Davao banks deny heavy withdrawals

DAVAO CITY -- Officials of two branches of medium-sized banks here denied yesterday a newspaper report that they were facing heavy withdrawals this week, especially following the closure of Urban Bank.

"Our operations have been normal until now. There were no heavy withdrawals nor were there long queues of depositors wanting to withdraw their money from our branch," said Liza delos Ryes, branch manager of Philippine Bank of Communications (PBCom) here.

She said she had really wondered where the reports of heavy withdrawals affecting their bank came from.

She also noted that it is but normal that there are times that clients who do not make it to closing time sometimes pass through the back doors of the bank for them to be able to transact their business.

Sources at the International Exchange Bank branch here also denied reports of heavy withdrawals taking place at the bank.

"Everything was normal as far as we are concerned. There was nothing unusual in our operations," the same source said.

The reports the bank sources said could be based on rumors and speculations which absolutely have no truth at all.