PDIC takes over Batangas rural bank

The Philippine Deposit Insurance Corp. (PDIC) has taken over the Rural Bank of San Nicolas (Batangas), Inc., after the Monetary Board (MB) ordered the closure of the bank by virtue of Monetary Board Resolution No.1443 dated Nov. 10, 2005.

Rural Bank of San Nicolas has six banking units, including its head office in San Nicolas, Batangas. The five branches are located in the towns of Balayan, Lemery, Rosario and San Pascual in Batangas and in Silang, Cavite. As of June 2005, estimated total deposit liabilities of the bank is P256.3 million with around 14,000 deposit accounts.

PDIC representatives are currently in the premises of the head office and branches of RB San Nicolas examining the deposit and other bank records in preparation for the processing and payment of claims for insured deposits.

The PDIC is also conducting an inventory of the remaining assets of the closed bank.

PDIC disclosed that it will fasttrack the examination of the deposit records to ensure immediate servicing of claims. However, it stated that the servicing of claims is dependent on the state of bank records. The schedule for claims servicing will be announced in media as soon as the masterlist of insured deposits is completed. Under Republic Act 9302 that amended the PDIC Charter, the maximum deposit insurance coverage is now at P250,000 for each depositor, effective August 2004.