Prime Bank now under receivership

The Monetary Board, the highest policy making body of the Bangko Sentral ng Pilipinas (BSP), approved yesterday a resolution placing Prime Bank under receivership of the Philippine Deposit Insurance Corp. (PDIC) effective yesterday.

PDIC representatives are now conducting an examination of the records of Prime Bank and an inventory of its assets and liabilities in preparation for the payment of insured deposits of the bank.

The duration of the examination well depend on the condition of the bank's records.

Prime Bank depositors are advised that payments of loans and other obligations to the bank should be made only to the PDIC deputy receiver.

The PDIC has cautioned all depositors and borrowers of Prime Bank that former officers and employees of the closed bank are no longer authorized to transact business with them.

Any inquiries regarding Prime Bank deposits and loans must be directly addressed to the deputy receiver holding office at the bank premises or to the PDIC at 2228 Chino Roces Ave., Makati City.

Prime Bank depositors will be advised through radio announcements and newspaper publications of the date when PDIC will start acception claims for insured deposits.

Prime Bank has 61 branches all over the Philippines and a head office in Greenhills, San Juan.

Total deposit liabilities of the bank was placed at P3.2 billion.