent shares, Jose Alfredo De Leon with 8.4 percent shares, Perbea N. Paderna with 8.02 percent shares, Gem Guanco with 6.49 percent shares, Ma. Louella M. Aranas with 5.8 percent shares, Jesus Clint O. Aranas with 5.77 percent shares, Ma. Roxanne Zayco with 2.9 percent shares, and Manuel Aurelio with 2.1 percent shares while the bank’s President is Robert R. Tillaman and its Chairman is Naoya Sakamoto.
Latest available records show that as of June 30, Community Rural Bank of Magallon had 1,315 accounts with total deposit liabilities of P28.5 million while total insured deposits amounted to P24.5 million involving 85.9 percent of total deposit accounts.
PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000 while depositors with valid deposit accounts with balances of P100,000 and below shall be eligible for early payment and need not file deposit insurance claims, except accounts maintained by business entities, or when they have outstanding obligations with Community Rural Bank of Magallon or acted as co-makers of these obligations.
Depositors have to ensure that they have complete and updated addresses with the bank and they may update their addresses until Nov. 28 using the mailing address update forms to be distributed by PDIC representatives at the bank premises.
For depositors who are required to file claims for deposit insurance, the schedule of claims settlement operations will be announced as soon as possible through posters in the bank premises and in other public places, the PDIC website, www.pdic.gov.ph, and official Facebook account.
PDIC also reminded borrowers to continue paying their loan obligations with the closed Community Rural Bank of Magallon and to transact only with designated PDIC representatives at the bank premises. For more information on the requirements and procedures for filing claims and settlement of loan obligations, all depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers’ Forum on Dec. 2./PN
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