PDIC to pay RB Calumpit creditors

The Philippine Deposit Insurance Corp. (PDIC) published last Friday, Sept. 6, notice that it will submit on Sept. 27, 2002 to the Liquidation Court (Regional Trial Court of Malolos, Bulacan, Branch 21) the project of distribution of liquidating dividends to the creditors of the closed Rural Bank of Calumpit Bulacan, Inc. PDIC clarified that Rural Bank of Calumpit (Bulacan), Inc. is not the Bangko Rural ng Kalumpit, which is presently operating in Bulacan.

Confusion arose last Friday after a number of depositors who read the PDIC notice mistook the closed Rural Bank of Calumpit (Bulacan), Inc. with the Bangko Rural ng Kalumpit.

Rural Bank of Calumpit (Bulacan), Inc. was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) on Feb. 8, 1985 and subsequently placed under liquidation on June 17, 1985. The function to liquidate the banks was transferred from the BSP to the PDIC in 1993.

After the approval of the project of distribution by the Liquidation Court, the PDIC shall notify all creditors of the closed Rural Bank of Calumpit (Bulacan), Inc. of the schedule of distribution of dividends, through publication in a newspaper of general circulation.