MANILA, Philippines - A rural bank based in Bulacan with at least four branches, is reportedly up for sale, industry sources said.
According to sources, the bank’s owner is apparently running for a public position in next year’s elections and would need capital to finance his candidacy.
As this developed, the Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas, has put another rural bank under receivership.
Ilocandia Community Bank Inc., based in Ilocos Norte, was placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC) on Nov. 23.
Ilocandia Community Bank is a three-unit bank with its head office located in Brgy. 2, Pasuquin, Ilocos Norte. Its two branches are in Piddig, Ilocos Norte and Flora, Apayao.
Latest available records show that as of Sept. 30, 2012, Ilocandia Community Bank had 1,533 accounts with total deposit liabilities of P39.44 million.
According to the latest bank information sheet as of June 30, 2012, the bank is majority owned by Oscar M. Santiago (24.69 percent) and Maria H. Santiago (14.4 percent). Its chairman is Oscar M. Santiago and its president is Joel H. Santiago.
In a statement, PDIC said upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.
Depositors with valid savings accounts with balances of P15,000 and below, who have no outstanding obligations with Ilocandia Community Bank and who have complete and updated addresses with the bank, need not file deposit insurance claims.
PDIC targets to start mailing payments to these depositors to their addresses recorded in the bank by the second week of December.